Change Fund Procedure
Procedure #3012.6
Rev.: 0
Effective Date: June 29, 2018
Related Policy: UW-3012 Custodian Funds Policy
Functional Owner: Cash Management, Business Services
Contact: Custodian Funds Mailbox: cstdnfnd@bussvc.wisc.edu
Contents
I. Procedure statement
II. Who is affected by this procedure
III. Procedure
IV. Definitions
V. Related references
VI. Revisions
I. Procedure statement
The University of Wisconsin-Madison maintains a series of Custodian Funds, including Change Funds. Change Funds are used by departments that oversee retail operations and cash registers, which require coin/currency handling.
II. Who is affected by this procedure
This policy applies to all Deans, Directors, Financial Officers, and staff associated with Change Funds.
III. Procedure
A. Opening a Change Fund
The following steps represent the overall process for opening a Change Fund:
- Custodian obtains the NR Number from the NR Number Generator. The NR Number from the NR Number Generator is required on some of the necessary forms for opening a Change Fund.
- Custodian composes a Letter of Justification explaining the purpose of the change fund.
- Custodian completes the Custodian Fund Request Form and Custodian Fund Agreement Form.
- Custodian completes the Bank Deposit Slip Order Form for revenue.
- Custodian completes the Plastic Bank Bag Order Form.
- Custodian completes the following if a cash vault location is needed to order different currency for the Change Fund:
- Custodian and Reconciler review and sign the Memorandum of Understanding (MOU) for Change Funds.
- Custodian routes the Letter of Justification and signed forms to the Dean/Director’s office.
- Dean/Director’s office reviews the documents and signs the necessary forms.
- Dean/Director’s office keeps a copy of the forms for internal records.
- Dean/Director’s office sends original forms via inter-d mail or e-mail to the Cash Management Office (cstdnfnd@bussvc.wisc.edu).
- Cash Management processes the request.
B. Maintaining a Change Fund
The following steps represent the overall process of maintaining a Change Fund:
- Perform and document daily reconciliations by reconciling to the authorized advanced level.
- Follow the coin request procedures to replenish the Change Fund.
- Notify the Dean/Director’s office and Cash Management when there is a change in Custodian and/or Reconciler and prepare applicable Custodian Fund forms.
- Respond to Cash Management’s annual review request.
C. Closing a Change Fund
The following step represents the overall process of closing a Change Fund:
- Contact Cash Management via the Custodian Funds e-mail address (cstdnfnd@bussvc.wisc.edu).
IV. Definitions
- Custodian – UW-Madison employee who is responsible for monitoring the Change Fund.
- Reconciler – UW-Madison employee who is responsible for performing and documenting daily reconciliations.
V. Related References
- UW-3012 Custodian Funds Policy
- NR Number Generator
- Custodian Fund Request Form
- Custodian Fund Agreement Form
- Bank Account Website Access Form (US Bank SinglePoint)
- Bank Deposit Slip Order Form
- Plastic Bank Bag Order Form
- MOU for Change Funds
- Coin Request Procedures
VI. Revisions
Procedure Number | 3012.6 |
Date Approved | June 29, 2018 |
Revision Dates | Jan. 19, 2021 – Changed Procedure Number to 3012.6 from 200.6 |