Procedure #3012.6; Rev.: 0 (Effective June 29, 2018)
Related Policy: UW-3012 Custodian Funds Policy
Functional Owner: Cash Management, Business Services
Contact: Custodian Funds Mailbox – email@example.com
- Procedure statement
- Who is affected by this procedure
- Related references
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.
- 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 (Word Doc).
- 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 email to the Cash Management Office (firstname.lastname@example.org).
- Cash Management processes the request.
- 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.
- Closing a Change Fund
- Contact Cash Management via the Custodian Funds email address (email@example.com).
- 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
- Memorandum of Understanding (MOU) for Change Funds (Word Doc)
- Coin Request Procedures
|Date Approved||June 29, 2018|
|Revision Dates||Jan. 19, 2021 – Changed Procedure Number to 3012.6 from 200.6|