Agency Funds account for the resources held by the institution
as custodian or fiscal agent for students, faculty organization,
or governmental agencies. An Agency Fund consists of only assets
ASSETS - includes object classes of cash, receivables, and investments.
LIABILITIES - includes object classes of accounts payable.
Ivy Tech Community College of Indiana operates the following Agency Funds:
- Agency Fund Payroll
The payroll fund accounts for federal, state and county taxes,
employee payroll deductions, and College benefit contributions
not yet forwarded to the appropriate agency.
- Agency Fund Student Activity (Reference COPM 7.3-14)
This fund is to account for student activities funded from
the student activity fee and/or student government activities.
The College accounting system accepts the recording of revenue
and expenditures within these accounts. This is designed to provide
information only on additions and deductions to assets and liabilities.
Business Directors should be cognizant that the activity will
close to Fund Balance and the Fund Balance will be reclassified
to the appropriate liability account.