Monthly Maintenance of Replenishable Custodian Fund

Go back to Custodian Fund User Guide

  • Reminder, reconcile bank statements monthly and list the following:  outstanding checks, amounts yet to be replenished, bank balance to check book balance, check book balance to custodian fund level.
  • Reminder, replenishments must be done quarterly.
  • Reminder, checks can only be written out to the research participant.
  • Reminder, you cannot make cash withdrawals from custodian fund bank accounts.
  • Reminder, you cannot deposit into custodian fund bank accounts from other bank accounts (University or personal) or make cash deposits. Only Cash Management is allowed to make deposits to custodian fund bank accounts.

Prepare the monthly Custodian Fund Accounting form as follows:

  1. Identify the original Custodian Request Form and Custodian Fund Number (NRXXXXXXX)
  2. PI/Delegate completes Custodian Fund Accounting Form.

Form/Instructions

  1. Verify you have the correct Custodian Fund number for the fund you are accounting for.
  2. Quarterly, if no activity has occurred:
  • See example of Custodian Fund Accounting Form for No Activity Form.
  • Skip to Step 7.
  1. Quarterly, if activity has occurred: 
  • See example of Custodian Fund Accounting form with activity
  • Check the box called Reimbursement Due

Procedure/Research Participant Log
Completing the Custodian Fund Accounting Form:

  1. 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.(program), Project  which you want these expenditures to be charged to.  (Can be different than original request and could be multiple funding lines).  Use original Custodian Fund ID. 

*Replenishable Bank accounts can only be reimbursed for checks written to research participants

Make sure correct SFS account code is being used.
Use account code 2637 for research participant expenditures

  • Fill in amount expensed as reflected by log
  • Make sure to use correct fund/project (still active with funds available)

    • 7. 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. 

    8. Leave the “Deliver To” box empty.
    9.  Complete the “Call for more information” box (department financial information person).
    10.  Leave “Check Amount” box blank.
    11.  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 participant or summarize payment total and attach log formdetailing expenses per participant.  
    • Confirm log totals agree with program expense section and these expenses agree with amounts listed on upper left hand corner of form.    

    12.  Attach one copy of W-9 for each research participant payment equal to or greater than $250.  Keep original in department.
    13. Form is signed by the custodian (PI).

    DEPARTMENT/UNIT

    14.  Verify information on Steps 1-13
    15.  Enter information on Custodian Fund Advance Tracker including next anticipated action date.  Check the tracker for:

    • Funding ending - action: Submit new accounting form with new funding 30 days in advance.*
    • Funding out of money - action: Submit new accounting form with new funding 30 days in advance.*
    • Custodian fund agreement is ending - action: Submit accounting form to close or extend 30 days in advance.*

    *See change procedures in the Custodian Fund User Guide

    16. Department approver signs custodian fund accounting form.

    17. File original documents in department.

    18. Send copy(s) to the Dean’s/Division Office for approval.