The Financial Reporting group is responsible for the accurate recording and timely reporting of the Institute's financial activity. In addition to preparing the Institute’s financial statements and overseeing all financial audits, the unit also ensures that all tax documents are filed with the State and Federal governments, and prepares responses to the many financial surveys received by the Institute. The group also encompasses all general accounting transactions, as well as plant fund, gift fund and endowment fund activity.
For support with finance related systems or questions:
Agency Fund Guidelines (and Student Club/Organization Fund Usage)
In certain instances, the Institute may act as a fiscal agent for outside agencies, professional organizations, and RPI sanctioned organizations or clubs. The below policy governs the establishment and use of agency funds maintained by the Financial Reporting group within the Controller’s Office.
The Rensselaer Union has oversight for Rensselaer Clubs & Organizations. See the Rensselaer Union Club Resources website for more information and resources related to Student Clubs and Organizations.
It is recommended that all clubs and organizations work with the Rensselaer Union. The Union staff work with the various clubs & organizations to ensure that they understand Institute policies & procedures related to finance functions, including budgeting, procuring goods, collecting dues, fundraising, utilizing/reserving space on campus, working with outside parties, collecting and depositing cash, etc.
There are 3 classifications for clubs, and the classification will help determine which types of funds the club/organization may hold:
- Union Recognized-Funded: any clubs or organizations approved to receive subsidy from the Rensselaer Union.
- These clubs will receive funding from the Union, put into an Unrestricted “3” account.
- These clubs could also have a gift fund, if they are receiving donations or gifts.
- These clubs should NOT have an agency fund.
- These clubs should NOT have an external bank account or a separate Federal Employee Identification Number (FEIN).
- Union Recognized-Not Funded: may become a Union Recognized-Funded club or organization through approval for funding through the Club Operations Committee and the Executive Board.
- These clubs do not receive Union funding, so they will need an Agency “8” fund to conduct business.
- These clubs could also have a gift fund, if they are receiving donations or gifts.
- These clubs should NOT have an external bank account or a separate Federal Employee Identification Number (FEIN).
- Union Affiliated: any other clubs that are not eligible for Union funding
- These clubs do not receive Union funding, so they may need an Agency “8” fund to conduct business.
- These clubs could also have a gift fund, if they are receiving donations or gifts.
- These clubs may have a Designated Fund that has been established by the department that is sponsoring them, if that department is providing funding for the club/organization from their budgeted funds.
- These clubs should NOT have an external bank account, unless they are a chapter of a national organization and/or they have their own Federal Tax ID number. If that is the case, these clubs should NOT have an Agency fund.
For questions related to clubs/organizations and fund usage, please reach out to the Accounting Team through the Finance Zendesk Support Site.
Gift and Endowment Funds and Policies
- Gift Fund Hierarchy
- Restricted Gift Funds
- Administrative Surcharge Policy
- Endowment Policy
- Endowment Policy Glossary
FTR (Financial Transaction Request) Policy and Form Templates
- FTR Policy (pdf)
- FTR Form (pdf)
- FTR Form (xls)
- Presentation on usage of Accounts for FTRs