Appendix A - Revolving Fund Reimbursements (30.3)

Revolving Fund Reimbursements

Revolving Funds are approved for agency use on a case-by-case scenario. An external bank account is sometimes needed to meet agency operating needed. Upon DFS approval, agencies are authorized to establish the revolving fund and external bank account and is given an authorized amount of funds to support its use. Agencies make expenditures and then seek replenishment on a recurring basis. DFS analyzes and audits agency use of revolving funds and the transactions through separate processes than is used for Regular Vouchers.

• Agencies will use a Regular Voucher to support replenishment of the revolving fund. Agencies may be asked to record transaction details, such as expenditure purpose, as part of the replenishment request. A Supplier Location will be established for each agency revolving funds with a payment method of EFT/ACH, or warrant. This supplier location will be entered on the voucher and will reimburse the revolving fund. The Merchant Field (100) within the distribution line will be used to record who is paid and Description field (254) to capture the goods/services that were purchased. The payment method may be updated on the voucher.

Agencies are responsible for managing tax reporting responsibilities for any payments made using a revolving fund. Agencies should work with DFS for tax reporting expectations.

Version History