It is the custodian’s responsibility to immediately close a Petty Cash Fund or Change Fund once the purpose for which it was initially established for has ended or has changed significantly. All Cash Funds should be active, and any inactive Cash Funds should be closed. Cash Funds are considered inactive if they have no activity during a fiscal year.
Banking & Merchant Services is responsible for the stewardship of the University’s cash and investments, including Cash Funds. This directive provides assurance that Cash Funds will be authorized, well-safeguarded, and appropriately used.
All University departments.