The University of Toledo

Revolving Funds

Contact Megan Lindsey
Scott Park Campus
Learning Resources Center,
2nd Floor, Mail Stop 454
Phone: (419) 530-8750
E-mail: Megan.Lindsey@utoledo.edu

|  Petty Cash Fund  |  Change Fund  |  Revolving Funds Form  |  Closing A Petty Cash Account Form  |

Introduction:  Revolving Funds are established in certain areas to expedite the handling of  University business.  There are three types:  Petty Cash, Temporary Change and Change with each having its own purpose and limitations.

Acquisition:  To establish a fund, a Requisition is to be prepared and forwarded to the Accounts Payable Office.  Put the name of the person who will be the "Payee" in the block in the upper right hand corner of the Requisition.  A definite reason must be stated regarding the need and purpose of the fund.  After approval a check will be issued to the custodian of the fund, who is to complete and sign a "Revolving Fund Receipt".  The Fund is to be maintained in a safe place and kept under lock and key while not in use.  If it becomes necessary to increase the fund, the same procedures which were used in the initial acquisition are to be repeated.  A new "Revolving Fund Receipt" must be completed. 

Termination:  Whenever a custodian is expected to be gone for a short period of time (such as vacation) and the Department requires use of these funds, a temporary custodian may be appointed, provided that the temporary custodian completes a "Revolving Fund Receipt" and states in the "purposes" explanation of that form the duration of such custody.  Whenever a custodian terminates responsibility of the fund (such as employment separation or duty reassignment) or is expected to be absent for a prolonged period of time (such as an extended illness), a final accounting is to be made.  The custodian's successor then must complete a new "Revolving Fund Receipt".