The head of any state agency may apply to the director of accounts and reports to establish change funds of not to exceed $5,000 of the amount in any imprest system checking fund authorized in accordance with law, to be maintained in the form of cash. The director of accounts and reports may authorize any such change funds, and, except as otherwise provided in this section, in each case shall establish a maximum therefor of not to exceed $5,000. In the case of each change fund authorized for a state educational institution under the supervision and control of the state board of regents, the director of accounts and reports shall establish a maximum of not to exceed $40,000 for such change fund. In addition to any other reconciliation reports required by the director of accounts and reports, when a shortage occurs in a change fund, the head of the state agency may submit to the director of accounts and reports an itemized detailed reconciliation of the change fund and the imprest system checking fund of which it is derived. The director of accounts and reports may authorize a reconciling entry of not to exceed $100 in any reconciliation statement for a change fund and, in cases of extraordinary losses resulting from robbery, burglary or other disappearances infrequently occurring, a change fund may be reimbursed by the state agency from any appropriations available therefor, but such reimbursements shall not exceed a total amount of $2,000 in any fiscal year. Moneys in any change fund authorized hereunder shall be used exclusively for the making of change in receiving amounts due the state. No advance shall be made from any change fund.