Custodial Funds. The What, When, Why, and How. Bryan Keleher Financial and Systems Analyst FMS Cash Control/University Tax.
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1 Custodial Funds The What, When, Why, and How Bryan Keleher Financial and Systems Analyst FMS Cash Control/University Tax
2 Topics What are Custodial Funds? When and Why will I need one? When can a Custodial Funds NOT be used? How is it setup and disbursed? Reconciliation, Reimbursement, Revalidation. Closure
3 What are Custodial Funds? Change Funds Continuous Use Revolving Funds Ongoing Project or Study Expenses Incurred One-Time Use, Multiple, or Continuous Use Petty Cash* Special Circumstances
4 When and Why Will I Need a Custodial Fund? Change Fund Department takes in currency and coin and gives out change on a regular basis to customers. Net sales are recorded via cash receipt. Temporary need can be fulfilled by a bursar advance. What about our cash box? This is not an authorized custodial fund please contact coordinator.
5 When and Why Will I Need a Custodial Fund, cont? Revolving Fund Small dollar/large volume participant payments When the total yearly payments for a single individual reaches $400 collection of tax information for University Tax is required. Single payments greater than $100 are not permitted. Geographic separation where normal payment methods are not viable. Foreign Source Independent Contractor payments and supplies. The purchasing contract limit of $1000 still applies and is sometimes lowered. Identical payments that require a quick turnaround.** Special Circumstances
6 When can a custodial fund NOT be used? I don t want to open new custodial funds. Minimum Amount Soft limit of the maximum out of pocket reimbursement amount of $500. Maximum Amount Enough cash to fund the change drawers with a portion being sent to the bursar as needed for change request. Approximately two months expenses and/or the length of the trip.
7 When can a custodial fund NOT be used, cont? Employee Travel. Not a Travel Advance replacement. Contractor Travel Pay a flat rate. Replacing Purchase Orders and Wire Payments. Replacing P-Card Payments. Gift Card Purchases Shop Catalog Domestic Salaries and Services.
8 When can a custodial fund NOT be used, cont? OFAC countries, sanctions lists, government officials. *Petty Cash Out of pocket reimbursement plus employee disbursement ACH. **Payments that require a quick turnaround. When proper procedure is followed vendors will be paid per the terms of the purchase order. I don t want this on a tax form. We work directly with University Tax.
9 How do I setup a Custodial Fund? Contact Custodial Fund Coordinator Coordinator will ask: Study Participants How much? How many times? How long is the study? Foreign Project What are you paying for? Who are you paying? What can t purchase order, DV, or p-card be used? What is your budget? When will the funds be needed and for how long?
10 How do I setup a Custodial Fund, cont? Contact Custodial Fund Coordinator FAQ from Departments: How long does it take to setup? At least as long as regular DV routing. More complex situations require more approvals. What kind of receipt documentation do I need? Revolving Fund Reimbursements have almost the same documentation requirements as normal DVs. When will you charge my account? Expenses are not incurred until reimbursed on a second DV to the appropriate object codes. Certification
11 How is a custodial fund disbursed? Initiated by FMS. Revolving Fund Vendor Type Approval controlled. DV disbursement Reason K-Revolving Fund Reimbursement. Object code Total 8001 balanced to total custodial fund balances. Considered a receivable. Non-auxiliary funds are disbursed from balance sheet account
12 Reconciliation Count of cash on hand + receipts + inprocess reimbursements =authorized balance. Required monthly SharePoint upload Monthly from Mailing List New Process Relaxed for international funds and other circumstances up to five months or the length of the project.
13 Reimbursement DV to revolving fund vendor reason K-Revolving Fund Reimbursement. Account number is the grant, research, or departmental account given when opening the account. Object is NOT 8001 again. It is the object code that represents the expenses. Upload DV documentation using the upload tool. Do NOT send this to coordinator. Include calculations for international currencies. Coordinator will see FYI. An FYI does not stop a document from being approved.
14 Closure Contact Custodial Fund Coordinator Final expenses must be recorded via the same reimbursement DV. Leftover funds can be immediately deposited to the receivable account. Example: , 8001 with a negative accounting line to reduce the balance of Cash on hand plus check written to Indiana University. Do not adhoc route the CR to coordinator for approval. New checks created from this final reimbursement can also be deposited immediately. A closed fund is considered reconciled.
15 Revalidation Statement of how the fund is used and safeguarded. Yearly in the Spring/Summer. Will start again in April or May.
16 Questions Coordinator BL and Regionals Bryan Keleher Poplars Do not feel bad about ing twice.
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