Agency Accounts

Audit Guidance

AUDIT GUIDANCE FOR AGENCY ACCOUNT ADMINISTRATION
November 12, 2008

OVERVIEW

Agency accounts are accounts that are held by a University-related organization in a custodial or fiscal agent capacity. Agency accounts are used to receive, hold, and disburse non-State funds for approved activities as a fiscal agent for students, faculty, staff members, and appropriately recognized organizations. The Research Foundation of the State University of New York, Auxiliary Service Corporations, Campus-related Foundations, and Alumni Associations are authorized to administer agency accounts.

To help ensure that agency accounts are being administered in accordance with the Agency Account Guidelines (SUNY Guidelines) and to assist in strengthening internal controls and asset management, we offer the following audit guidance. This audit guidance should be considered in conjunction with the SUNY Guidelines.

WRITTEN POLICIES AND PROCEDURES

ESTABLISHING AGENCY ACCOUNTS

AGENCY ACCOUNT FISCAL AGENTS

Campus-related organization administering agency accounts act as fiduciary agents for any funds held in such a capacity. As such, these campus-related organizations have an obligation to the agency account holders to ensure all funds are adequately safeguarded, receipts are credited to the appropriate agency account, and disbursements are properly authorized and in accordance with the agency account agreement. Campus-related organizations in performing its fiduciary responsibility should:

AGENCY ACCOUNT HOLDERS

To assist agency account holders (student organizations, campus departments, and others) in managing their funds, the campus-related organizations administering agency accounts should consider providing training to the account holders. Controls that agency account holders should consider implementing include:

Additional Information

SUNY Agency Account Guidelines:  http://www.suny.edu/sunypp/documents.cfm?doc_id=62

For additional information, please contact the Office of the University Auditor at 518-320-1533 or University.Audit@sysadm.suny.edu

University Audit