Petty Cash / Change Funds
4 Critical Policy Activities
Custodians of Petty Cash and Change Funds are solely responsible for the funds entrusted to them. Therefore, the four critical policy activities for staff with these responsibilities differ from those of cashiers. The information below highlights the critical control activities related to petty cash and change funds.
| Accountability: | Campus policy requires that individuals who will be the custodian of a fund in excess of $500, successfully pass a fingerprint/ background check.
The custodian can be held personally liable for losses due to the custodian's negligence. |
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| Separation of Duties: | Occasionally, the supervisor or someone other than the custodian, performs a surprise count of the fund. The supervisor, unit head, or designee reviews and approves all forms related to the operation of the fund. This includes accepting responsibility for verifying the accuracy and appropriateness of supporting documentation and arithmetic totals, etc. This individual also ensures that the custodian manages the fund in accordance with established policies and procedures. |
Last Revised 4/18/2006