To define agency fund accounts and to outline the procedures for accepting, administering, and accounting for agency fund accounts. An agency fund account may be established by a University employee or by an organization or activity related to the University to account for activities or services that supplement and are consistent with the mission of the University. Ownership of agency funds is retained by the sponsor.
Unused funds are to be returned to the sponsor.
Agency fund relationships must be supported by a written agreement. All agency fund agreements must be signed by the appropriate dean, director or department head. An account in the 99 fund which records funds held by the University as custodian or fiscal agent for a sponsor or a University related organization. These special accounts are not charged indirect costs. The individual or group whose funds are accounted for in the agency fund account.