Agency Accounts (C-01.2)
Original Implementation: January 20, 1998
Last Revision: July 20, 2010
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 The money is deposited with the university for safekeeping, to be used or withdrawn by the agency account’s authorized representatives at will.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 authorized representatives 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 http://jack.sfasu.edu:7778/wf/wf_fr.newAccountReqForm. If approved, the agency account will be assigned a Banner fund (8XXXXX), which will be used by the agency account’s authorized representatives when depositing or withdrawing funds.
Disbursement from an Agency Account
Authorized representatives of agency accounts 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.
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.
Cross References: Request to Establish an Account (C-34); Purchase Voucher (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