Agency Accounts

General Guidelines

Agency accounts, classified as Funds Held for Others, are established for temporary resources held by the University as custodian or fiscal agent for individuals or third party organizations.

In addition to traditional Agency accounts described above, the University may establish Agency accounts for meetings, seminars, training sessions, and workshops to cover incidental costs such as meals, speakers, training materials, and refreshments. Fees charged for such events should be reasonable, and intended to cover only the costs associated with a particular event. Fees cannot be used as a means of generating revenue for an organization, department, or related event.

Before an Agency account can be established, an Agency Account Application and Agreement Form (see Menu>OFM Quick Links>Most Accessed>Forms) must be completed and sent to the department's Business Manager for approval. Departments without Business Managers should send agreements to the Office of Finance and Accounting MD #9110.

Agency Account Agreements will be reviewed to determine that the University's relationship with the organization or entity is that of custodian or fiscal agent. The University retains the right to deny an Agency account to individuals or organizations determined not to be in compliance with the established guidelines.

Individual account numbers will be assigned for each Agency account so that all transactions relating to the organization or event can be identified and recorded separately. Because accounts are set up for specific organizations or purposes, in most instances, funds cannot be combined or transferred from one account to another.

When submitting an Agency Account Agreement form, copies of correspondence, donor letters, and any other relevant documentation should be included for the permanent file.

Agency Account Application and Agreement Form

Original, signed applications should be sent to the Office of Finance and Accounting MD #9110 for approval. Once the agreement has been approved, a department ID and detail code will be set up and the department will be notified. Select the Forms link on the right-hand menu to locate the Agency Account Application and Agreement Form.

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