Agency Funds
To request an Agency Fund for your chartered student organization, contact SOFO at sofo@wfu.edu. Please be prepared to discuss the revenue-generating activities (dues, sales) that you are planning.
If your student group collects dues or makes money by selling goods or providing services, an AGENCY FUND is the preferred account type!
Five Advantages of Having an Agency Fund
1. It acts as an on-campus checking account for your organization.
Whether your group needs to pay an invoice, request a check or make purchases online, your Agency Fund is easy to access.
2. Avoid using an external bank account for your group finances.
Did you know that external bank accounts are not allowed? Here’s why taking your group’s money off campus can be a headache: paperwork, minimum deposits, fees, not to mention asking someone to provide a personal social security number. It’s also a risky thing to do, possibly setting your organization up for misappropriation or mismanagement of your hard-earned funds.
3. Management of the fund is easily transferred when your organization leadership or advisor changes.
Ever heard of a group losing their money because an officer graduated and moved away without transitioning the bank account? It happens! On the other hand, putting your Agency Fund “under new management” is never a problem.
4. The balance in the account will “roll over” from year to year.
To put it another way, an Agency fund is your group’s money. And it will always be there when you need it.
5. WFU does not charge a fee for providing this service.
Do we mean FREE? Oh yes we do.
Agency Funds
are like
“campus checking accounts” for student groups.
Deposited funds may be spent in a number of ways:
–Using a credit card provided by the Declining Balance Card Program
–Requesting payments through standard invoice or reimbursement payment processes
–Providing the Agency Fund number to WFU internal service providers such as Facilities & Campus Services.
Since the money in your group’s Agency Fund was raised through your organization’s revenue-generating activities, it can be spent on items that are not funded by SBAC or SAF, as long as those items are not prohibited by the Student Code of Conduct.