Petty Cash & Change Funds
Petty Cash Funds
Petty Cash programs are typically used for study subject compensation. The set-up of a petty cash program must be approved PRIOR to the start of cash distribution. Fiscal Compliance is here to help answer questions, coordinate approvals, and ensure adherence with University policy and procedures. Please allow up to two weeks for processing requests once all required information is obtained.
Change Funds
Change Funds are exclusively used to make change when receiving cash from the public (e.g., fees or fines). No expenses of any kind may be authorized from a change fund. Change Funds must always equal the total authorized amount.
If you there is a business need to start a petty cash fund or change fund, please familiarize yourself with the following guidance:
| Procedural Statement Name | Purpose |
| FPS: Petty Cash & Change Funds | Sets forth the rules and requirements for processing petty cash funds and change funds. It further outlines restrictions on the use of such funds. |
| APS #4015 Propriety of Expenses | Provides guidance for the appropriateness of expenses made using university funds. |
| FPS: Sensitive Expenses | Outlines the allowability of certain sensitive expenses. |
| PPS: Study Subject Payments | Sets forth University requirements for processing study subject payments. |
| PPS: Payment Voucher / Authorization | Outlines when a commitment voucher is not required in order to process an invoice. In these situations, the payment request may be submitted directly with the designated form. |
All new custodians of Gift Card, Petty Cash Fund, or Change Fund programs are required to complete the online Skillsoft Training course U00224 CU: Custodian Responsibilities - Gift Cards, Petty Cash, and Change Funds.
This course should take approximately 30 minutes to complete, and requires passing the end of course quiz with at least a 90%.
While the requirement is for new custodians, we also encourage anyone overseeing one of these programs to take the course and re-familiarize themselves with University and campus requirements and best practices.
| Form Name | Purpose |
| Petty Cash/Change Fund Request (PCCF) | Used to request the establishment or modification of a petty cash fund or change fund, and to accept custody of that fund. |
| Study Subject Payment Questionnaire | Campus requirement to assist in providing supplemental information to support request for petty cash funds. |
| Payment Authorization (PA) | Used to submit the designated payment requests; a purchase order, or other commitment voucher is not applicable in these instances. (Petty Cash & Change Fund establishment and replenishment). |
| Petty Cash Reconciliation (PCR) | For use in reconciling/auditing petty cash funds or change funds, per the FPS: Petty Cash & Change Funds. |
| Cash Receipt | Used to deposit cash (paper/coin currency, checks, credit card checks, traveler's checks, money orders, credit/debit card receipts, wire transfers) received by an organizational unit into an appropriate SpeedType. |
The following resources were created to help you set-up, modify, and close-out a petty cash fund.
- Petty Cash Fund Internal Controls Sample
- PC sample tracking log
- How to Replenish a Petty Cash Fund
- What to do if there is a Shortage or Overage to my Petty Cash or Change Fund
- Supporting Documentation Guide
- How to Close a Petty Cash Fund - Resource under re-development, for questions please reach out to pcgc@ucdenver.edu
Cash Incentives
Cash Incentives (ie. small dollar mailings) may be authorized with the proper controls and approvals in place. Fiscal Compliance reviews all requests to determine associated risk, business need, and required oversight. If you are considering a cash incentive, review the following: