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Instructions and Policy for KSU8-44

Reconciliation of Change Fund and Change Fund Authorization/Maintenance


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Policy E24 - Local Unit Change Funds Policy

Authorization:  Extension Unit change funds are authorized as a necessary component of KSA 2-616

Creation: The change fund must be approved by the Extension Unit Board and the Director of Extension KSA 2-615.  The minutes must contain the purpose of the change fund (i.e. Scenic Office Change Fund), the designated custodian of the change fund, the supervisor of the change fund, the amount of the change fund, and the duration of the change fund. The change fund should be established for a fixed term, or reauthorized each year by the Extension Board at the January organizational meeting. The maximum amount in any change fund will not exceed $300.00. There can be multiple change funds for different events with differing amounts and duration. (See fund authorization form.)

Operation:  Issue a check to Cash with the Extension Unit’s Bank. Provide a secure lockable location for the fund. Only the designated custodian of the fund should have access to the fund. Under NO circumstancescan any payment be made from this fund. The supervisor and custodian should verify the Change Fund monthly and include the verification form with the Monthly Financial statement (just like is done with a bank or savings account statement – see fund reconciliation form).

Reporting:  Record the check issued to the change fund as a ‘Transfer to Savings’, Create new Savings Account with an identifying account name (such as Scenic Office Change fund or Walk KS Change fund. This will cause the change fund(s) to be listed on the Summary Page along with the savings accounts).

Closing: Deposit the fund in the regular checking account, record as a Transfer from Savings.

Restoring lost funds.  Any loss from the change fund must be reported to the local unit board and to the K- State Research and Extension Director’s Representative.