Obtaining a Petty Cash or Change Fund

Directive Statement

Banking & Merchant Services processes and approves all requests for a new Petty Cash Fund or Change Fund (referred to as Cash Funds throughout this directive unless specifically indicated otherwise).  The establishment of a fund requires approval from the Dean, Director or Department Head responsible for the ChartField and purpose of the fund.  The fund must have one person designated as a custodian, although more than one person may have access to the fund.

Reason for Directive

Banking & Merchant Services is responsible for the stewardship of the University’s cash and investments, including Cash Funds.  This directive provides assurance that Cash Funds will be authorized, well-safeguarded, and appropriately used.

Who Must Comply?

All University departments.

Procedures

Treasury Management processes and approves all requests for a new fund. The establishment of a fund requires approval from the Dean, Director or Department Head who is responsible for the ChartField and purpose of the fund. The fund must have one person designated as the custodian, although more than one person may have access to the fund. The custodian is responsible for establishing, securing, maintaining, and closing the fund. The custodian must be an employee of the University of Florida.

1. To establish a new Cash Fund (either Petty Cash Fund or Change Fund), departments must submit the Request for New Fund Form that includes the following:
   • Department information
   • Primary purpose of the fund
   • ChartField string being used
   • Custodian delegation
   • Department/College authorizing signatures
2. Departments will complete the appropriate form below for the type of Cash Fund:
   • New Fund Information – Change Fund
   • New Fund Information – Petty Cash
   • These forms require information such as how the fund will be secured and reconciled, and the names of staff with access to the fund
3. Once both forms are fully completed, the original forms or an image of the signed forms must be sent to Banking & Merchant Services via:
   • Email: tmhelp@admin.ufl.edu
   • Fax: 352-846-3576
   • Mail: S-113 Criser Hall, PO Box 112008, Gainesville, FL 32611-2008
   • Note that the amount on hand should remain the same at all times; therefore, Change Funds do not require replenishment. No documentation is necessary when providing change for customers. 
4. Once the approved request is submitted to Banking & Merchant Services, a check will be issued to the assigned custodian
5. The custodian will be contacted to arrange an appointment to come to Banking & Merchant Services (Criser Hall, Room S-113) to pick up the check
6. Upon receipt of the check, the custodian must sign the Custodian Receipt and Responsibility Statement
7. The custodian has the option to cash the check with the University Cashier or at any bank
   Please note, the University Cashier will need to be notified two days in advance with the specific denominations the custodian requests to ensure the amount needed is available.

Last Reviewed

Last reviewed on 06/28/2024

Contacts

Cashier: (352) 392-0185

Banking & Merchant Services: (352) 392-9057

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