Finance 106: Agency Accounts
To describe agency accounts and provide guidelines for their establishment and administration
Agency Account: An agency account is an account supported by an external funding source. The account is controlled by an organization that has a relationship with university, but is financially independent of UAA. Examples of organizations that qualify for agency accounts are student government, student clubs, and athletic booster clubs. The presence of the following characteristics may indicate eligibility for an agency account.
Establishing an Agency Account Contact the General Accounting and Budget Manager for a determination of whether the organization qualifies for treatment as an agency account. The request must be accompanied by documentation that confirms the foregoing characteristics and a copy of the meeting minutes or other official action that approves the request. Once approved and established, the account will be maintained within the university accounting system. Receipts will be deposited in the agency account through UAA Cashiering. Disbursements from the agency account will be made by the issuance of UAA checks. Financial reports will be provided to the agency organization. Account RequirementsUAA maintains fiduciary responsibility for agency account funds as long as they reside in university financial system. The agency organization will have discretionary authority for the use of the funds; however, agency accounts:
Donations to UAA Agency organizations wishing to make donations to UAA may transfer funds by journal voucher. A university department or General Accounting & Budget may assist with the preparation of the JV. The JV should be approved by an agency official, and if it is a restricted donation, supported by a memo from the official that documents the necessary restriction. A copy of the JV should be provided to the Office of Development.
Related Policy: Finance 107: Booster Club Transactions
106 - Agency Accounts