Before You Begin
The owner of non-University funds that are held by the University in an agency fund may request a partial or total return of funds as needed or at the termination of the agency fund relationship between the owner and the University. Payments to return agency funds to the owner may not be disbursed to a non-resident alien without prior written approval of the Office of University Payroll and Benefits. Once the funds are returned to the owner, the University is not responsible for any tax or other reporting associated with the use of the withdrawn funds.
The liaison unit is responsible for submitting the proper documents to process the withdrawal of funds.
Begin
To return agency funds to the owner, the liaison unit must:
- Give the owner or an authorized representative the Request to Return to Owner Funds Held by the University as Fiscal Agent form so the owner can complete and submit it.
- Review the completed Request to Return to Owner Funds Held by the University as Fiscal Agent form to ensure that:
- The owner or authorized representative has fully completed and signed the form.
- The cash balance in the fund covers both this request and pending disbursements.
- If the cash balance will not cover both this request and pending disbursements, work with the owner to determine an appropriate amount of funds to withdraw that will not result in an overdraft.
- Determine whether the payee authorized by the form has a vendor identification number in Banner. Consult the Searching for a Vendor Using FTMVEND job aidfor step-by-step instructions.
- If the payee does not have a vendor identification number, consult Set Up a New Vendor ID in Banner.
- Enter the Vendor ID number on the Request to Return to Owner Funds Held by the University as Fiscal Agent form.
- If you have completed all the steps up to this point, sign the liaison attestation on the form.
- Process the disbursement transaction in the Travel and Expense Management (TEM) System. Include the completed Request to Return Owner Funds Held by the University as Fiscal Agent form and any other documentation to support the transaction.
- Verify that the transaction posted correctly to the agency fund. If the transaction was for the total return of funds, verify that the cash balance is now zero.
- If the relationship between the owner and the University is terminated and all account balances in the agency fund are zero, consult:
- Guide to Terminating FOAPAL Segments
- Comply with Unit Liaison Responsibilities for an Agency Fund
Forms Used in this Procedure
Request to Return to Owner Funds Held by the University as Fiscal Agent
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