Division of Finance
In certain situations, the University has custody of funds that belong to other entities. In these cases the funds should be accounted for in an agency chartfield. Examples of this agency relationship include:
The following procedures assist with ensuring compliance with the above policy:
The responsible person(s) should request an agency set of chartfields through their division fiscal officer. The request should include the following information:
- The name, address and purpose of the outside entity
- The University personnel associated with this activity and their role or position with the entity
- The source(s) of funds (fees, dues, etc.) and their intended use (conference expenses, publications, mailings, etc.).
- The expected timeframe of this activity.The disposition of any funds that remain at the conclusion of the activity.
- A copy of the entity’s tax status from the Internal Revenue Service.
- A copy of the entity’s tax exempt letter if the entity is exempt from sales tax.
- A copy of any contracts between the University and the entity.
- Any requirements of obligations imposed by the entity.