414: Revolving Funds

Fiscal Operations Manual
Section 400: Expenditures
Effective: 01/01/2003
Revised: 12/09/2010

 

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 Controllers Division of OUS 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 OUS Fiscal Policy Manual 105.100, Appendix .700: Revolving Fund Checking Accounts.