RESPONSIBLE CITY AGENCY: Finance Division
KEYWORDS: special revenue funds, donation, contribution, expenditure.
1. General
1.1 Salt Lake City uses Special Revenue Donation Funds in order to assure proper use and accounting of donated funds used for public purposes.
1.2 Special Revenue Donation Fund expenditures are limited to cash on hand.
1.3 All Special Revenue Donation Funds must be established through a Special Revenue Donation Fund Agreement which defines the specific purpose of the donation (including allowable uses of funds), the city employee responsible for day-to-day oversight, and directions for the use of excess funds when the agreement is terminated.
1.4 City employees with day-to-day responsibility for Special Revenue Donation Funds should terminate the fund when its function has been completed.
1.5 The responsible employee designated in the Special Revenue Donation Fund Agreement should be the employee responsible for the day-to-day monitoring of the fund. Department directors are ultimately responsible for the management of Special Revenue Donation Funds under their departments.
1.6 Responsible employees designated in Special Revenue Donation Fund Agreements must follow the Finance Division’s fund monitoring procedure routinely to insure proper financial controls for Special Revenue Donation Funds.
1.7 Definitions:
A. Special Revenue Donation Fund: a fund consisting of donated money which is held by Salt Lake City and spent for a specific public purpose, as outlined in the donation agreement.
2. Termination of Special Revenue Donation Funds:
2.1 Termination arrangements should be noted in the Special Revenue Donation Fund Agreement.
2.2 If any Special Revenue Donation Fund remains inactive for a period of five years (receives no new donations or incurs any expenditures), the Finance Division is authorized to close the fund and transfer any remaining cash balance to the General Fund.
CURRENT REFERENCES: Special Revenue Donation Fund Agreement
Special Revenue Donation Fund Procedure
PRE-1995 REFERENCES: Executive Memorandum 3.13.101 -- Trust Funds
EFFECTIVE DATE: Date signed by Mayor: January 3, 2006