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Revolving Funds

Overview

Opening a Revolving Fund

Custodian Responsibilities

Payments to Individuals and Vendors

Advancing Funds to an Employee

Reimbursing Your Fund

Increasing Your Fund

Reducing Your Fund

Staledating Checks

Budgets

Fraud

Fund Verifications

Deposits, Refunds and Rebates

Checking Account Maintenance

Closing Your Fund

Forms

Contacts

 

Fund Verifications

Policy

  • Fund Verification is an independent review of the account which reduces the possibility of fraud by the custodians and to verify that all the money is accounted for.
  • Fund Verification is required to be performed at least once per year. Financial Services will notify the custodian during the year when a Fund Verification is due or Financial Services will make an unannounced visit to do the Fund Verification. There may be some instances in which more than one fund verification or unannounced audit may be necessary.
  • Once notification is received requesting a Fund Verification, an individual must verify all the money is accounted for. This person can be a custodian of another account, but not the custodian of the account being reviewed. If the results of the fund verification is not provided within 30 days of the written request, it will be forwarded to UW Internal Audit for review.
  • How to Perform a Fund Verification

  • The person performing the Fund Verification must verify all the money is accounted for, complete section A and C on the Revolving Fund Reconciliation form and submit to Financial Services. No additional documentation is required.

  • Financial Services will review the revolving fund payment documents, departmental procedures and verify the reconciliation for unannounced Fund Verification .
  • If the fund verification does not balance to the actual fund amount, Financial Services will physically review the process, offer training and assist the department in making the appropriate adjustments to bring the fund into balance.