A revolving account generally accounts for the income and expenditures of substantially self- supporting activities. At fiscal year-end, the balances in the income and expense accounts are netted and the resulting sum is closed out to the revolving account.
Each department is required to provide a Cover Memo along with supporting schedules and other documentation to report the department’s Revolving Account as of June 30, 2022 to the Office of Budget & Finance. Please refer to the reminder schedule for due date(s). The documents listed below are required for each Revolving fund maintained by the department.
Revolving Account Reporting Package (click to open file):
- The Cover Memo should be completed for each Revolving fund. If there was no activity and/or the fund balance is zero, check the “No Activity and Zero Balance” box, and identify the Contact Person. The department head must sign the cover memo to attest to the accuracy of the balances, including zero balances. An e-signature is fine; otherwise print, sign and attach cover memo as pdf document. (Required).
- Schedule 1: Identify activity to be recorded in Period 13. Schedule 1 is required for each active Revolving fund to be adjusted at year-end.
- Revolving Account Template: Use this template to record the journal entry per the instructions included in the spreadsheet. A template is required for each Revolving fund to be adjusted at year-end.
Return completed reporting package as an excel file and other supporting documents as a pdf, via email, to the Pam Arrowood firstname.lastname@example.org by the due date.