An Agency Account is established by OAS at the direction of the College. Its purpose is to hold funds in a custodial or fiscal agent capacity for the benefit of students, faculty/staff, or appropriately recognized organizations. For your convenience, we have provided the forms associated with Agency Accounts below.
1. General information concerning agency accounts
2. Opening an account
3. Basic Account Maintenance
4. Sales Tax
5. Account Manager changes & Alternate signatories
6. Audits and Record Retention
7. Payments to employees
9. Inactive accounts
1. GENERAL INFORMATION
Agency accounts are a service offered by Oneonta Auxiliary Services (OAS) to assist College personnel with financial transactions where the funds do not specifically belong to the State of New York. Funds that correctly belong in an agency account are resources of a College-related organization held in a custodial capacity for the benefit of students, faculty or staff. The most common uses are for conferences, trips, or events organized and run by organizations related to the College or any of its employees where the expenses are paid from member or attendee fees. The decision as to whether an account qualifies to be an agency account rather than a State account will be made in the College’s Office of Finance & Administration and the OAS Executive Director.
OAS is entitled to an administrative fee for this service, which will be set by the OAS Board of Directors. The current rate is 5% on disbursements plus interest earned on the funds held in custody.
Further guidance on the appropriateness of an agency account may be found in SUNY’s “Guidelines for the Administration of Agency Funds”.
2. OPENING AN ACCOUNT
To open an agency account, contact the College’s Office of Finance & Administration, 436-2081, for an application and to discuss the appropriateness of an agency account versus a State account. All items on the form must be completed, including an anticipated budget for the event or for the first year if this will be an ongoing account. All appropriate signatures must be obtained.
3. BASIC ACCOUNT MAINTENANCE
Once an account application has been approved, the OAS Office will provide the new account manager with Payment Request forms and procedures, and Deposit Request forms and procedures. A form must be completed each time the Account Manager wishes to pay an invoice or make a deposit.
Accounts can not be run at a deficit.
OAS will provide monthly reports to the account manager, who is then responsible for review and reporting discrepancies to the OAS Controller.
OAS will also provide a copy of the monthly report to the Account Manager’s supervisor.
4. SALES TAX
According to a December 21, 2004 memo from SUNY, agency account purchases are< eligible for tax exemption under the OAS exemption number when the account activity is in support of the State University’s educational purpose. A determination of whether the account meets eligibility for sales tax exemption will be made at the time the account is established. If OAS questions the purpose of a particular expenditure, the College’s Office of Finance & Administration will be consulted for a decision.
Exemptions from all or part of these guidelines must be specifically approved by the Vice President for Finance & Administration.
6. ACCOUNT MANAGER CHANGES AND ALTERNATE SIGNATORIES
Only signatures appearing on the Agency Account Application will be honored for payment requests. When an Account Manager changes, or an alternate signatory needs to be added or replaced, the application needs to be resubmitted.
7. AUDITS AND RECORD RETENTION
All agency accounts will be subject to internal and external reviews and audits.
Records carry the same retention schedule as College fiscal records – the current year plus the seven years prior. OAS is responsible for maintaining the historical records as submitted.
Original applications will be retained in the Office of Finance & Administration for the retention period, and a copy maintained in OAS for signature verifications.
8. PAYMENTS TO EMPLOYEES
Payments to SUNY employees for their services may NOT be made directly from an agency account. All such services must be processed through the appropriate SUNY Payroll system.
If you choose to hire a State employee, the employee must be paid through an IFR account. Contact the Director, Accounting & Financial Systems for information regarding fringe benefit and overhead costs. Contact the Payroll Director for proper procedures for paying a State employee.
Accounts not active for three years will have funds swept for general campus use, and the account will be closed.
Use this form to apply for a new Agency Account. Completed forms with budgets should be submitted to Director of Business Services, Business Office, 200 Netzer.
Use to deposit funds to your Agency Account. Completed forms and funds should be submitted to OAS, Hunt Union. Reminder: never send cash deposits through campus mail.
Payment Request Form
Use to request a payment from your Agency Account. Completed forms, with documentation, should be submitted to OAS, Hunt Union.
Use this form if you have an existing Agency Account and need to update the authorized signatories on the account. Completed forms should be submitted to Director of Business Services, Business Office, 200 Netzer.
For use by Sodexo
SFCU members see below as well.
Sidney Federal Credit Union Payroll Deduction
If you are a Sidney Federal Credit Union member you will also need to fill out the SFCU payroll deduction form. If you have any questions you can contact the Payroll office at 436-3706.
If you are starting a new retirement deduction you can pick up the enrollment forms in the Payroll office. If you have any questions you can contact the Payroll Office at 436-3706.
Workers Compensation Form C3
Please fill out this form when you have a work-related injury or illness. If you have any questions you can contact the Payroll office at 436-3706. This form is informational only and should be submitted to the Payroll Office.