Number: 
03-140-210
Type: 
Rule
Policy Steward: 
Director of Business Affairs
Format Updated: 
University Policy & Standards Converted: 
Status: 
Current
Revision Date: 
Wednesday, March 16, 2016

This information replaces FIS 414 Revolving Funds

 

A revolving fund is actually a suspense checking account and may be established when necessary for efficiency.  The establishment of revolving funds must be authorized by the Controller within Business Affairs and approved by the State Treasurer.  Such accounts are operated on an imprest basis, which means that the exact amount of fund expenditures is replaced periodically.  See Fiscal Policy 105.100, Appendix .700: Revolving Fund Checking Accounts.