Change Fund Accounts

It is the Change Fund custodian’s responsibility to ensure the University’s policies are followed.  Failure to follow these policies may result in the Change Fund being revoked.

 

How to Request a Change Fund

Departments must submit an application to request opening of a Change Fund or when requesting to increase the amount of an existing account.  This form can be found below and should be sent to Kathy Anderson at k.anderson@wustl.edu

Application for Opening or Increasing a Change Fund

Once the application is received and approved, General Accounting will issue a check payable to the fund custodian along with an acknowledgement receipt of the check.  The check acknowledgement should be returned to General Accounting in a timely manner.

In the event that Change Funds are lost or stolen, the money can be replaced, but the department will be responsible for the expense charge.  In the case of theft, the custodian or department should notify University Police.  To replace funds, a memo/email should be written to General Accounting providing all details of the situation.  General Accounting will initiate an Ad Hoc Payment to replace the missing funds.

Reconciliation and Audit

Change Funds should be counted and reconciled periodically. The reconciliation should be completed by or verified by someone other than the custodian.

Periodic, surprise counts of the Change Fund should be performed by someone other than the custodian, such as a supervisor.  These periodic counts should be documented and the documentation maintained in conjunction with the record retention policy.

On an annual basis, Change Fund custodians will be asked to confirm with General Accounting their reconciled fund balances on hand.  Additionally, the Office of University Compliance and Internal Audit may request to perform a Change Fund audit at any time.

Questions?

Contact Kathy Anderson
k.anderson@wustl.edu
(314) 935-5074

Email Kathy