End/Close Replenishable Custodian Fund
Go back to Custodian Fund User Guide
1. Verify what your custodian fund level is. If not sure, please check WISDM and work with your Department and/or Deans Office for these amounts.
2. Reconcile the replenishable custodian fund by listing the following: outstanding checks, amounts yet to be replenished, bank balance to check book balance, check book balance to custodian fund level.
Prepare a custodian fund accounting form as follows:
3. Retrieve and make a copy of the original Custodian Request Form(s). If there are any missing copies of custodian fund request forms, please contact your Department.
4. PI/Delegate completes Custodian Fund Accounting Form.
5. Check the “Final Report” box.
6. Verify that you have the correct Custodian Fund number for the funds you are accounting for.
7. Complete the Custodian Fund Accounting form and attach copies of Custodian Request Forms (Step 3) and the bank reconciliation from Step 2.
8. If bank balance equals custodian fund level(s) shown on WISDM then complete a Custodian Fund Accounting form for No Activity:
- See example of Custodian Fund Accounting form for No Activity Form
- Skip to Step 12.
9. If bank balance is not equal to custodian fund level(s) shown on WISDM complete a Custodian fund Accounting form:
- See example of Custodian Fund Accounting form with activity
- Attach Human Subject Recipient Log Instructions | Log Form
- NOTE: Replenishable Bank accounts can only be reimbursed for checks written to human subjects.
10. Fill in the line under grayed out line as a positive amount for the total expenditures reported on log. Use the Account, Fund, DeptID, Prog., Project which you want these expenditures to be charged to. (Can be different than original request and could be multiple funding lines).
Make sure correct SFS account code is being used.
Use account code 2637 for human subject expenditures
- Fill in amount expensed as reflected by log
- Make sure to use correct fund/project (still active with funding available)
11. If you have stale dated checks, fill in the next line as a negative amount for the total stale dated checks. Attach the list of stale dated checks along with check number and amounts. The amount of stale dated checks will agree with the outstanding checks listed on your bank reconciliation in Step 2.
12. Fill in the custodian name and check payable information. Check payable will be to US Bank with last 5 digits of the bank account regardless if there is no activity or activity.
13. Leave the “Deliver To” box empty.
14. Complete the “Call for more information” box (department financial information person).
15. Leave “check amount” box blank.
16. Itemized Expenditures Section:
- Fill in the complete Bank account Number (no spaces or dashes)
- Bank Account name per bank statement
- Under program expense section, enter research expenses per checks written or summarized by project and account code if a log is attached.
- Confirm log totals agree with program expense section and expenses listed on top part of form.
- For stale dated checks, repeat Step 11 in program expense section. The amount of stale dated checks will agree with the outstanding checks listed on your bank reconciliation in Step 2.
17. Form is signed by the custodian (PI).
Department/Unit
18. Verify information on steps 1-17
19. Enter information on Spread Sheet Tracker.
20. Department approver signs custodian fund accounting form
21. File original documents in department.
22. Send copy(s) to the Dean’s/Division Office for approval.