Cash and Treasury Services

Effective:  December 1, 2011

Related Policy

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.  

Custodian Responsibilities  

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.   

  1. Access to the fund should be limited to the change fund custodian.
  2. The fund should be locked in an office safe, file safe, or secured in a location that can only be accessed by combination or key.  The key should be kept in the custodian's possession. At no time should the funds be left in unlocked desk drawers or cabinets. Funds should not be retained in desk drawers or standard file cabinets since they are easily accessed with minimal forcing or readily available keys.
  3. Change funds must not be commingled with any other funds or used for any purposes other than those listed in this policy document.
  4. Any discrepancies in the fund are the responsibility of the custodian and the departmental administration.
  5. It is the responsibility of the custodian to follow current University policies and procedures in maintaining the change fund.

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. 

Theft or Loss of Funds

If burglary or theft is suspected, the University Police Department should be notified immediately after discovery.

To Close a Fund

If a unit ceases to be an authorized cash collection unit any change funds must be deposited by processing a web deposit in TouchNet 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 by processing a web deposit in TouchNet, which should contain a description including the fund total, the amount of the reduction, and the fund custodian's name.