Ill. Admin. Code tit. 23, § 100.70 - Revolving Funds

The requirements of this Section shall apply to revolving funds and petty cash funds established by a school board pursuant to Section 10-20.19(2) of the School Code [105 ILCS 5/10-20.19(2) ].

a) Each resolution shall establish the school board's policy as to the amounts and types of payments that shall be made from the fund, state the amount at which the fund shall be established, designate a custodian of the fund, and require that the fund be maintained in compliance with Section 10-20.19 of the School Code and all other applicable statutes.

b) In the case of a petty cash fund:

1) The resolution shall also authorize a check in the amount of the fund to be drawn payable to the designated custodian.

2) Each disbursement shall be approved by the signature of a person other than the custodian.

3) Each petty cash voucher shall be pre-numbered and each shall be accounted for as having been used, voided, or unused. Each petty cash voucher shall also provide for the signature of the person to whom cash is paid.

4) The custodian shall attach to each petty cash voucher the receipt for the disbursement made and shall note the proper expenditure account code or provide sufficient descriptive information to allow assignment of the correct code.

5) When the larger part of the cash on hand has been disbursed, the custodian shall take the paid petty cash vouchers to the person authorized to prepare and issue checks so that the fund can be replenished.

c) In the case of any revolving fund other than a petty cash fund:

1) The resolution shall also provide that the fund shall be maintained in a bank.

2) The total of all checks written since the last reimbursement plus the bank balance for the checking account shall equal the amount set aside for the revolving fund.

3) No check shall be issued without presentation of pre-approved documentation for the expenditure, such as a signed voucher, a completed and approved travel request, an approved purchase requisition, an order, or an invoice. The record for each check written shall include the expense account code or sufficient descriptive information to allow assignment of the correct code.

4) At regular intervals, the revolving fund shall be reimbursed up to its original amount. The check written for this reimbursement shall be included on the school board's monthly listing of bills, charging the appropriate expenditure accounts and indicating the recipient and explanation for each revolving fund check that was issued.

d) If a school board has obtained and issued credit cards or procurement cards for the use of board members, the superintendent, or other district employees or officials to pay certain job-related expenses or to make purchases on behalf of the board or district or any student activity funds, or for purposes that would otherwise be addressed through a conventional revolving fund, then the board shall adopt a written credit card policy that at least:

1) identifies the allowable types of purchases;

2) provides for the issuing bank to block the cards' use at unapproved merchants;

3) limits the amount a card-holder can charge in a single purchase or within a given month;

4) provides specific guidelines on purchases via telephone, fax, and the Internet;

5) indicates the consequences for unauthorized purchases;

6) requires card-holders to sign a statement affirming that they are familiar with the board's credit card policy;

7) requires review and approval of purchases by someone other than the card-holder or user;

8) requires submission of original receipts to document purchases;

9) forbids the use of a card to make purchases in a manner contrary to the requirements of Section 10-20.21 of the School Code [105 ILCS 5/10-20.21 ]; and

10) indicates how financial or material rewards or rebates are to be accounted for and treated.

Notes

Ill. Admin. Code tit. 23, § 100.70

Amended at 32 Ill. Reg. 16439, effective September 24, 2008