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Agency Accounts vs. University-Related Event Accounts

What's the difference between an agency account and university-related event account?

Agency Account

An agency account is used to record activity performed on behalf of an external entity.

University-Related Event Account

A university-related event account is used to record activity performed on behalf of the university.

For example, if XYZ company wants a UC Davis faculty member to host a conference and the company will pay for all of the expenses, then use an agency account. However, if it's an event the university is putting on, whether or not an outside entity is sponsoring some of the activity, then use a university-related event account.