Reminder for Fund Custodians: Statement of Condition Due the 20th Each Month - 10/4/12
Revolving and change fund custodians who submit a Statement of Condition to Accounting and Reporting Services each month may now direct their statements to Brenda L. Moore, who recently assumed the position of banking and investments assistant.
The Statement of Condition is a reconciliation of the balance in the revolving or change fund to the approved amount as recorded in the General Ledger Fund.
Accounting and Reporting Services reminds revolving fund custodians that a Statement of Condition must be submitted monthly no later than the 20th following the month end for which the statement is prepared. For example, the Sept. 30 report is due by Oct. 20. Each report must include the revolving fund number for identification purposes, the custodian’s name, the month it is for, the preparer’s signature, and a copy of the bank statement.
No reimbursements or increases can be made if the current Statement of Condition is not on file with Accounting and Reporting Services.
The Statement of Condition also should identify the acknowledged revolving fund balance, cash on hand, reimbursement requests in process, and receipts not yet processed. A list of checks aged over 60 days should be attached or included on the statement. If any of the outstanding checks are aged over two years, please advise Brenda L. Moore.
In the event the fund custodian is unable to sign the Statement of Condition, signature delegation should be assigned in writing to someone else. The delegation form must be on file with Accounting and Reporting Services. Only staff who are delegated by the fund custodian have authorization to sign the Statement of Condition in the custodian’s absence.
Moore will issue the change fund custodian a Change Fund Balance of Record Statement, indicating the “amount of record” for the change fund. In turn, the custodian must verify the amount, sign the statement, and return it to Moore.
For detailed information regarding revolving funds and change funds, please see the Revolving and Change Funds page on Accounting Services’ website.