Journal Entry Reminders for Agency Fund Transactions

In certain instances, the University may act as a fiscal agent for outside agencies such as student, faculty, staff, governmental, or private organizations or activities. An agency fund is used to record the administration of monies for the outside agency where the intended use is for a mutually beneficial and agreed-upon purpose that supports or enhances the mission of the University.

Examples of appropriate agency funds include establishing funds for:

  • a professional journal when a UCSF faculty member is an editor of the journal;
  • professional training, continuing education, or conferences offered by an outside professional organization and administered by UCSF;
  • employee, student, or alumni organizations or clubs sanctioned by the University.

When creating journal entries using agency funds, Journal Preparers should adhere to the following guidelines:

  • Use only expense accounts to record financial activity. Do not use revenue*, asset, liability, or transfer accounts with agency funds.
  • Select the expense account which best describes the type of activity being recorded.
  • Record deposits as credits to Account 57700 - Agency account fees and reimbursements.

*The only exception is STIP Income which is recorded to revenue.

More information about agency funds is available on the Controller’s Office website. If you have questions about agency funds, contact General Accounting & Reporting at [email protected].