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VCU Finance & Administration University Controller's Office

912 W. Franklin Street, Richmond, VA 23284-3035 (804) 828-0388 VCUFinance@vcu.edu

 

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Agency Funds

Agency funds are established for outside activities that support or enhance the mission of the University and where there is mutual benefit in the University acting as the fiscal agent. Agency funds are not considered University monies or charitable contributions to the University. The University has no claim on these funds, but rather acts as a paymaster. Examples of appropriate agency funds include student and faculty organizations sanctioned by the University, workshops, conferences, seminars, symposiums, and etc., hosted by an outside organization whereas the School or University department serves as the facilitator.

Agency funds are assigned Banner organizations (indexes) beginning with 88. Most follow the same rules as local funds as far Allowable and Non-Allowable Expenditures, with the exception of organizations funded with student fees. Student fee organizations (partially or full funded) are considered State funds and follow State rules and regulations. Banner index series 880XXX and 882XXX are reserved for student and faculty organizations. Agency funds should be used for legitimate organizations and not to accumulate funds (i.e., coffee fund). This index series is also used for workshops, conferences, seminars, symposiums, etc., hosted by an outside organization whereas the School of University department serves as the facilitator. Registration fees and related expenditures are recorded in the index. After all expenses are settled, any remaining balances are returned to the outside organization.

Banner Index series 881XXXX is reserved for use by the School of Medicine for Clinical Operations and Services Agreements (COSA) between the Hospitals and MCV Physicians. These services include medical administration, indigent care, supervision of graduate medical education, clinical operations, joint operations and special initiatives.

Agency fund organizations are are supported by cash deposits or transfers, the budget balance available in the Banner system equals the actual cash balance. Once the balance is spent, no further funds are available unless other deposits are made. Any remaining cash balances at fiscal year end will roll forward in Banner as adopted and adjusted budget. It is the responsibility of the department head, fiscal administrator and/or responsible person to ensure that adequate funds are available for expenditures in individual agency fund organizations prior to executing any type of expenditure transaction. Please see: Deficit Monitoring Policy. Agency fund deficits may not be offset with expenditure transfers to state or local (University) funds.

 
   
 
Page last updated 23 May, 2013
 

Virginia Commonwealth University
Finance & Administration
University Controller's Office
912 West Franklin Street
Box 843035
Richmond, Virginia 23284-3035
(804)828-0388