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

Separation of Duties

This list would describe an ideal separation of duties. We understand that not all departments are equipped to separate duties to this degree. There are three roles: check writer, reconciler and verifier. These should ideally be kept separate. The custodian can perform any one of these three positions.

Check writer/Cash Handler

This person would have the ability to write checks. They would have filled out a signature card and have their signature on file at the bank.

Reconciler

This person does the bank reconciliation, fund reconciliation and the reimbursement requests.

Verifier

This is the person who signs off on the fund reconciliation and reimbursement requests. They should occasionally check the numbers for accuracy. This would include checking the bank statement balance and the outstanding check list against the fund reconciliation.