Procedures to Open a University Account

The University at Albany maintains several funding mechanisms for the receipt of income from sources other than sponsored research programs or gift solicitation activities. These funding mechanisms include Income Fund Reimbursable (IFR), Research Foundation Multiple Sponsor and UAS Agency accounts. You must establish one of these approved funding mechanisms to accomodate the receipt and disbursement of such income. The State Finance Law and University policy prohibit the use of private bank accounts to accomodate any University-related activities or programs.

A Committee comprised of representatives from the offices of University Controller, Financial Management and Budget, Office for Sponsored Programs the University at Albany Foundation and University Auxiliary Services was charged with the task of developing a process to ensure the most appropriate funding mechanism is established for each request to open a University account. The committee designed the account application to standardize and simplify the process of establishing a University account.

An account application form, available from this page, should be completed and submitted to the Controller's Office in UNH 212 at least 30 days prior to the start of the proposed activity. Applications will be reviewed by a classification committee to ensure the most appropriate funding mechanism is established. Once approved, the project director will be notified of the approved account type and instructions for its proper use. Please do not send cash or checks with the application; funds will be accepted only after an account has been approved and established.

As exceptions, sponsored research funds should be coordinated directly with the Office for Sponsored Programs and all gifts should be coordinated directly with the Office of University Advancement. If you have questions regarding these procedures or any of the University's funding mechanisms, please contact the Controller's Office at 956-8120 or sstern@albany.edu.