Agency Funds/Student Clubs
1A.05.05 Agency Funds Defined
Agency funds are monies held by an institution acting as custodian or fiscal agent. The monies are deposited with the institution for safekeeping. In general, agency index monies are the property of the organization and can be withdrawn or disbursed at its discretion. Agency funds may be held on behalf of students, faculty, staff, organizations, or some other third party that has a relationship with the University (collectively referred to as “organization”). The organization is solely responsible for the disbursement of monies and compliance with any funding source requirements. There should be no written or implied agreement between donors, contributors, or participants and New Mexico State University. With agency funds, vendors are transacting with the organization and not with the University. As such, purchase requisitions and PCard transactions are not allowed on agency funds. The University has no liability for the expenses and no claim on the surplus, or index balance, unless the remaining surplus has been abandoned. See Abandoned or Unclaimed Agency Balances section below.
Accounting and Financial Reporting (AFR) is responsible for creating and maintaining agency funds and indexes, including those created for student organizations recognized by the Associated Students of New Mexico State University (ASNMSU). AFR will interpret this procedure when necessary.
University monies cannot be deposited in agency indexes unless approved by the Controller’s Office.
Student Club & Agency Deposit Withdrawal Guidelines Rev03232022
BPM 1A.05.15 Agency Index Procedures