Agency Accounts (C-01.2)
Original Implementation: January 20, 1998
Last Revision: July 10, 2007
Agency accounts are funds held by the university as custodian or fiscal agent for others. The money is deposited with the university for safekeeping, to be used or withdrawn by the depositor at will. All agency accounts must be related to the mission of the university. The university, at its sole discretion, will determine whether or not to establish an agency account.
The university reserves the right to commingle agency funds with university funds, which may be deposited in financial institutions. Agency accounts will neither earn interest nor be assessed administrative fees, except for identifiable bank charges directly related to a specific agency account. Agency funds will be managed at the same level of safekeeping as university funds. Should owners of the agency funds wish to conduct an independent audit, they may do so by obtaining their own auditor at their own expense. Agency accounts are subject to review by university and state officials as well as anyone legally authorized to do so.
Request to Establish an Agency Account
A request to establish an agency account is made by completing the "Request to Establish an Account" form (Policy C-34). The form is available from the Controller's Office or at https://apache.sfasu.edu/sfa_forms/frs_acct_req.html . If approved, the agency account will be assigned an account number (0-9XXXX), which will be used by the owner when depositing or withdrawing funds.
Disbursement from an Agency Account
Owners of agency funds may withdraw funds or make payment to vendors by either of two methods:
- Complete a "Purchase Voucher" form on-line at https://apache.sfasu.edu/sfa_forms/purchasevoucher.shtml. Print the completed form, sign it, and submit it to the accounts payable department in the Controller's Office.
- Complete a "Request for Disbursement from an Agency Account" form, available from the Controller's Office or online at https://apache.sfasu.edu/sfa_forms/REQUEST_FOR_DISBURSEMENT.shtml. Print the completed form, sign it, and submit it to the accounts payable department in the Controller's Office.
All checks will be mailed unless written instructions are provided on these forms. Allow one week for check processing.
Negative Balances in Agency Account Prohibited
Agency accounts are not permitted to carry negative balances. Therefore, the university may assess a $25 institutional fine each time an account goes into a negative balance. If an agency account is referred for collection, the account will be assessed all associated costs.
Cross References: Request to Establish an Account, Policy C-34; Purchase Voucher, Policy C-31
Responsible for Implementation: Vice President for Finance and Administration
Contact for Revision: University Controller
Forms: Request to Establish an Account; Purchase Voucher; Request for Disbursement from an Agency Account (available online at http://apache.sfasu.edu/sfa_forms/fill_in_forms.shtml )