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Business and Financial Policies and Procedures


Cash Collections
The collection, control, and deposit of money due (payable) to the University of Illinois from cash sales, collection of accounts receivable, etc.

Cash Handling Unit (CHU)
Any approved unit which receives and deposits cash, cash equivalents, and/or checks on behalf of the University of Illinois System.

Cash Disbursements
The dispensing of cash (both currency and check) to pay for expenditures for miscellaneous reasons and the control of funds set up for this purpose.

Imprest/Bursar Fund
Each university maintains an Imprest or Bursar Fund to make small emergency payments and reimbursements for:

  • Change funds
  • Unit petty cash funds
  • Cash in the form of currency or check as may be needed for day-to-day operations
  • Other purposes that may require readily available cash

Reconciliation is the process of comparing two sets of financial records to ensure the balances match. It is similar to balancing a checking account. For a petty cash fund, the cash on hand and receipts must equal the total amount of the fund.

Postdated Check
Refers to any check that has a future date written upon it by the payer.

Stale Dated Check
Refers to a check that has not been processed through the payer’s account within 180 days. After 180 days most banks consider checks to be stale dated and will return the check unpaid.

Unredeemed Check
An unredeemed check is one returned to the system because the payor's bank has refused to pay it. The system pursues a vigorous program of follow-up and collection of unredeemed checks and may impose penalties to check writers. Habitual offenders may have their check writing privileges revoked, be required to pay through guaranteed remittance such as money order or bank check and may be reported to the State's Attorney for appropriate action.

Last Updated: June 18, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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