A3: AGENCY ACCOUNTS
11/3/98

Fiscal Agent Handbook Index | Fiscal Controls Index

Agency accounts are those accounts maintained by the University for independent campus organizations for which the school receives and disburses funds.  Agency accounts may generally avail themselves of the same services provided other accounts of the University.

To set up an agency account, one or more of the following conditions must prevail:

• Purpose of the activity must aid the University or the University community.

• Participation of faculty, staff, students and/or University community in the activity.

• Fiscal agent must be employed by the University.

• Project must be a joint effort of the University and the organization, i.e. conference.

• Participation of the University or organization in a charitable drive.

The initial step in setting up an agency account is the execution of an Application for Account Number (1026) by the Fiscal Agent and obtaining appropriate vice presidential approvals.  Approval by the Director of Financial Affairs Director/Controller is mandatory.

No budgets can be loaded or expenditures made until formally approved account applications and signature cards are on file with the Controller's Office.

Disbursements up to the limit of the funds received are controlled by the independent organization.  The available balance in an active account is an obligation of the University to that independent organization.

The administrative cost of service to the agency is usually absorbed by the University.  However, the University may negotiate a fee for their services.

Should an agency account purchase equipment through the University and thereby receive tax exempt status, it is understood by the Fiscal Agent that the equipment will become the property of the state and be subject to the provisions of the University Property Control system.  The equipment will be used solely by the purchaser for their purposes and may not be traded or sold to another unit without the consent of the Fiscal Agent.

Accounts whose mission has been completed or become inactive may be closed by the University.  The University may then apply a claim for administrative costs against the available balances.

Instructions for preparing the Application for Account Number are explained in section M2 of this manual.

Questions regarding agency accounts should be directed to the Controller's Office, room E 212.  The Director of Financial Affairs/Controller may be reached by phone on extension 5143.

For more information contact
Controller's Office