University of Illinois System
Policies & Procedures

10.6.3 Reconcile Change Funds Daily

Policy Statement

The Change Fund custodian must reconcile the fund daily. Change Funds must also be verified monthly by the unit head, supervisor, or delegate. The fund custodian cannot, under any circumstances, perform the monthly counting of the cash. The custodian may fill out the Change Fund Verification form.

Procedure

To reconcile a Change Fund daily:

  1. Complete the Change Fund Verification form.
  2. Subtract the amount of the original Change Fund from the cash sales received that day.
  3. Do not use the Change Fund to resolve overages and/or shortages in the cash sales or money received.
  4. Deposit overages with the University Bursar Cashier Office. The custodian repays shortages, or replacement funds are taken from the unit's operating fund(s). For more information, consult What to do if...
  5. Print a copy for your records or save to your desktop by using the explore tool option in the upper right corner of the screen. You can 'File', 'Save As', or 'Print' using this tool.
     

Forms Used in this Procedure

Change Fund Verification

Additional Resources

University Bursar Petty Cash & Change FundsChange Fund TrainingUniversity Bursar office locations and hours

Last Updated: April 19, 2022 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008