Review date
Responsible office
Office of Sponsored Research
Definition
- Fund established for an outside party (the "Principal") that supports or enhances UC's mission.
- UC acting as the Principal’s fiscal agent benefits both UC and the Principal.
- Subject to specific instructions and directives regarding uses and purpose of funds.
- Requires one or more UC faculty or staff employee “Sponsors” authorized by the Principal to act on its behalf, responsible for proper administration and monitoring of the Agency Fund.
- Sponsor responsibilities may not be delegated.
- Fund services are limited to cash receipt and disbursement and use of campus services such as reprographics, purchasing services, and occasional payroll services for short-term, limited distributions (such as paying an Administrative Assistant supporting faculty editor effort).
- Requires positive cash balance at all times.
- Upon closure, positive balances are returned to the Principal. (STIP interest will be charged to Agency Funds that are in a financial deficit.)
- Funds deposited into the Agency Fund by the Principal are not a tax-deductible contribution to the University.