14.5 Agency Fund Groups
14.5.1 Fund 60000 – Funds Held on Deposit
Student Organizations and Activities
These accounts are established for student clubs, student organizations, or workshops sponsored by student groups. Funds deposited in these accounts should represent funds earned or raised by the student organization. Funds allocated to the student organization from institutional funds shall not be placed in an agency account.
Agency fund accounts of these types should be provided only for bona fide student activities and institution-affiliated student organizations, with approval of the appropriate institution administrative office such as the Vice President – Student Affairs Office.
Faculty/Staff Organizations and Activities
These accounts are established for faculty and/or staff organizations and activities such as professional organizations in which faculty and/or staff are members and conferences and workshops sponsored by faculty or staff groups. Agency fund accounts should not be established for grants or contracts awarded to faculty members as individuals where the research would normally be handled as a departmental research grant or contract.
Establishing agency fund accounts for faculty/staff organizations and activities should be made only with approval from an institution administrative office, such as Vice President – Academic Affairs for faculty activities or the appropriate Vice President for staff organizations.
Activities between USG Institutions and Other Entities
These funds are:
- Paid from one USG institution to another USG institution; and,
- Paid by other state agencies to the Board of Regents for activities limited to meetings, seminars, training sessions, and workshops.
The funds include registration fees and incidental costs such as meals, use of facilities, training materials, and refreshments. Fee rates must be established to cover only the costs of the particular event. The account balance should be kept to a minimum and current balances should be considered when establishing fees for future events. Any balance on hand at June 30th, considered by audit judgment to be inordinately large, may be transferred to general funds. An agency agreement, as discussed in Section 14.2, should be made for each activity agency fund account.
Based on the purposes intended for the funds received, agency accounts may be established as follows.
14.5.2 Fund 61000 – Agency - Designated Scholarships
These are funds provided by individuals, companies, civic organizations, church groups, other groups, state government, and the federal government for the purpose of awarding scholarships to students matriculating in established degree programs. The entities providing the funds have the sole discretion in designating the recipient and the amount of aid to be provided.
Individuals and organizations desiring an agency account for scholarships should establish a Memorandum of Understanding that specifies:
- Recipient eligibility requirements;
- Purpose of the aid; and,
- Amounts of aid for each recipient.
Agency scholarships shall not be treated as gifts to the institution.
14.5.3 Fund 62000 – Payroll Operations
These are funds consisting of state and federal income taxes, social security taxes, retirement deductions, annuity premiums, and various other amounts withheld from the payroll checks of employees, from which a legal or contractual obligation exists to remit monies to a third party. These payroll deductions are transferred to the appropriate agency accounts when the payroll is recorded and are held in trust by the institution until routine remittances are made to the appropriate agencies.
Accruals of employer liabilities are also accumulated in this fund group.
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