Definitions
Custodian Fund Accounting Form - A form completed by the custodian of the custodian funds. This form is used to provide detail on expenses paid from the custodian funds using SFS account coding. Expenses listed must agree with the original purpose of the Custodian Fund Request Form. All custodian funds require quarterly reporting of expenditures using the Custodian Fund Accounting Form. This form is used to account for custodian funds within 30 days after the end of the custodian fund time period.
Custodian Fund Request Form - A form completed by the authorized/permanent UW Madison employees or Departments for custodian funds for non-travel custodian funds, human subject study, and group travel. A Custodian Fund Individual/Department Custodian Agreement must accompany all Custodian Fund Request Forms. Within the Custodian Fund Request Form, provide reasonable detail explanation for the purpose of the custodian funds, amount needed, breakdown of how the funds will be used, and individual handling the funds if other than the official custodian, and the custodian fund time period.
Change Funds – funds issued to the departments, which are involved in revenue producing activities requiring cashiering functions for retail operations. These types of operations require coin/currency to be on had for retail transactions.
Group Travel Custodian Funds – are set up as temporary custodian funds for UW Employees who are responsible for the travel of a group of people. If this is individual travel, please see Policy: 302-Travel Advances (Including e‑Reimbursement Travel Authorizations and Cash Advances).
Human Subject Study Custodian Funds – are set up for the Department for payments to subject funds which are used for small payments to individuals (less than $299). If custodian funds are for a year or more, see Establishing a UW Bank Account.
Custodian Funds Individual/Department Custodian Agreement - A form signed by authorized/permanent UW-Madison employees or Departments who are responsible for custodian funds requested for non-travel custodian funds, human subject study, and group travel. Individual/Department Custodian Agreements must be accompanied with a signed Custodian Fund Request Form. All custodian agreements must be filled out and signed by the Department before sending them onto the Dean/Director's office for review, approval, and signature.
Petty Cash Custodian Funds – are set up for the Departments (usually less than $100) for handling small purchases which cannot be effectively handled by purchase card or requisitions. Custodian funds must be stored in secure locked places requiring monthly review and reconciliations to the authorized custodian fund level.
ReplenishableCustodian Funds - Replenishable custodian funds are made to Departments or Principal Investigators when payments to human participants are by check and for less than $299. These requests are set up with an authorized UW-Madison bank account through the UW-Madison Cash Management. Request must be for a minimum of one year. The total amount requested may not exceed amounts needed to sustain the program for three (3) months. All custodian funds require monthly review and reconciliations to the authorized custodian funds with quarterly reporting of expenditures on the Custodian Fund Accounting Form.
Temporary Custodian Funds - Temporary custodian funds are made to individuals when cash is needed for a period of three months or less and paid back all at once or in increments. This is done by providing the custodian funds on the department's funding sources and accounting for expenditures by expensing them to specific funding strings.
The most common use of temporary custodian funds is for human subject study. Temporary custodian funds are made for estimated needs for a period of three (3) months or less. If the custodian funds are exhausted or if the period of the custodian funds expires a new custodian fund request must be obtained. Temporary custodian funds are not issued for periods exceeding three (3) months.
UW-Madison Bank Account – All UW-Madison bank accounts must be set up through UW-Madison Cash Management Office. Contact Cash Management at cashmgt@bussvc.wisc.edu. All UW-Madison bank accounts must have UW-System Board of Regents approval. Bank accounts require monthly reconciliations and quarterly reporting of expenditures. Any bank accounts NOT set up through the UW-System Board of Regents may NOT use the name, “University of Wisconsin”, “University of Wisconsin-Madison” or “UW” in any part of the bank account name. Also, all bank accounts NOT set up through the UW-System Board of Regents CANNOT use the UW-System tax identification number. See Establishing a UW Bank Account.