2.2.7. Agency Fund

Definition

Agency Fund: A fund group maintained to account for assets that are received by the University to be held or disbursed only on the instruction or on behalf of the person or organization from whom they were received. Scholarship deposits for recipients named by the depositor will also be recorded in this fund. If desired, the funds are separated into various groups such as organization deposits, student deposits, and faculty deposits.

Policy

The amounts withheld from payrolls for taxes, social security, bond deductions, insurance, etc., and the University's matching contributions, will be reported as liabilities in the Agency Fund.