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Accounting & Financial Reporting

University Accounting & Financial Reporting

University Accounting & Financial Reporting (UAFR) is a system-wide service center that supports the financial accounting and reporting needs of the University of Illinois System.  This includes, but is not limited to, areas such as:

  • Developing accounting policy to support organizational needs;
  • Ensuring accurate financial reporting;
  • Monitoring the integrity of the University of Illinois System’s general ledger, operating ledger, and property data;
  • Assisting units in addressing complex accounting transactions and various other accounting-related operational needs;
  • Ensuring compliance with various regulatory requirements and externally-imposed restrictions;
  • Providing various types of training to numerous units throughout the University of Illinois System’s decentralized accounting environment;
  • Performing a variety of back-office functions required to maintain the University of Illinois System’s accounting infrastructure and accounting systems;
  • Coordinating and operating the University of Illinois System’s annual fiscal-year end close process;
  • Issuing the University of Illinois System’s annual financial statements; and
  • Coordinating the University of Illinois System’s annual financial statement audit.

In order to successfully manage the numerous tasks and assignments related to these various responsibilities, UAFR has created different divisions within UAFR that specializes in certain areas. See below for a brief overview of each of these UAFR divisions:

University Accounting Services (UAS) provides numerous accounting services to the University of Illinois System and its various units. This includes (but is not limited to) areas such as: development of accounting operations and policies to ensure proper compliance with generally accepted accounting standards; performing various types of customer outreach and training services on a wide variety of accounting topics; performing various required back-office functions to ensure the University of Illinois System is able to meet various reporting and regulatory requirements; completing various fund accounting and business functions related to activity recorded in state, institutional, self-supporting, gift, endowment income, service plan, loan, and agency (including student organization) funds as well as various responsibilities related to complex payroll accounting; providing Banner C-FOAPAL and attribute maintenance; assisting units with complex accounting questions and issues; ensuring data control functions to help ensure the integrity of Banner financial data; retrieving a wide variety of Banner financial data for a wide variety of needs; reconciliation of diverse transactions and general ledger balances and University of Illinois System bank statements; analytical reviews; testing various accounting systems for proper functionality; and fulfillment of various internal and external reporting requirements.

Equipment Management provides personalized support for unit accounting needs related to capital assets. It supports the accounting and business functions related to activity recorded in the plant funds.  It also supports units' efforts to administer records associated with the acquisition, usage, and disposal of equipment that are held in their custody.

Administrative Accounting & Financial Reporting supports accounting functions for investments, debt, and unclaimed property. It also prepares system-wide, University Hospital, and other bondholder financial reports, along with administering the budgeting operations for system units.

For more information about UAFR Unit Structure, please see the University Accounting & Financial Reporting Org Chart.

Last Updated: January 27, 2020

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