Section 13.1 - General Accounting Function
Date: February 2005
Approved: Senior Associate Vice President for Business and Finance
The general accounting function consists of business processes that maintain the University's general and operating ledgers, prepare reports from these ledgers and other accounting records, and safeguard the University's assets.
The Senior Associate Vice President for Business and Finance has authority to prepare and, after necessary consultations, define the responsibility for the general accounting function and processes. The Senior Associate Vice President or delegate also develops, installs, and oversees the operation of suitable business systems to accomplish this function.
The general ledger system consists of balance sheet accounts contained in the general ledger and revenue, expense and transfer accounts contained in the operating ledger. They are the official record of the University. This financial record contains and summarizes data needed by various units of the University for information and reporting requirements. The general ledger accounting function includes the processes of maintaining these accounts and the integrity of the data in them.
The Executive Director of University Accounting and Financial Reporting has authority for day-to-day operations of the general accounting function and for the processing of transactions through the general ledger system.
Operational Policy and Procedure
The Executive Director of University Accounting and Financial Reporting is responsible for:
- Developing and issuing policies and procedures for general accounting processes as they apply to University-wide activities.
- Developing and maintaining University-wide accounting processes and computer systems.
- Providing general supervision of these University-wide operations.
Please send questions regarding this policy manual to OBFSPolicies@uillinois.edu.
Last Updated: March 23, 2008