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

Payments to Individuals and LLCs

Due to IRS rules, most payments for services are not allowed through the revolving fund accounts.

Revolving fund accounts cannot capture information to report it to the IRS. In the case of subject payments for research studies, this information is captured by the department at the time of the payment. The tax reporting information captured by the department is remitted to the UW reporting office annually.

Acceptable payments

• The purchase of a product
• Services purchased from Corporations (Corp.), Government entities, Non-profit (501) entities and vendors which are incorporated (Inc.).
• Payments to research subjects with the exception of Foreign Nationals.

Purchases which cannot be made on the revolving fund

• Services from individuals, LLCs or Partnerships. Some examples would include consulting, interpreters, catering, repairs, photography, and independent contractors
• Payments to attorneys and lawyers
• Honorarium and stipends
• Rent
• Payments to Foreign Nationals, including payments for visas
• Payments for healthcare provided to an individual (unless this is reported as a research subject)

Reporting thresholds

There is no $600.00 reporting threshold for purchases made by departments.