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

Subject Payments

Subject payments are payments to individuals for participation in research projects. This can include associated transportation for subjects, and payments to third party providers for medical services. Subjects are covered by HIPAA which means that their names and other personal information are kept confidential. Foreign Nationals cannot be paid as research subjects through a revolving fund. These payments must be submitted on a Check Request.

Documentation for reimbursement

Enter the following notation in the description field of the voucher "__ subjects paid a total of $____." This functions as a receipt.

For expenses coded to 02-08 do not include scanned copies of checks, taxi cab receipts or bills from third party providers of medical services.

Record keeping

Personal information related to the payments of research subjects should be kept confidential. However, personal information including names, addresses, social security numbers and amounts paid must be maintained in your department for audit purposes and tax reporting.

Any receipts for expenses coded to object code 02-08 should be kept at the requesting department, i.e. taxi receipts and third party medical services. Any other receipts should be included with the reimbursement request and will be stored at Financial Services.

Tax reporting

Research subjects payment information must be submitted to Financial Services Tax Desk by January 10th each year. All information needs to be sent to the tax desk, regardless of the amount. This will include research subjects' names, addresses, social security numbers and amount received.