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Agency Funds Rules and Regulations

Agency Funds Rules and Regulations

Administrative Accounting Policies and Procedures - McNeese State University

Revised/Approval Date: November 2006

The Vice President for Business Affairs and the Comptroller determine and publish the criteria for establishing Agency Funds and any rules and procedures necessary.

General

Agency funds are moneys held by the institution acting as custodian, when the custody of them provides a benefit to McNeese State University. These funds may be held on behalf of student organizations, faculty, staff or some other third party. McNeese State University is holding these funds temporarily and has no claim to them.

Purpose

To provide general guidelines for the operation and use of Agency Funds.

Scope

These policies and procedures are applicable to all McNeese departments who wish to establish agency funds.

Objective

  • To safeguard McNeese State University accounts against waste, fraud, and inefficiency.
  • To ensure a high level of accuracy and reliability in the accounting records.
  • To reduce the opportunity for errors or losses without incurring unreasonable additional costs for the increments of internal controls established

Audit

University funds are subject to an audit anytime by the Internal Auditor.

General Rules

  • Agency funds must at all times maintain a positive cash balance.

  • The person responsible for the fund must be a McNeese State University employee.

  • This person is responsible for providing in writing to the Administrative Accounting Office any information which may change the status of a fund. This is to include:

    1. when responsibility for the fund is reassigned; and
    2. when a fund is inactive and should be closed.
  • The individual designated as Fund Custodian has the responsibility to ensure that proper documentation procedures are followed for funds which he / she controls, and to ensure that only authorized expenditures are made from the accounts. Any unauthorized expenditures which appear on the fund summary should be reported to Administrative Accounting. Further, the Fund Custodian is responsible for exercising appropriate care in reviewing and approving transactions that result in an expenditure of funds from any of his / her accounts.

Requesting a New Fund

A new fund can be established by completing the 'Request for New Fund' form. These forms can be obtained from the Administrative Accounting Office Room 135 or by contacting the Assistant Comptroller at 475-5016.

Deposits

All moneys received on campus are sent to the Cashier's Office in Smith Hall for processing and depositing. All funds received in departments are to be sent to the cashier office within 24 hours (not including weekends and University holidays) of receipt for processing.

All funds must have a cover sheet approved by the Cashier's office with cash, checks and credit cards accounted for separately, contact information, index number, account number and a double tape of funds enclosed. An approved cover sheet can be obtained from the Cashier's Office.

Reference McNeese State University Administrative Accounting Policies and Procedures Section 2 - Cash Handling 2.2 -Cash Collections and Deposits for the complete policies and procedures on Deposits.

Disbursements

Disbursements can be made to vendors or as reimbursements to individuals. This is accomplished by completing an agency check request form and attaching appropriate documentation (ex receipts, invoices). If funds are needed in advance an agency check request form must be completed and the fund custodian is then responsible for maintaining sufficient documentation to support expenditures. Completed forms must be received by Accounts Payable prior to 1:00 pm in order for a check to be available the next business day.

A petty cash reimbursement form may be submitted for qualifying petty cash purchases under $100. See McNeese State University Administrative Accounting Policies and Procedures Section 2 - Cash Handling 2.5 -Establishment & Administration of Petty Cash Funds for the complete policies and procedures on Petty Cash Reimbursements.

Both of these forms can be obtained from the Cashier's Office in Smith Hall