Agency accounts are funds held by St. Cloud State University as custodian or fiscal agent for student organizations or other campus activities.
Organizations are not authorized to establish checking accounts in the name of St. Cloud State University at a bank or other financial institution. Agency accounts are provided to campus organizations and ensure that a detailed accounting of receipts and expenditures is maintained. Controls are in place to safeguard cash against unauthorized activity.
Organizations may make requests for agency accounts by completing an application form. A University employee must sign the request form as a responsible person for the account. The responsible person, generally the organization’s advisor, ensures there are sufficient funds in the account to cover all expenditures.
Deposits to the account are made at the Cashier’s Office in Business Services, 123 Administrative Services. Checks from the account are requested by completing a 1400 internal requisition form, signed by the responsible person, and submitted to Business Services, 122 Administrative Services. Instructions regarding the handling of the check (to be picked up, to be mailed with attachment, etc.) should be indicated on the requisition.
Expenditure requests using agency account funds will be reviewed to ensure they follow the University’s purchasing guidelines. However, student organizations using agency account funds are not required to submit a Request to Incur Special Expense form with their purchases of food or refreshments for group meetings.
Cost center balances and activity can be viewed and monitored through the Accounting application.