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Business and Financial Policies and Procedures

2.7 Return Agency Funds to the Owner

Policy Statement

The owner of non-University funds that are held by the University in an agency fund may request a partial or total return of funds as needed or at the termination of the agency fund relationship between the owner and the University. Payments to return agency funds to the owner may not be disbursed to a non-resident alien without prior written approval of the Office of University Payroll and Benefits. Once the funds are returned to the owner, the University is not responsible for any tax or other reporting associated with the use of the withdrawn funds.

The liaison unit is responsible for submitting the proper documents to process the withdrawal of funds.

Procedure

To return agency funds to the owner, the liaison unit must:

  1. Give the owner or an authorized representative the Request to Return Agency Funds to Owner form so the owner can complete and submit it.
  2. Review the completed Request to Return Agency Funds to Owner form to ensure that:
    • The owner or authorized representative has fully completed and signed the form.
    • The cash balance in the fund covers both this request and pending disbursements.
  3. If the cash balance will not cover both this request and pending disbursements, work with the owner to determine an appropriate amount of funds to withdraw that will not result in an overdraft.
  4. Determine whether the payee authorized by the form has a vendor identification number in Banner. Consult the Searching for a Vendor Using FTMVEND Job Aid for step-by-step instructions.
  5. If the payee does not have a vendor identification number, consult 8 Set up a New Vendor ID in Banner.
  6. Enter the Vendor ID number on the form.
  7. If you have completed all the steps up to this point, sign the liaison attestation on the form.
  8. Process the disbursement transaction in the Travel and Expense Management (TEM) System. Include the completed Request to Return Agency Funds to Owner form and any other documentation to support the transaction.
  9. Verify that the transaction posted correctly to the agency fund. If the transaction was for the total return of funds, verify that the cash balance is now zero.
  10. If the relationship between the owner and the University is terminated and all account balances in the agency fund are zero, consult:

Request to Return Agency Funds to Owner

8 Set up a New Vendor ID in Banner
8 Payments and Reimbursements
2.4 Comply with Unit Liaison Responsibilities for an Agency Fund

Guide to Terminating FOAPAL Segments
Searching for a Vendor Using FTMVEND Job Aid
Travel and Expense Management (TEM) Resources
Vendor Setup and Update

Last Updated: December 19, 2014 | Approved: Senior Associate Vice President for Business and Finance | Effective: December 2014

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