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Business and Financial Policies and Procedures

Section 1 - Introduction to Business and Financial Functions at the University of Illinois


The University of Illinois is subject to and complies with a variety of federal and state financial requirements and generally accepted accounting principles which may be different from those governing other businesses. The OBFS Policies and Procedures Manual includes the policies and procedures to follow for complying with these requirements as they relate to your unit's business functions.

Section 1 provides an overview of the University's financial functions. The scope and diversity of University activities and facilities are more complex than those normally found in a single corporate entity. The complexity of University business operations is the result of our size, scope, and diversity and the external regulations that shape our policies and procedures.

Introduction to the unique business environment at the University.

How the University Measures the Financial Health of Units
How the Unit Financial Report Calculates Unit Flexible and Inflexible Fund Cash
How the University Compiles its Annual Financial Report
How the University Reports Tuition and Fee Waivers
How Accounting is Conducted at the University of Illinois
How the President Certifies Fiscal Compliance


Business and Financial Responsibilities
Introduction to Unit Head Financial Responsibilities

Financial Documents

Approval of Financial Documents
Initiation, Review, and Approval of University Contracts and Leases
What Approving or Signing a Document Means
Funding Language for Board of Trustees Roll Call Items and Contracts

Records Management

University Business and Financial Records Management

Conducting Business Outside of Illinois

How to Conduct Business Outside the State of Illinois

Ethics and Compliance

Comply with Anti-Bribery Laws
Reporting Fraud or Misconduct, Whistleblower Protection, and Investigations

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