policy modified Mon Oct 03 2022 09:38:12 GMT-0400 (Eastern Daylight Time)
University of Louisville
May 1, 2010
This policy applies to the University Community (administrators, faculty, staff, and students).
REASON FOR POLICY
To define agency fund programs and to outline the guidelines for accepting, administering, and accounting for agency fund programs.
An agency fund program may be established by faculty/staff/student organizations, professional associations, and other affiliated entities (sponsor or agency) whose collaborative work with the University serves mutual interests. All agency fund programs must be approved by the Controller’s Office.
Agency fund program: A program which records funds held by the University as custodian or fiscal agent for a sponsor or agency or a University-related organization.
Sponsor or Agency: The individual or group whose funds are accounted for in the agency fund program.
Responsible person or persons: The person (normally a University employee or employees) designated to authorize expenditures and manage the program in accordance with state and University rules, regulations, and procedures.
University: The University of Louisville and any of the related or affiliated organizations, including, but not limited to the University of Louisville Research Foundation, Inc. and the University of Louisville Athletics Association, Inc.
- The sponsor or agency will ensure that all disbursements from the program are made in accordance with University policies, procedures, and/or other written agreement on file.
- The Controller is responsible for approving and establishing agency programs in the financial reporting system.
Vice President for Finance and Chief Financial Officer
RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION
University Accounting and Financial Reporting
Service Complex, Louisville, KY 40292
Revision Date(s): October 1, 2016; February 6, 2020
Reviewed Date(s): October 1, 2016; February 6, 2020
The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.