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  • Agency Account Policies

Business Services

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  • Agency Account Policies

    Definition

    Agency accounts are funds held by Minnesota State University Moorhead as custodian or fiscal agent for student organizations or other campus activities. 

    Policy

    Organizations are not authorized to establish checking accounts in the name of Minnesote State University Moorhead 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. 

    Procedure

    A University employee must sign as the responsible person for type of 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 Desk, 106 Owens Hall. Checks from the account are requested by completing a Local Check Request Form, signed by the responsible person, and submitted to Business Services, 106 Owens Hall. Instructions regarding the handling of the check (to be picked up, to be mailed with attachment, etc.) should be indicated.

    Expenditure requests using agency account funds will be reviewed to ensure they are allowable expenses; however, agency accounts are not required to follow the university’s normal purchasing procedures. Agency account funds cannot be used for alcohol, tobacco products, synthetic marijuana products, and ammunition or weapon purchases.

    Cost center balances and activity can be viewed and monitored through the Web Based Accounting Application.