Whether your business is new or established, having a clear and organized accounting structure will help keep your records in order. Learn how to organize your account by creating a chart of accounts, using consolidated financial statements and setting up agency accounts.
An agency account is a special type of account that enables you to hold funds without the university exercising the same level of oversight as an on-campus bank account. While the University does not exercise direct control over these funds, general university policies must be followed and reasonable internal control must be established by the Principal or authorized approvers of the agency account. In addition, the activity must be closely associated with or related to activities of the University and provide benefit to the campus community.
Agency accounts must be set up as non-reportable expenditure accounts in the 80xxxx account series and be maintained at a positive balance at all times. Principals and authorized approvers must complete Signature Authorization forms (found in Data Warehouse) to document who has the authority to process agency account transactions and follow campus policy of notifying BFS whenever an authorized signer or approving entity changes. Agencies must also follow general accounting and budgeting guidelines, including completing a budgetary report and providing a detailed expense breakdown by account at least once a year to the University’s accountant.
The Agency Owner role establishes a primary user for the agency account and designates them as the main point of contact and facilitator of critical communications and actions. The Agency Owner will have the same permissions as an Agency Admin with added privileges to transfer ownership, ensuring the ability to maintain continuity of leadership.