Agency

How to use your Agency Account


Purpose

An Agency Account is set up so that a Sport Club can maintain an account to manage non-state funds. Agency accounts are set up for the convenience of student organizations so they do not have to maintain off-campus bank accounts for their organizations, as well as provide continuity from year to year.

Benefits include: No Fees, Impossible to overdraft, Clubs don't have to balance the account, Located on campus, Checks can be cut within 24 hours. Clubs are protected from someone withdrawing or wiping out the account

II. Procedures

1. A written request using Agency Fund Account Request to Establish an Agency Account. Form A is submitted to Accounting Services to for authorization to establish an account.

2. Upon approval, written information will be kept on file in the Accounting Services Office providing signatures of personnel who are authorized to deposit and make withdrawals. More than one signature must be on file. Any changes in those approved need to be forwarded to Accounting Services.

3. Agency Fund Account Form B is required for withdrawals. A minimum of 24 hours is required in order for checks to be written. Rush checks are permitted only if the situation is warranted.

     A. Individuals may not request reimbursements to themselves. Each individual must be approved by authorized signers for the account.

     B. Checks will not be issued that put an account in deficit.

4. Deposits are made using the Agency Account Deposit Form C to the Agency Account personnel at Room 125, Admin Building during open hours.

5. All checks are made payable to “UW-Stout” and notation (written or stamped) on the checks (on the back or on the front by the memo section) stating which specific Agency Account in which the checks are to be deposited.

6. Checks must be deposited in the Agency Account within 7 days of receipt.

7. Non-sufficient funds check (NSF) will be deducted from the account total. The person who wrote the NSF check will be sent a notice from Accounting Services and the affected office will be notified of this deduction from the Agency Account.

8. Accounting Services will send out statements of account balances to each Agency Account on a yearly basis for balance verification. Each account will be asked to verify the information and notify the accounting staff if there is an imbalance.

9. If unclaimed funds are left in an account longer than 12 months, several attempts will be made to contact the authorized individuals. If these attempts fail, the fund balances will be used to cover the cost of administering the Agency Account.

III. Records

The Business and Financial Services office will have primary responsibility for record keeping and ensuring compliance with this procedure.

Agency Forms

Here are the forms you will need to set up and maintain an Agency Account:

Carla Greiber in Accounting Services, rm 125 Admin is available to help set up your account and answer any questions.

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