Change Funds

Process Overview

Change funds are used for making change. For instance, a department may sponsor a conference that will require a fee and will open a change fund to facilitate receiving cash payments for the conference fee.

Change funds are not intended to be used to pay for purchases or expenditures of any kind.

Obtaining  or Increasing a Change Fund

Safeguarding a Change Fund

The custodian must ensure the security of the funds and will be requested periodically to verify the amount of the fund.

If a change fund is short, the custodian needs to investigate the cause. To replenish the loss, the custodian needs to send a memo to the revolving fund contact requesting replacement of the missing amount. The custodian must provide a budget number to be charged for this replacement. If the shortage was caused by a theft, the theft must be reported to UW Police.

Closing a Change Fund

To close a change fund, the custodian should contact Banking & Accounting Operations and request the coding of the fund used to open the account. A cash transmittal should be written using that accounting information and taken with the change to the Student Fiscal Services Office to be deposited. Do not deposit the money to your budget. A copy of the cash transmittal should be sent to Banking & Accounting Operations.

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