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Financial Services

Working Fund Guidelines and Procedures

The purpose of this document is to provide faculty and staff with detailed guidelines and procedures regarding the use of a Working Fund.  The purpose of the Working Fund is to provide departments with ready cash to make change in cases where many cash transaction take place, such as, the sale of tickets or other items.

The Working Fund should not be used for payments or any expenditures such as, cab fare or postage.  The amount of money in the working fund should stay constant.

Establishing A Cash Fund

The department's Administrator should make a written request to the Comptroller's Office Current Unrestricted Funds Section. This request should include:

  1. Purpose of fund.
  2. Name of the custodian, who is the person maintaining the fund.
  3. Location of the cash fund (the safeguards against theft should be indicated).
  4. The amount of the fund. The size of the fund should be established so that it is reimbursed on the average of once a month, no more than twice per month.
  5. The amount of the testing fee that will be disbursed to each subject in accordance with the grant or contract award.
  6. Grant or contract award number and expiration date.
  7. Grant or contract guarantee account number to charge if cash is lost or stolen.
  8. Approval by the Chief Financial Manager for the division or executive level.
  9. The Manager of Unrestricted Current Funds will put through a Direct Payment Voucher Form 88R (DPV), based upon the above information. 

The Current Unrestricted Funds Section may reject or adjust any request for a working fund.  Upon approval, a check will be issued to the fund custodian for the imprest amount.

Maintaining the Fund

  1. The cash MUST be kept in a locked drawer or cabinet with the key in the custodian's possession or the possession of a delegate. The custodian should contact the Bursar's Office to create a holding account for the storage of large amounts of cash.
  2. There should be no change in the amount of the fund on a daily basis.
  3. The fund is subject to audit at any time without prior notice.
  4. The Current Unrestricted Funds Section should be informed in writing of any change in custodian for the fund.

Changes in the Cash Fund

  1. An increase to the fund requires a written request to Current Unrestricted Funds  Section stating the reason for the increase.
  2. Closing or decreasing the Cash Fund
    1. Contact the Current Unrestricted Funds Section for the imprest cash account number to credit with the unused cash. Note: This is not the same as the grant or contract guarantee account number.
    2. Deposit the unused cash with the Bursar's Office by submitting a Report of Money Received Form 133. 

Stolen Working Fund

In the event the Working Fund is stolen, the following procedures should be followed:

  1.  Inform the University Police Department of the theft.
  2. Obtain a copy of the police report.
  3. Immediately contact the Comptroller's OFfice to inform them of the theft and the amount stolen. Forward to them a copy of the police report to serve as back-up for their journal entry charging the departmental guarantee account.

Failure to comply with these and Internal Audit’s Cash Control Guidelines will result in the closing of the Revolving Cash Fund.