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

Canceling, Voiding and Stale-dating checks

You have the check – Void the Check

Note the check that was voided and enter the amount as zero in your checkbook. Write VOID across the face of the check. Tear or cut the signature line off the check and file the check for reference. If the check has been reimbursed, include it as a negative on the next reimbursement request. For documentation, include a brief description of what occurred.

You sent the check and the recipient has requested it to be reissued – Cancel the Check

Obtain a written request from the recipient stating why a check needs to be cancelled and reissued (i.e. never received, lost, destroyed, etc.). Make notation in your checkbook that a reissue was made and the original was not returned. Call the bank and have them cancel the check. The bank will typically charge a fee for this. Do not process a reimbursement for the replacement check if the cancelled check has already been reimbursed.

The check is un-cashed, over six months old and on a federal budget – Stale-date the check

These checks should be listed as a negative on the next reimbursement request. Include a brief memo for documentation. Federal statedated checks are not considered unclaimed property. The funds should be put back into the same budget that they were originally charged to.

The check is un-cashed, over six months old and not on a federal budget – Stale-date the check

State law requires UW to keep track of these checks and report them to the State each year as unclaimed property. Make a list of outstanding checks and include check numbers, check dates, dollar amounts, the name of the payee (including research subjects*) and the budgets to which they were charged. Write a new check for the total, made payable to the University of Washington. Send this and the list to Revolving Funds - Staledate, box 351120. Do not ask for reimbursement for this check. Reverse the un-cashed checks in your checkbook.

* Names of research subjects are usually confidential. However, each payee must be identified in order to report these checks to the State's unclaimed property files. The data sent to the State will not include information about the study, but only reference the UW as payor.

A stale-dated check has cleared the bank

Make a copy of the bank statement and note the stale-dated check that cleared the bank. Attach the statement to a voucher and explain that the check was stale-dated. List the voucher on the Departmental Revolving Fund Invoice Voucher. For non-Federal budgets leave the budget and object code blank. This information will be completed by Financial Services.

Additionally

Never destroy any checks, including voided and cancelled checks. The only exception is unused checks from a closed bank account. Shred these and put a note in your files of the check number range that was destroyed.