Business Services

Service Hours

Business Services Hours:

8:00-4:30 Monday-Friday
Summer:
7:30-4:00 Monday-Friday

Cashier Hours:

8:00-4:00 Monday-Friday
Summer:
7:30-3:30 Monday-Friday

Business Serivces

[Accounting] Change Funds

Definition: The use of change funds is limited exclusively for the making of change in receiving amounts due to St. Cloud State University.

Policy: A University department must demonstrate a legitimate need for a change fund. The department must also provide safe-keeping for the change fund, such as in a lock-box or safe.

Departments are prohibited from making advances for any purpose from a change fund. Change funds are not to be used for petty cash, check cashing, or loan purposes.

No change funds are to be established by withholding receipts. All receipts are to be deposited each business day.

Procedure: A University department may make application to establish a change fund by submitting a 1400 internal requisition form to Business Services. The form should describe the reason for the change fund and indicate whether it will be kept permanently or temporarily. Indicate the quantities of each denomination of coin and currency needed and the date they will be picked up from the Business Services office. If the change fund is temporary, also specify the date by which the funds will be returned. On the form, leave the fiscal year blank and indicate the vendor/payee as "Bremer Bank" with a vendor number of "0000204050-001". Departments should allow five business days for processing.

After approval of the request by the Director of Business Services or his/her designee, Accounts Payable will process the approved requisition and the check will be forwarded to the Cashier. The Cashier will obtain the specific cash denominations from the bank and notify the department. The designated custodian of the change fund will pick up and sign for receipt of the cash.

When the change fund is no longer needed, it will be deposited with the Cashiers as a “returned change fund,” not as a receipt to the department or organization.

The Accounting Department of Business Services will regularly conduct unannounced audits of all change funds.

 

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