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Internal Management Memoranda

EFFECTIVE DATE: December 1, 1993

INTERNAL MANAGEMENT MEMORANDUM NUMBER: 6C1-6.40-17 (Revised)

SUBJECT: IFAS; Revolving Fund Policies

1. The IFAS Revolving Fund is a fund established pursuant to law, outside of the State Treasury, from monies drawn from the Experiment Station Incidental Trust Fund, the Extension Service Incidental Trust Fund and the Experiment Station Contracts and Grants Trust Fund.

2. From a legal and management perspective, the fund is a single fund although it is deposited to and disbursed from a number of subaccounts at several different locations. Disbursements from the fund must be reimbursed by charging the appropriate operating account.

3. Except as otherwise provided, no disbursement may be made from the Revolving Fund that is not legal and appropriate charge to an established and duly authorized state account. (Note: A "State" account is defined as any operating account established pursuant to law, with budget authority appropriated by the Legislature where funds are received and disbursed through the State Treasury, whatever the source).

4. The following types of payments are the only ones that may be made from the revolving fund subaccounts established at the Research and Education Centers:
   1. Establish petty cash and change funds.

   2. C.O.D. freight bills.

   3. OPS payments to casual labor.

   4. Petty Cash purchases.
      (Limited to purchases of $25.00 or less)

   5. Emergency payments. (see paragraph 7)

   6. Pay discount invoices.

5. In addition to the items in paragraph 4), the following disbursements may be made only from the main account administered at Gainesville:
   1. OPS payments to other than temporary labor. (These payments may be made on an emergency basis only, and require justification and State Comptroller approval.)

   2. Travel advances and reimbursements. Travel advances should not be made more than 2 days prior to commencement of the travel and must be settled within 5 days of the travel completion. Travel requests for "supersaver" type discount tickets are not to be made more than 30 days prior to trip and must be settled within 5 days of trip completion.

   3. Contract and Grant Expense advances.

6. Specifically excluded payments are postage, subscriptions, books, periodicals, and payments to other state agencies.

   Travel related registration fees are also not to be paid from the revolving fund. Because of this restriction, registration fees must be processed on a Payment Authorization form, FA-C- T305, and must be submitted to the IFAS Travel Office 30 days in advance of the deadline date. Payments considered emergency payments must include a written explanation of why it is an emergency, and must be signed by the person requesting the payment be made. Registration fees paid while attending a convention or conference may be reimbursed if properly submitted on a Voucher for Reimbursement of Travel Expenses from, FA-AP-V- T01.

7. The lists given in 4) and 5) do not follow any priority. Any item, under certain circumstances, might become top priority. Emergency payments should be limited to legitimate emergency needs. Payments of an emergency nature should be one-time items and must not become routine outlays. Any emergency payments must be submitted with written justification and adequate explanation of why it is an emergency and signed by the person requesting the payment be made. Administrative delays or negligence in processing are not considered an emergency. Unnecessary payments could result in the State Comptroller reducing the amount of the revolving fund thereby jeopardizing legitimate disbursements.

8. The IFAS Revolving Fund is under the general jurisdiction of the Director of Planning and Business Affairs. Day to day management of the fund is the responsibility of the Assistant Director for Fiscal Services within the Office of Planning and Business Affairs. Unit Administrators and other administrative staff have custodial responsibilities for subaccounts and petty cash funds allocated to them.

9. The amounts in the several subaccounts and petty cash funds may vary from time to time, as seasonal or other conditions demand, by transfer between the several subaccounts and the main account in Gainesville. Due to the possible need for payments in larger amounts from the main account in Gainesville, no subaccount will be permitted to have a greater amount than is required to meet the payments described in paragraphs 4) and 6).

10. Bank accounts and the fund reconciliations are to be done monthly for each revolving fund subaccount and the main accounts. Custodians of subaccounts will send their reconciliations to the IFAS Accounting Office as soon after the bank statement date as possible, but no later than the 10th of the month. The IFAS Accounting Office will verify the monthly subaccount reconciliations and send a copy to the University's Finance and Accounting Division. Reconciliations of the main account also will be sent to the University's Finance and Accounting Dividion monthly. To the extent possible at each location at which a subaccount or the main account is administered, the duties of check writing, check signing, and bank reconciliation shall be separated. If the custodian of any Revolving Fund account has no staff among whom these duties can be divided, the bank statement and canceled checks must be sent to the IFAS Accounting Office in Gainesville for reconciliation.

11. Bank account and fund reconciliations, along with canceled checks and voided checks, must be kept on file for a minimum of three (3) years, after which they should be sent to the IFAS Records Center, Building 440, Gainesville.

12. If a payment from the Revolving Funds is disallowed by the State Comptroller, reimbursement to the Revolving Fund must then be made from private funds available to the unit concerned.

13. The establishment of a new subaccount requires approval of the State Comptroller and is requested through the Assistant Director for Fiscal Services and the University Comptroller. Any subaccount may be closed and the balance transferred to the main account upon request of the Vice President for Agriculture and Natural Resources.

14. The issuance of Revolving Fund checks for which sufficient funds are not on deposit is prohibited.

15. Reimbursement vouchers should be prepared and submitted promptly after each disbursement; however, all payments must be reimbursed at least once a month. The reimbursement voucher must be in the format given in Attachment I to this IMM. Each payment to a vendor for which reimbursement is sought must be accompanied by an original invoice or receipt. Reimbursement vouchers are to be sent to IFAS Accounts Payable in Gainesville.