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Business and Financial Policies and Procedures

1.1.6 How the President Certifies Fiscal Compliance

The University is subject to and complies with State statutes and Board of Trustees (BOT) policies requiring compliance with specific fiscal and administrative control standards that measure the financial health of the University as a whole. The President certifies University compliance with fiscal and administrative control standards, to the Auditor General of the State of Illinois, as required under the Fiscal Control and Internal Auditing Act (FCIAA).

OBFS uses the electronic FCIAA questionnaire from each college or administrative unit to support the President’s certification.

Each unit completes a FCIAA questionnaire, which forms the basis for the annual certification. The certification provides reasonable assurance of:

  • The efficient and effective utilization of resources in compliance with applicable law
  • The obligation and expenditure of funds in compliance with applicable law
  • The safeguarding of funds, property, other assets and resources against waste, loss, unauthorized use, and misappropriation
  • The proper recording, accounting, and reporting of revenues, expenditures, and transfers of assets, resources, or funds, to maintain accountability of the State's resources
  • The management and use of funds held outside the State Treasury in accordance with the terms of their enabling authorities, and that no unauthorized funds exist

 

Related policies and Procedures

9.2 Submit the FCIAA Questionnaire
How Internal Controls Protect You and Your Unit

Additional Resources

Fiscal Control and Internal Auditing Act (FCIAA)

Last Updated: July 5, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: July 5, 2016

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