Revolving Funds

Overview

Opening a Revolving Fund

Custodian Responsibilities

Payments to Individuals and Vendors

Advancing Funds to an Employee

Reimbursing Your Fund

Increasing Your Fund

Reducing Your Fund

Staledating Checks

Budgets

Fraud

Fund Verifications

Deposits, Refunds and Rebates

Checking Account Maintenance

Closing Your Fund

Forms

Contacts

Closing a Revolving Fund

Cash Account
Checking Account

The process of closing your fund is almost the same as requesting reimbursement except for you must write across the Departmental Revolving Fund Invoice Voucher "DO NOT REIMBURSE CLOSING ACCOUNT"

Cash Account

Any remaining currency must be taken to the Student Fiscal Services Cashier's Office for deposit. Contact the Revolving Fund desk to obtain the general accounting code from which the fund was originally opened. Deposit the cash to the general ledger account, NOT to your budget. A copy of the cash transmittal should be sent with the final accounting documentation to the Revolving Fund desk. The total of the final accounting and the cash transmittal should equal the total of the fund.

Checking Account

• Checks that have not cleared the bank when you close the account must be recorded properly. Provide a list of the outstanding checks. If a Federal grant, only provide the check number, date, amount, budget and object code. If any other type of account, provide the check number, date, amount and name of payee. The outstanding checks on the Federal grant will be credited back to the appropriate budget. The outstanding checks on the other budgets will be recorded to Unclaimed Property and added to the Stale-date report to Olympia. Do not write a check to stale-date these items.
• If you have a Bank of America account, write a letter to Bank of America, Commercial Accounts Service Center, Attn: Margie Doty, Customer Service Officer, 800 Fifth Avenue, Mail Code WA1-501-08-23, P.O. Box 34414, Seattle WA 98124-1414. Include your account name and number requesting closure of the account. Bank of America will send a cashier check closing the account directly to Financial Services. The letter must be signed by a person on the signature card. Send your final accounting documentation to the Revolving Fund desk with a copy of the closure letter.
• If your account is with another bank, you will need to go to your bank and request a final statement and a cashier's check for the balance of the account. Send the check with your final accounting documentation to the Revolving Fund desk. The total of the final accounting and the cashier's check should equal the total of the fund.