Working Fund ChangesOn Friday, June 1st, Financial Services will be implementing some changes in the General Working Fund system. The driving force behind making these changes was to ensure compliance with legislative audit recommendations with respect to separation of duties. However, we have also gained greater flexibility and functionality with the reporting of working fund data. Hereâ€™s what will go into effect tomorrow:
- Our archaic homegrown Working Fund system will be replaced with Peachtree software that has been enhanced to fit our specific needs. Appropriate separation of duties are built into the functionality by the use of roles so it will be much easier to meet the audit requirements.
- Checks issued from the new system look different. The chartstring is no longer printed on the check stub due to limitations of the new software.
- There will be a change in banks from Wells Fargo to M&T Bank. We felt that with a branch centrally located on campus (in the University of Maryland Medical Center), cashing of checks for departments and study participants will be more convenient.
- We will implement the M&T Positive Pay program which significantly lessens the chances of fraudulent checks being cashed against the Working Fund account. In order to comply with this program, checks cannot be cashed until the next working day after the check is cut in Financial Services. It is our hope that this process will be transparent to you. When a Working Fund request is processed and a check is cut, we will simply hold onto the check until the next working day before notifying you that it is available for pickup.
- The Wells Fargo bank account will remain open only until November 30, 2012. Please keep this in mind if you have ordered study participant checks well in advance of their distribution. Once the Wells Fargo account is closed, any outstanding checks will not be honored.
- New Working Fund check request forms and procedures are in the works. You can expect to see another announcement sometime in June to direct you to the new forms along with instructions and detailed procedures.
We are excited about the changes and our goal is to provide seamless service while maintaining proper internal controls. If you have any questions about any of these changes, please contact Larry Miller-Associate Director at 6-2509 or Maureen Clifton- AP Manager at 6-2931.
FY12 Working Fund Requests
For Working Fund check requests that need to be posted in FY12, you must deliver your request to FS-Working Fund (Carol Johnson) by Monday, June 18, 2012.