Short Term Advances ("Change Funds")

Title: Short Term Advances (“Change Funds”)
Policy Owner: Office of the Bursar
Applies to: Faculty and Staff
Campus Applicability: Storrs and Regional Campuses
Effective Date: August 19, 2014
For More Information, Contact Office of the Bursar
Contact Information: (860) 486-4830
Official Website: http://bursar.uconn.edu/

 

REASON FOR POLICY:

The purpose of this policy is to establish a uniform control procedure for providing short term advances to departments in conjunction with University events and must first be approved by the Department Head and Cash Operations, to ensure safeguarding of University assets.

APPLIES TO:

This policy applies to departments handling change funds at the University.

DEFINITIONS:

“Short term advance” or change fund is defined as an advance of funds from the Bursar’s Office of two weeks or less with a maximum of $4,000 per advance.

POLICY STATEMENT:

University departments who receive short term advances are responsible for returning the funds no later than two weeks after the date of receipt of the funds.  Any department who receives such advance is required to adhere to control and reconciliation processes established by the Bursar’s Office.

ENFORCEMENT:

Any department that does not comply with this policy shall be ineligible to receive future short term advances.  Violations of this policy by individual employees may result in appropriate disciplinary measures in accordance with University Laws and By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Conduct Code.

PROCEDURES/FORMS:

The Office of the Bursar has sole responsibility for advancing short term funds to departments for University events with proper documentation/approvals and controls in place to safeguard assets.  It is the responsibility of the department to return the funds within two weeks.  For additional information, access the Cash Operations web page at the following link:  http://bursar.uconn.edu/cash-operations/.