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Agency Accounts

Departmental Agency Accounts

Occasionally, it may be necessary for a University department to set up an agency account, with approval of their department head. When administering agency accounts, the University is acting as a fiduciary agent to receive and disburse funds for another entity – agency funds do not represent revenues or expenses and are reported as cash and "deposits held in custody for others" on the University’s financial statements. If the funds being collected constitute "revenue" to the University, an agency account is not permissible.

 

 

Student Organization Agency Accounts

In order to serve the needs of student organizations affiliated with the University, such organizations are allowed to set up an agency account with approval of their faculty/staff advisor. When administering agency funds, the University is acting as a fiduciary agent to receive and disburse funds for another entity – agency funds do not represent revenues or expenses and are reported as cash and "deposits held in custody for others" on the University’s financial statements.