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.  

How can I create an agency fund for my club or organization?

1. Register with Student Development Programs
2. Find a Financial Manager
3. Financial manager emails a request to Manager of Accounts Payable with the following information:

• Official name of the organization
• Name of Financial Manager (also alternate Financial Manager if applicable)
• 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 organizational agency fund in good standing. The form may be submitted by email or printed and sent to the Accounting Office.