AGENCY FUNDS
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.
Register with the Office of Student Development Programs
Find 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 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.
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
Individuals may be reimbursed for expenses already incurred up to $200 using a Petty Cash Voucher.
A cash advance may be requested when an organization needs to buy something and cash is required prior to the purchase. The advance must be repaid to the University on the first business day following the withdrawal or on the due date specified with original, itemized receipts and/or cash with a petty cash voucher. A cash advance form must be signed by a financial manager manager and approved by Accounts Payable before an advance may be issued.
What are the
advantages of having an agency fund?
Agency funds earn interest on average cash balances monthly
Organizations are exempt for Indiana sales tax if 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 maintain an agency fund exclusively (no off-campus accounts) and therefore do not have to obtain a separate TIN from the Internal Revenue Service (IRS).
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 organizations’ agency fund in good standing. The form may be submitted by email or printed and sent to the Accounting Office.