Change Fund Policy
All department change orders need to be requested 24-48 hours prior to the date needed. If you need an emergency change request filled, please call 402.554.3497.
General: Nebraska Statute Section 85-192 permits the University of Nebraska at Omaha to retain funds "…to carry on university activities…". The Cashiering/Student Accounts Office is responsible for maintaining the operating funds authorized. A portion of the authorized funds may be issued to departmental custodians for use as change funds. The change funds are used to assist with the receipting of university revenues and are not authorized for any other purpose.
Policy: Any department that receipts university revenue and is required to make change for customers may request a change fund from Cashiering/Student Accounts. The change fund is authorized to be used to facilitate the receipting of university revenues generated from sales of merchandise, tickets, programs, entry fees into university sponsored events, parking fees and fines, providing services, etc. The change fund is not authorized to be used for the following:
- Payment Cashing
- Loans to University Faculty/Staff members or any other person
- Petty Cash purchases or reimbursements
- Any other activity not directly related to receipting university revenue
All revenues received by university departments must be deposited intact with the Cashiering/Student Accounts Office on a timely basis. Departments are required to deposit all monies with Cashiering/Student Accounts when collections total less than $500 within seven days of receipt.
Collections of $500.00 or more should be deposited within 24 hours of receipt. University departments are responsible for the security of university revenues which are in their possession. (Note: Revenues should not be withheld to offset shortages in the change fund.)
Procedure: To request a change fund, the department should prepare a Request for Change Fund form which can be obtained from Cashiering/Student Accounts. The Request for Change Fund requires:
1. A reason the change fund is needed,
2. Signature of the custodian responsible for the change fund, and
3. Approval of the department Chair/Director/Manager.
Upon receipt of the Request for Change Fund form, the Administrative Technician from Cashiering/Student Accounts, the Manager of Cashiering/Student Accounts or the University Controller will determine if the issuance of a change fund is appropriate. When approved, the change fund custodian will be issued the change fund and the change fund custodian will be required to sign acknowledgment of receipt of the change fund. The change fund custodian is responsible for the maintenance and the security of the change fund.
Cashiering/Student Accounts should be notified in writing of any changes in the status of who is the custodian of a change fund. This requirement for notification is both the responsibility of the custodian and the department Chair/Director/Manager. All responsibility for the change fund is retained by the original custodian until the notification is received in the Cashiering/Student Accounts Office. If the change fund is no longer needed, the change fund should be returned immediately to Cashiering/Student Accounts. If the amount of a change fund can be decreased, the excess funds should be returned immediately to Cashiering/Student Accounts.
Verification: The change fund is subject to verification by the staffs of Cashiering/Student Accounts and Operations Analysis. The verification process will include, but is not necessarily limited to, the amount of the change fund, the uses of the change fund, and the timing of deposits of revenue.