14.4 Terms and Conditions of Agency Accounts
(Last Modified on February 9, 2015)
Agency accounts are used under the following terms and conditions.
Funds accepted for deposit in agency fund accounts are not considered tax-deductible gifts to the institution.
The agency fund account should have a positive cash balance at all times. Should a deficit occur, the agency principal is responsible for remedying the deficit balance promptly upon notification. The institution may disapprove disbursements due to insufficient funds.
Institution checks will be issued against the agency account using approved disbursement forms.
With the exception of Study Abroad program expenses as described in BPM Section 21.4, Purchasing Cards may not be used for any agency account activity.
All institution policies and procedures must be adhered to as well as applicable U.S. and State of Georgia laws.
- Note: Agency fund expenditures are subject to all of the purchasing laws, rules, and regulations normally governing state funds. The applicability of these laws, rules, and regulations is currently under review by the Attorney General of the State of Georgia. Additional guidance shall be provided once available from the Attorney General.