CHANGE FUNDS PROCEDURE
Effective: December 1, 2011
Request and Authorization
Any department wishing to establish a change fund must submit a Request for New Fund Form to the Cash and Treasury Services Department. The fund must first be approved by your Business Officer. The request should state the reason(s) the fund is required and the amount needed for daily operations. A custodian for the fund must be designated in the written request.
The custodian of the fund is fully responsible for the safekeeping of the fund and for its proper usage. The custodian must exercise caution in the administration and protection of the fund in his/her possession.
Procedure to Change Custodian
If the fund custodian at any time needs to be changed, due to a job transfer, termination of employment at Clemson University, or any other reason, it is necessary to transfer the fund to a new custodian with the Change Fund Form. The fund should be counted and reconciled by the current custodian and then turned over to the new custodian. The new custodian should acknowledge receipt of the fund by signing a form documenting the transfer of funds and the accompanying responsibility. Completed form should be sent to Cash and Treasury Services.
Overages and Shortages
The fund should be reconciled on a weekly basis and any overages in the fund must be deposited with the Cash and Treasury Services Office. Shortages in the fund beyond the control of the custodian are to be repaid using the department's operating funds. Shortages must be fully documented in writing. A monthly overages and shortages report signed by the custodian and department head must be sent to the Cash and Treasury Services Department.
Theft or Loss of Funds
If burglary or theft is suspected, the University Police Department should be notified immediately after discovery.
If a unit ceases to be an authorized cash collection unit any change funds must be deposited with a Cash Receipt Transmittal Form to the chart string that was debited when the change fund was established and a Change Fund Form must be submitted to the Cash and Treasury Services Department.
To Decrease a Fund
If the change fund balance becomes too high for the needs of a department, it is the custodian’s responsibility to decrease the fund and a Change Fund Form must be submitted to the Cash and Treasury Services Department. The decrease in the fund must be deposited using the Cash Receipt Transmittal Form, which should contain a description including the fund total, the amount of the reduction, and the fund custodian's name.