A sponsor must be named by name. Any full-time faculty or staff member may serve as Account Sponsor. The Account Sponsor assumes responsibility for the account's receipts and expenditures. Application for New Accounts Importance of the Application to Establish a Responsibility Center Form. If the account is originally misclassified in terms of function or activity, then all of the reporting information generated from it will be wrong as well.
Inaccurate information has the potential of producing false conclusions and bad decisions.
Accordingly, it is imperative that each account application form submitted for approval be completed with all of the foregoing accounting and reporting implications in mind. Importance of Using the Account for the Original Purpose Intended. After the account has been established, it is essential that the account be used for, and only for the purpose stated on the application. To the extent that the account is used for some other purpose, the management information derived from the account will be useless and will result in bad decision making. An account function may also be revised by submitting a revised application or memorandum requesting the revision.