Section 110.125  Revolving/Impact Fund

a)         Pursuant to Section 10-20.19 of the School Code (Ill. Rev. Stat. 1991, ch. 122, par. 10-20.19) [105 ILCS 5/10-20.19], a Revolving (or Imprest) Fund may be established by resolution of the board of education.  The resolution shall designate a custodian of the fund, state the amount at which the fund shall be established, and establish a policy as to the amounts and types of payments that shall be made from the Revolving (or Imprest) Fund account.  The fund shall be maintained in a bank, for the purpose of providing for disbursements for which the district wishes to issue a check but, because of the timing or emergencies, cannot pay through the regular disbursement procedure of the district.

b)         The entry to establish a Revolving (or Imprest) Fund is as follows:

c)         To record creation of an Imprest Fund to be operated under principles applicable to the imprest system:

1)         No entries appear in account #105 except to open and close it unless the amount of the fund is increased or decreased.

2)         At all times, the total of all checks written since the last reimbursement plus the bank balance for the checking account should equal the amount set aside for the Revolving Fund in Account #105. Account #105 is an asset account of the school district.

d)         Pre-approved documentation such as signed vouchers, completed and approved travel requests, approved purchase requisitions or orders and/or invoices must be provided to the custodian of the fund in order that a check can be issued.  Checks written must include the proper district expense account code, or all necessary descriptive information so that an expense account code number can be assigned.

e)         At regular intervals, the Revolving (or Imprest) Fund shall be reimbursed up to the original amount of the fund.  The check to reimburse the Revolving Fund must be included on the school district monthly bill list, charging the appropriate district expenditure accounts and indicating the name/explanation for each revolving check that was issued.

f)          Pursuant to Section 10-20.19 of the School Code, the custodian of the Revolving (or Imprest) Fund must be bonded as provided in Article 8 of the School Code (Ill. Rev. Stat. 1991, ch. 122, par. 8-1 et seq.) [105 ILCS 5/8-1 et seq.].

(Source:  Added at 18 Ill. Reg. 5178, effective March 22, 1994)