17.4 Use of Agency Accounts (triple-zero accounts)

Purpose

To establish policy on the use of agency accounts by various college groups and organizations.

Policy

Agency accounts (often referred to as triple zero accounts) are specialized fund accounts used by campus organizations to manage funds obtained independently from the college’s general funds. Agency accounts are kept to a minimum and special authorization is required to establish an account.

Because agency accounts may become complicated or confusing, refer questions directly to the Business Office.

Campus organizations using agency accounts shall keep a complete and accurate record of all agency transactions and balances. This assures that a complete and accurate audit trail is maintained.

Campus personnel using agency accounts may receive funds on occasion which are specially donated for their organizations use—such as Student Development, Student Nurses Association, Alumni Association, etc. The following procedures apply when funds are received for these special purposes:

• Funds received should be personally tracked by the agency account’s user to ensure the donations are properly credited to the agency account.
• All donations and gifts must be delivered to the Development Office. This assures proper accounting practices are maintained. No gifts or donations may be directly deposited into the agency account. Gifts must positively and clearly identify the funds intended purpose at the time the gift is delivered to the Development Office.
• The Development Office will identify the gift’s purpose to the business office when delivered to the business office for deposit. The Business Office will deposit the funds and will credit the appropriate account.
• Funds received from the sale of goods or services may be directly deposited into the agency account without being processed through the Development Office.

Only after funds are deposited into the agency account may the user obligate or spend the funds.

At no time may funds be spent from the “general operating” budget or directly from the donated funds instead of using the agency account. The above procedures shall not be circumvented.