The University is subject to and complies with the State of Illinois Property Control Act. Under this Act, all University property, regardless of funding source, is considered State-owned and subject to the regulations of the Department of Central Management Services.
No one may use any University property for any personal purposes.
Each unit must assign an individual to serve as a property accounting contact and liaison with University Property Accounting and Reporting (UPAR). When a person is designated to serve as contact, or when a new unit head has been appointed, the unit must submit a Property Accounting Contact Change form to UPAR.
UPAR strongly recommends that all unit property accounting contacts complete all 5 property accounting training courses. You may wish to take some of the courses more than once as changes in FABweb and reporting regulations can occur.
To serve as a unit Property Accounting contact, you are responsible for the following procedures:
Affix Property Labels Process a New Acquisition in FABweb Add Donated, Found, and Other Non-Cash Addition Equipment to FABweb Update an Existing Asset in FABweb Complete a Biennial Inventory Transfer Equipment to Another Unit Dispose of Unneeded Equipment Keep Property Secure
Forms Used in this Procedure Property Accounting Contact Change Form
Related Policies and Procedures Protect Personal Property Classify Equipment and Property
Additional Resources Equipment Audits Importance of Accurate Equipment Coding Accounting and Financial Reporting Training Materials OBFS Course Registration
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Last Updated: June 1, 2011 | Approved: Senior Associate Vice President for Business and Finance - June 2011