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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
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Custodian Responsibilities
- Ensure all policies and procedures are in place and working.
- Monitor activities to ensure that adequate levels are maintained.
Custodians should request an increase or a reduction
accordingly.
- Ensure that all expenditures paid through the revolving fund are
legitimate expenses for the University.
- Ensure all merchandise billed has been received.
- Review and ensure all reimbursement requests contain all
the proper documents.
- Report expenditures, perform monthly account reconciliations and request reimbursements.
- Report custodian changes to the Revolving Fund contact.
- Update your bank signature card.
- As signers on existing account change, a new signature card must be submitted. Each signature card superceeds a previous one. Contact Banking & Accounting Operations when obtaining new signature cards.
Inform the Revolving Fund contact
who will send you a new master of the
Revolving Fund Invoice Voucher.
Inform the Revolving Fund contact
who will send you a new master of the Revolving Fund Invoice Voucher.
A new signature card
with the new name is also required. Financial Services will also send
a letter to
Bank of America with
the change information and the new signature card attached. You will
receive a copy of the letter for your
records.
Follow the procedures for changing names and addresses if the account
is with any other bank.
If the bank requires a new signature card, remember to send
the
signature card to Financial Service for the Director's signature
before forwarding the card to the bank.
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