The Agency Fund Guidelines outline the requirements for the appropriate use of the Agency Fund (FD950).
Since Workday’s launch, the Agency Fund has had some unresolved configuration challenges. Most transactions between the Agency Fund and other UBC fund types are currently blocked to prevent recurring errors to UBC’s consolidated financial statements. Historically, the definition of an Agency Fund worktag has been relatively relaxed which resulted in a buildup of Agency Fund balances that do not represent true agency relationships.
In response, UBC has adopted a more defined scope for the Agency Fund (FD950) that includes a list of requirements that must be met for a worktag to be opened or remain open. These requirements will be incorporated into the worktag setup process, and individual units will be required to review existing worktags to ensure the requirements are met.
For further information or questions, please reach out to your Finance Director.