Chapter Five:  Fiscal Affairs

Procedure Title:  Agency Accounts
Based on:  Board Policies No. 2, No. 5 and No. 7
Procedure Number:  5.11
Date Adopted/Revised:  June 25, 2001; November 21, 2006; May 15, 2007; May 5, 2015

  1. Agency accounts for the deposit and safekeeping of funds belonging to College sanctioned students, faculty, or staff organization may be opened in the Business Office.

      1. The Bookstore Cashier will receive funds from the organizations and issue receipts for their deposits.

      2. Checks will be issued by the Business Office accounts payable department after the faculty or staff sponsor and a designated officer of the organization complete forms requesting that agency fund checks be issued.

      3. Agency accounts may be opened after certification by the President or a Chief Officer that the organization is a College sanctioned organization.

      4. As a condition of keeping an organization’s funds in an agency account, the organization must agree that the account will be non-interest bearing and that if the agency fund account has no activity for a period of two years and is deemed to be inactive by the President, the fund may be liquidated by transferring the balance to the Unrestricted Educational and General Miscellaneous Income Account.

  2. Any variances from the standard procedures for handling agency accounts must be approved by the President.