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Agency Funds and Projects

Overview

By definition, agency funds account for resources held by the University as custodian or fiscal agent for faculty, staff members, and academic organizations. Examples of what agency funds are used for include:

  • Faculty professional organizations - for professors with official positions within a professional organization (e.g. editor of a journal).
  • Fraternities & Sororities - NU purchases goods and services for fraternities & sororities and then invoices them for reimbursement.
  • Other Affiliated Institutions - for independent organizations, usually on campus, that are closely connected to the University such as alumnae, credit union, and student publishing.
  • Fund 710 No overdrafts allowed
  • Fund 720 Fraternities and Sororities
  • Fund 731 Student Organization Finance Office (SOFO) &Fund 732 Chicago Organizations Finance Office (COFO)
  • Fund 740 Agency Invested (Centrally Managed)

Types of Agency Funds

In NUFinancials, there are 4 basic types of agency funds:

The typical Fund used is 710, where resources are provided upfront. Individual financial transactions for a specific agency activity are captured with a unique agency Project ChartField.

For more information on these types of funds and the Chart of Accounts, visit the Chart of Accounts Quick Reference.

How to Request a New Agency Project

A ChartField Request Form, available on the Finance & Accounting tab, must be completed and sent to Accounting Services for review. This form must indicate the purpose of the project to be established, the expected expense activity, and a responsible manager. The activity must meet agency fund criteria for approval and set up as an agency project. For more information on requesting a new ChartField, visit the ChartField Maintenance section on the Accounting Services website.

Criteria for Approval of Agency Projects

  • Consistent with agency funds definition
  • Annual expense transaction activity of $25,000 or more
  • Summary of Agency Project Cash Balances (GL018)
  • Agency Project Detail (GL061)

If proposed agency activity meets the agency definition but has less than $25,000 of transactional activity, Accounting Services will establish designated projects to be managed by the sponsoring unit/department. Multiple programmatic agency activities with individual expense activity less than $25,000, such as work