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, Service and Facility accounts, and UAS Agency accounts. You must establish one of these approved funding mechanisms to accommodate the receipt and disbursement of such income. New York State Finance Law and University policy prohibit the use of private bank accounts to accommodate any University-related activities or programs.
A committee with representatives from the offices of University Controller, Financial Management and Budget, Sponsored Programs Administration, University at Albany Foundation and University Auxiliary Services developed 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 should be completed and submitted to the Office of the University Controller at least 30 days before 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 given 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 Sponsored Programs Administration and all gifts should be coordinated directly with the Division of University Advancement.
If you have questions regarding these procedures or any of the University's funding mechanisms, please contact the Office of the University Controller at 518-956-8120.