Agency Fund (Non-Student Org X-Fund) Guidelines Last Revision: 12/7/2009

Transcription

1 Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Definitin f Agency Fund: An Agency Fund cnsists f funds held by Eastern Michigan University as custdian r fiscal agent fr thers, such as student rganizatins. The fund is used t mnitr revenues and expenses unrelated t University activities, such as Greek Life, Student Gvernment, etc. Agency funds must fllw all University spending plicies. Surces f funds can be General Fee (campus life), fund raising (EMU related departments shuld utilize the Fundatin fr fund raising activities r request a Designated Fund fr nn-gift fund raising activities), private dnatins, etc. All funding surces generated frm the University must be depsited t an Agency fund. All ther funding surces (nt generated frm the University) may be depsited t either an Agency fund r an ff campus private checking accunt nt affiliated with EMU. Hwever, nce funds are depsited int an Agency fund, n matter where the funds riginated frm, distributin f funds must fllw EMU s spending plicies. Table f Cntents Applicatin Prcess. 1 Mnthly Statements. 1 Depsiting Funds. 2 Purchasing Gds & Services. 3 Paying External Vendrs 3 Paying Internal Vendrs. 4 Reimbursements. 4 Resurces. 5 Cmpleted Frm Examples Example 1 - Fund Applicatin. 6 Example 2 - Depsit Vucher.. 7 Example 3 - Direct Pay Frm.. 8 Example 4 W9 Frm. 9 Example 5a Inter-Department Purchase (Purchasing Gds/Services). 10 Example 5b Inter-Department Purchase (Prviding Gds/Services).. 11 Accunting Financial Services 212 Hver Ypsilanti, MI Phne: Fax: busfin_generalaccunting@emich.edu

2 Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Applicatin Prcess t Obtain an EMU Fund (back t tp) Organizatins that receive funds frm University surces are required t have an EMU Fund (X Fund) assigned by Accunting and the funds frm the EMU department depsited directly int the EMU Fund. Cmplete an Agency Fund Applicatin Frm, see example 1 Submit the cmpleted applicatin t Accunting, lcated in 212 Hver Building. Accunting will assign the rganizatin a unique Fund number (X#####) The Financial Manager, the main persn respnsible fr the fund, must be a signer. Other signers are added at the discretin f the rganizatin. It is recmmended at least tw individuals be listed as a signer as a signer may nt apprve their wn expense. Changes t the Financial Manager and/r signers may be dne by sending an t Accunting requesting the changes t be made. The X-fund number shuld be referenced as well as the rganizatins name. The shuld be frm a current authrized signer n the fund. In the event all current authrized signers are n lnger valid, the shuld be frm the President f the rganizatin. Accunting will autmatically clse EMU assigned X Fund accunts that have n activity in the Fund fr 730 days (2 years). EMU s Tax ID typically is nt t be used fr any reasn by any rganizatin. Hwever, if yu believe yur rganizatin can use EMU s tax ID, please cntact Accunting t verify yur rganizatin is eligible t use EMU s tax ID. Mnthly Statements (back t tp) Statements are usually available the 5 th business day f each mnth. Organizatins that have access t eprint may btain their statements by using the reprt FGRGLTA, General Ledger detail transact reprt. Organizatins that d nt have access t eprint may btain a statement by sending an request r calling Accunting (see Resurces fr cntact inf). Reference rganizatin fund X##### in the subject line. requests are sent as a PDF attachment. Phne requests may be picked up in Accunting r ed if an address is prvided. Please allw a minimum f 24 hurs frm the time f yur request. Page 1

3 Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Depsiting Funds (back t tp) All funds depsited int the rganizatin s accunt may nly be withdrawn thrugh Eastern Michigan University s expense reimbursement, invicing and / r purchasing prcedures - Depsiting Cash and Checks Checks t be depsited shuld be made payable t: EMU/X##### A Depsit Vucher - see example 2, must be cmpleted and taken t the University Cashiers ffice, lcated at 201 Pierce, fr prcessing and must include: Name f Organizatin Name f persn making the depsit & cntact number Fund Number: X##### Revenue accunt cde: L112 Descriptin f depsit: Advertising, dnatins, dues, registratin fees, T-shirts, etc. The cashier staff will verify the depsit and prepare a receipt. The rganizatin must retain this receipt fr verificatin against their financial statement. Depsited checks that are returned fr any reasn (i.e. accunt clsed, insufficient funds etc.) will be charged back against the rganizatin s accunt in the amunt f the check in additin t a nn-refundable $20.00 prcessing fee. Depsiting Funds frm EMU Departments Funds received frm any EMU Department must be depsited int the rganizatins X fund. The rganizatin shuld prvide their X fund number t the Department prviding the funding. The Department will cmplete an Inter-Department transfer frm (see example 5b) and submit t accunting. Accunting will cmplete the transfer f funds frm the Department t the Organizatin. An rganizatin may chse t cmplete the frm themselves and have the Department sign the frm apprving the transfer. The cmpleted transfer frm shuld be submitted t Accunting in 212 Hver. Page 2

4 Purchasing Gds and Services (back t tp) Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Fund balance must be sufficient t cver expense. All requests require an authrized signer as designated t Accunting. A signer may nt apprve a request fr his/herself. Submit payment requests (see paying External Vendrs, Internal Vendrs, r Reimbursements belw) t Accunting fr prcessing. All payment requests shuld reference the fund number (X#####) N checks may be picked up. All payment requests must include a current mailing address fr the check t be mailed. Please allw up t 10 business days fr yur payment request t be prcessed and fr the check t be issued. Supprting dcumentatin must be attached t all payment requests. Original invice r cntract (n cpies r faxes): Must state vendr name & address n letterhead r stamp. Must state an amunt and descriptin f the transactins. Must be dated. Original, dated receipts (n cpies, faxes, r statements): All receipts must be itemized. Receipts frm On-line purchases must shw the cmplete cmpany address, credit card type, amunt paid and clearly state the item(s) purchased. Credit card statements are nt acceptable dcumentatin. Dcuments labeled as a Statement are nt acceptable dcumentatin. Receipt must clearly indicate PAID by the vendr, fr reimbursements. Paying External Vendrs (nn-emu Related) (back t tp) T have EMU issue payment directly t an external vendr a Direct Pay frm - see example 3, must be cmpleted nline and the fllwing must be prvided: The Direct Pay Frm must be cmpleted and printed nline. Supprting Dcumentatin, as nted abve. A cmpleted W-9 Tax frm - see example 4, must be attached r n file fr external vendrs. Due t tax cnsequences, EMU will nt reimburse Organizatins that chse t pay fr services themselves. Organizatins are respnsible fr all IRS reprting regulatins if they pay fr services themselves. If the rganizatin is giving an award t an individual, an Award Letter frm the rganizatin must be attached. This letter must specify the name f the award, hw the award was earned, the recipient s name, EID r SSN, and address. Page 3

5 Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Purchasing Gds and Services cntinued (back t tp) Paying Internal Vendrs (EMU Related) T have payment issued t an internal vendr (anther rganizatin r university department), the Inter- Department Transfer frm - must be cmpleted and supprting dcumentatin as nted abve prvided, see example 5a fr PURCHASING & example 5b fr PROVIDING gds/services. Reimbursements If an individual r the rganizatin is seeking expense reimbursement n behalf f the rganizatin, the Direct Pay frm mst be cmpleted - see example 3, and attach supprting dcumentatin as nted abve, which clearly indicates PAID by the vendr. If the receipt des nt clearly indicate PAID by the vendr, ther dcumentatin clearly shwing the expense has been paid must be prvided. Cancelled checks and credit card receipts are the mst cmmn frm f dcumentatin. The individual must include his/her EID number in the space prvided n the Direct Pay frm. Due t tax cnsequences, EMU will nt reimburse Organizatins that chse t pay fr services themselves. Organizatins are respnsible fr all IRS reprting regulatins if they pay fr services themselves. Reimbursement checks will be available fr distributin n the 10th and 25th f each mnth. In the event the 10th r 25th f the mnth falls n a weekend r University Hliday, the last business day befre the 10th r 25th will becme the date f distributin. Reimbursements received in Accunts Payable n less than 5 business days befre the designated Reimbursement date will be available n the scheduled distributin date. Thse received less than 5 business days befre the Reimbursement date will be delayed until the fllwing designated reimbursement date. There will be n reimbursements fr payments f services. All services must be paid fr directly by Eastern Michigan University fllwing the external vendr payment prcess r paid fr frm a nn- University accunt. If paid fr with a nn-university accunt, the Organizatin is fully respnsible fr all IRS reprting regulatins. Page 4

6 Resurces (back t tp) (Mnthly Statements) Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Frms fr Managing yur Fund may be btained frm: Accunting, 212 Hver Online Business and Finance frms - Agency Fund Applicatin frm Inter Department Frm - Direct Pay frm - W-9 Tax frm - Depsit Vuchers - (als available at Cashiers Office 201 Pierce) Allwable Expense Reimbursement Guidelines - Cmputer Access There are tw public use cmputers lcated n the 1 st flr f Hver Building that may be used t cmplete the frms. Simply pen the Student Organizatin Frms flder and lcate the prper frm in the list. The shrtcut will take yu directly t the frm. Fr questins and assistance with yur Fund cntact: Accunting Lillian Tussn 212 Hver Direct Line: ltussn@emich.edu General Line: busfin_generalaccunting@emich.edu Page 5

7 (back t tp) (return t applicatin prcess) Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Example 1 - Applicatin Page 6

8 (back t tp) (return t depsits) Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Example 2 Depsit Page 7

9 (back t tp) (return t paying external vendr) (return t reimbursement) Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Example 3 Direct Pay Page 8

10 (back t tp) (return t paying external vendrs) Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Example 4 W9 Page 9

11 (back t tp) (return t paying internal vendrs) Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 Example 5a Purchasing Gds/Service frm an EMU Department Page 10

12 Agency Fund (Nn-Student Org X-Fund) Guidelines Last Revisin: 12/7/2009 (back t tp) (return t depsits) (return t paying internal vendrs) Example 5b Prviding Gds/Service t an EMU Department Page 11