What is an agency fund?
Agency funds are defined as funds held by the University on behalf of an affiliated organization.
These funds work largely like checking accounts and are available to registered clubs and organizations.
- An organization must always have a positive balance of in their agency fund.
- If an organization has a negative balance in its agency fund the organization will be notified by the Office of Student Development Programs. Following the
notification the student organization will have until the end of that month to reach a positive balance.
How can I create an agency fund for my club or organization?
- Register with the Office of Student Development Programs
- Find a
Financial Manager(Every student organization is required to have a USI Employee as a financial manager.)
- Financial manager emails a request to Jeff Sponn with the following information:
- Official name of the organization
- Name of alternate financial manager (optional)
- A detailed description of the organization and its anticipated activities
- Intended purpose of agency fund
- Sources of income
What are the advantages of having an agency fund?
- Agency funds earn interest on average cash balances monthly
- Organizations are exempt from Indiana sales tax if they maintain an agency fund exclusively. (no off-campus accounts)
- All accounting records are preserved by the University
- Disbursements paid according to University procedures and subject to audit
- University pays postage on most outgoing checks
- Organizations operate under the University's tax identification number (TIN).
If an organization maintains exclusively an agency fund, (no off-campus accounts)
the organization will not have to obtain a separate TIN from the Internal Revenue Service (IRS).
What is a fund, orgn, and account?
Every financial transaction processed by the University requires a fund, orgn, and account.
The fund and orgn are five digits each and identify the club or organization.
The account also consists of five digits and is used to describe the type of revenue being deposited or expense being charged.
The Financial Manager Spreadsheet lists valid funds and orgns and the Banner Account Codes Spreadsheet lists commonly used
revenue and expense accounts.
- All student organizations have a fund that begins with 84. The last three numbers that make up the five digit fund differ for each organization
and are used to identify the organization.
- All student organizations have the orgn number 07020.
- The account number changes depending on the type of action taking place. Five digit revenue account numbers begin
with 5 and the five digit expense accounts begin with the number 7.
- The organization's financial manager will be able to help the members of the student organization decipher
which account number is needed at the time of each financial action.
How do I make a deposit?
Deposits can be made at the cashier's window in the lower level of the Orr Center by providing your
15 digit fund, orgn, and account numbers. A deposit form should be completed when depositing more than one check and
a receipt should always be obtained to verify the amount of your deposit and to keep for your records.
How do I make a withdrawal?
- Payments can be initiated using a Direct Pay Form for an invoice.
- Tutorial Link Pay Form
- Payments can be made via credit card if the student organization's advisor or financial manager has a University credit card. Purchases
can be made and the cardholder can allocate the expense to agency fund-orgn-account.
- A cash advance may be requested when an organization needs to buy something and cash is required prior to the purchase.
CASH ADVANCE PROCESS
- Begin the cash advance process 7-10 business days prior to the date the cash is needed.
- The student requesting the cash advance must fill out the Student Organization Cash Advance Waiver and the Direct Pay Form which must
be signed by their financial manager. These forms should be turned into the basket at the front desk in the Accounts Payable Department which
is located in the basement of the Orr Building. These documents must be approved by Accounts Payable before an advance may be issued.
Obtaining the cash:
When a student undergoes the cash advances process he or she can obtain the cash by:
- Filling out a Direct Deposit Form. This form will allow the amount of money the student requested for the cash advance to be deposited in the student's
personal bank account. Once this form has been completed and given to the Accounts Payable Department,
the student's information will be on file with the University for future cash advance requests.
- Receiving a paper check which will be mailed to the student's residence.
- **The Accounts Payable Department will not hold checks in their office for students to pick up. If a student requests a paper check
for their cash advance the check can only be obtained through the mail. As a result, the Accounts Payable Department prefers that student's
use the method of direct deposit for cash advances.
Repaying the Advance
- A cash advance must be repaid by the due date indicated on the Student Organization Cash Advance Waiver Form.
- If there is any remaining cash from the amount of money the student received through the advance, he or she must deposit the cash at the cashier's window
in the lower level of the Orr Center into the fund-orgn-acct charged on the Direct Pay Form used to obtain the advance. (Note: the account portion of the
FOAP should be 12120.) The student MUST receive a receipt for this deposit.
- If a student spent more money than they received through the cash advance, he or she must fill out a Direct Pay Form to be reimbursed for the money.
- The student must submit the following to the Manager of Accounts Payable located in Orr Center Room 0022 (Business Office):
- The receipt from the cashier's window for any remaining cash that was deposited. (If applicable)
- The original receipts for all expenses purchased with the cash and the completed Cash Advance Receipt with the fund-orgn-account info to be charged for
- **The Cash Advance Receipts Form must be signed by the organization's financial manager.
Failure to repay the cash advance:
- If a student does not repay the cash advance by the due date, he or she will first receive a notification by email from the Manager of Accounts Payable.
- After receiving the notification, if a student fails to repay the cash advance he or she will receive an invoice for the advance on his or her student account,
as well as, a financial hold on his or her account.
- A student may have his or her cash advance privileges revoked if any of these actions are implemented.
What is the Student Organization Off Campus Bank Account Disclosure Statement?
All student organizations are required to submit an annual disclosure statement regarding off-campus accounts.
The Student Organization Off-Campus Bank Account Disclosure Statement must be completed
in order to keep the organization's agency fund in good standing. An organization that is newly created or requesting an agency fund must complete this disclosure.
The form may be submitted by email or printed and sent to the Accounting Office. Failure to submit the form could result in an inactivation of the organization's
- Organizations with both an agency fund and off-campus accounts:
- Will only able to charge campus services to their on-campus University fund.
- Do not receive the University's sales tax exemption status.
- On-campus funds will not earn interest.
- Are required to keep a positive balance.
- If an organization elects to close their on-campus account, the organization will be required to
pay all services on campus in advance from their off-campus account.