Revolving Funds

Overview

Funded Balance

Opening a Revolving Fund

Increasing Your Fund

Reducing Your Fund

Closing Your Fund

Reimbursing Your Fund

Documentation

Accounting

Canceling, Voiding, Staledating

Deposits, Refunds and Rebates

Sales and Use Tax

Advancing Funds to an Employee

Allowable Expenses

Payments to Individuals and LLCs

Subject Payments

Travel

Gifts, Prizes and Awards

Food

Custodian Responsibilities

Fund Verifications

Separation of Duties

Changing Fund Information

Fraud

Forms

Contacts

Food

The rules for food purchases also apply to beverages and food related items like cups, plates, glasses, mixers, ice and banquet permits.

Allowed food purchases must meet one of the following three criteria:

• Be on a budget which has an appropriate food approval
• Be on a discretionary budget
• Include a signed UoW form 1798

Per diem rates

Meal purchases are subject to per diem rates. Amounts in excess of the per diem rate can only be charged to discretionary budgets (64 budgets).

Exceptions to this rule are:

• Budget type 05-52
• Grants that are awarded specifically for holding conferences

Note that there is no exception for hosting.