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Each Change Cash fund is required to have an approved Custodian, designated by the department, who takes responsibility for the fund.

Change Fund

A specific amount of University money placed in the custody of the Custodian for the purpose of making change while conductingUniversity business. Department Head and Custodian are to be responsible for overseeing and approving Change Cash and reconciliations under dual control on a weekly basis during the season and monthly during the summer.

If there is activity, change funds are to be balanced on a daily basis. The amount on hand should remain the same at all times; therefore, these Change Funds do not require replenishment. Both shortages and overages are to be notated in balance log. Any overages are kept to correct shortages. The balance log must be submitted monthly to the Treasury Operations Manager in Treasury Services. Any significant shortage must be reported to both Treasury Services and MUPD immediately.

  • Expenditures are prohibited from change funds.
  • Change funds may not be used to cash checks or make loans.
  • Change funds must be segregated from other funds.

Obtaining and Returning Change Funds

  1. A check request must be made in Workday payable to the Custodian
    • The request needs to indicate the department’s index code, fund, and Change Fund account beginning with 605.
    • Reach out to Treasury if you are unsure of the index to use.
  2. Accounts Payable will issue the Change Funds check Payable to the Custodian. Department name and “Change Funds” will be notated in the memo line.
    • The Custodian and AP will coordinate pickup of the check.
  3. Once the check is in hand, the Custodian will take their State Issued & Miami Employee Identification to JP Morgan Chase Bank to obtain their change funds (consider an MUPD escort if needed).
    • The Employee will endorse and print their name on the back of the check.
  4. Securing Funds - Change Funds must be secured at all times. The funds must remain on the premises of the University in a locked box and in a locked location (desk drawer, file cabinet, vault, etc.). Change Funds may not be placed in a bank account, or kept in the Custodian’s wallet or purse, or otherwise co-mingled with personal funds.
  5. The Custodian must have the Change Fund available at all times as all Change Funds are subject to unannounced audits and/or cash counts by the internal auditors. The review will be performed with the Custodian present. Internal Audit will notify the Treasury Office of any discrepancies that are found.
  6. Unless otherwise agreed upon, the change funds need to be deposited into PNC Bank at the conclusion of your event by the next business day (if exceeding $1,000) or up to 3 business days ($1,000 or under) in accordance with the Depositing Cash Policy.
  7. A Formstack Deposit Confirmation Report should not be utilized as these funds are not revenue or expense related. Instead, email a copy of your deposit ticket to Treasury Services within 2 working days of deposit date.

Treasury/Accounting Office Responsibilities

  1. Each month, General Accounting will pull the Balances for changes and follow up accordingly.
  2. Each year, the Custodian will be asked for a count/blind confirmation by General Accounting.
  3. Treasury Services will review reconciliations and monthly balance log.

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