Revolving Funds
OverviewFunded BalanceOpening a Revolving Fund Increasing Your Fund Reducing Your Fund Closing Your Fund Reimbursing Your FundDocumentation Accounting Canceling, Voiding, Staledating Deposits, Refunds and Rebates Sales and Use Tax Advancing Funds to an Employee Allowable ExpensesPayments to Individuals and LLCs Subject Payments Travel Gifts, Prizes and Awards Food Custodian ResponsibilitiesFund Verifications Separation of Duties Changing Fund Information Fraud FormsContacts |
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OverviewA revolving fund account is an advance of funds to an individual custodian on behalf of a department. Revolving fund accounts are mainly used for paying research subjects, reimbursing expenses paid by individuals on behalf of the university and small items for which there is no other means of payment. If you unsure of how to pay for an item, reference the University’s procurement guide If you’re unsure if an expense can be paid on a revolving fund, reference the allowable expenses Revolving funds work like an advance. They are not tied to a budget, but rather to a custodian. The request for a revolving fund does not show on your budget. Purchases are reflected on the budget when a request for reimbursement is processed. Request for reimbursement should happen monthly. Consider using a field advance to pay research subjects for short-term studies.
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A Department of Financial Management
Modified: April 2, 2009