Policy identification number: ACCT-0003
File: Accounting Services Policies
To establish criteria and procedures for issuance and guardianship of change funds
Vice President, Finance & Administration
July 18, 2018
July 18, 2018
change, funds, c, vpfa
Scheduled for Review
I. Policy Statement
Change funds will only be issued for the purpose of making change when cash receipts are accepted from customers during the course of College business. Temporary change funds will be issued for the purpose of making change when cash receipts are collected at specific College events. Change funds will not be used to cash personal checks or make temporary loans, purchases, or refunds.
Permanent change fund amounts should be adequate to allow a sufficient combination of denominations to make change for daily transactions. Temporary change fund amounts should be sufficient to be able to make change for a particular event.
At the end of each fiscal year, all change funds will be verified by the custodian.
II. Reason for Policy
The purpose of this policy is to provide guidelines in accordance with the College policies for issuance and guardianship of change funds.
For following the policy: All change fund custodians
For enforcement of the policy: Controller, Director of Purchasing
For oversight of the policy: Vice President for Finance & Administration
For notification of policy: Policy Librarian
For procedures implementing the policy: Controller
V. Revision History
June 2018 – revised policy to new format, eliminated procedures from policy statement
Previous Update: July 2015
Original approval date: October 3, 1990