UBC launches Agency Fund Guidelines (FD950)
The Agency Fund Guidelines have been developed to provide the UBC finance community clarity on the requirements for the appropriate usage of the Agency Fund (FD950).
Since Workday’s launch, the Agency Fund has had some unresolved configuration challenges. Currently, most transactions between the Agency Fund and other UBC fund types are 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. The guidelines can now be found on the Agency Fund Guidelines page. 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.
In addition, a project is underway to address Workday configuration requirements so those worktags that do belong in the Agency Fund can transact, where appropriate, with UBC. Further updates will be provided to the finance community as changes are implemented.
For further information or questions, please reach out to your Finance Director.