Organizations affiliated with the university and using the university's name, for example student organizations or faculty/staff social groups, may have a fiduciary account for processing financial transactions. The university does not permit these affiliated organizations to hold outside bank accounts in the university's name or use the university's tax identification number. Contributions to these organizations do not represent a charitable contribution to the university, and the university does not provide any funding to these organizations.
All disbursements from fiduciary accounts must comply with all applicable university policies and procedures.
Setting Up a New Fiduciary Account
Responsible position(s):
Agency representative and faculty/staff advisor
Student Affairs
Controller
Completed request form
Banner
As needed
Steps:
Organization submits a completed request form which includes information about the purpose, agency representative contact information, faculty/staff advisor contact information, and disposition of funds when the organization disbands or becomes dormant.
Create new Banner fund for the organization.
Request Purchasing add new fund to approval queues or create a new approval queue with the faculty or staff advisor as the approver
Request Bursars Office to create a new Detail Code for deposits to this fund.
Request IT to grant access to the new fund to the faculty/staff advisor to monitor activity on self-service.
Cash receipts and disbursements to fiduciary funds follow the same procedures all other university cash receipts and disbursements.