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Business and Financial Policies and Procedures

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


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

1.1 Introduction to the unique business environment at the University

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

1.2 Responsibilities

1.2.1 Business and Financial Responsibilities
1.2.2 Introduction to Unit Head Financial Responsibilities
1.2.3 Exceptions to Business and Financial Policies, Procedures, and Processes

1.3 Financial Documents

1.3.1 Approval of Financial Documents
1.3.2 Initiation, Review, and Approval of University Contracts and Leases
1.3.3 What Approving or Signing a Document Means
1.3.4 Funding Language for Board of Trustees Roll Call Items and Contracts
1.3.5 Electronic Signatures

1.4 Records Management

1.4.1 University Business and Financial Records Management

1.5 Conducting Business Outside of Illinois

1.5.1 How to Conduct Business Outside the State of Illinois

1.6 Ethics and Compliance

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

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