May, 2023Responsible Office
Agency funds may be established at the University only when approved in advance by the Comptroller’s Office.
Agency funds are resources held by the University as an agent for a third party. The University has little or no discretion over the use of these funds. The third party retains rights to the assets held in the agency fund.
To request establishment of a new agency fund, a BEN Financials New Fund Request Form must be completed and signed by a senior business administrator of a School or Center. The form and all original documentation should be sent to the Office of the Comptroller for approval prior to the opening of the account and for safekeeping.
Salary expenses of University employees may not be recorded in an agency fund. Salaries of University employees are the responsibility of the University and must be reported on the University’s books. Any service provided by a University employee to a third party should be billed through a consulting agreement.
The University will not allow expenditures from an agency fund which would put the fund in a deficit position unless there is a right of reimbursement in place with the third party.
Requests to close an agency fund should be sent to the Comptroller’s Office. The following criteria must be met before the request is made:
There should be no additional revenue expected for an agency fund.
There should be no additional expenses expected to be charged to the fund. All automatic feeder expenses must be moved to a different account or discontinued.