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Business and Financial Policies and Procedures

Responsibilities

The University decentralizes cash handling through extensive delegations of responsibility to facilitate operations and provide convenience and flexibility.

The Vice President/Chief Financial Officer and Comptroller is responsible for the cash handling function. He or she has delegated this responsibility to the Senior Associate Vice President for Business and Finance/Deputy Comptroller who has further delegated this responsibility to each campus OBFS chief business officer: the Assistant Vice President for Business and Finance (UIUC), the Executive Assistant Vice President for Business and Finance (UIC), and the Director of Business Services (UIS).

The Controller delegates responsibility to University Accounting and Financial Reporting (UAFR) for the reconciliation of bank accounts used in conjunction with the Imprest/Bursar Fund.

The campus OBFS chief business officers are the custodians of the fund. They keep the supply of blank checks, maintain and safeguard currency as needed, and keep adequate records to account for each campus fund. They have been delegated responsibility and authority for the following operations:

  • Developing and disseminating standards for the custody and accountability of cash
  • Developing and maintaining systems to deposit cash to the OBFS (or University) depository and to record cash in the Banner Financial System
  • Supervising OBFS cash handling operations
  • Helping units develop procedures for the collection, custody, and reporting of cash
  • Overseeing the day-to-day cash handling function
  • Ensuring adequate internal controls are in place for appropriate stewardship of public funds
  • Approving the use and release of checks against the Imprest/Bursar Fund.

These campus OBFS chief business officers delegate authority to sign checks against the Imprest/Bursar Fund to the Executive Director, University Student Financial Services and Cashier Operations (USFSCO).

Unit heads must establish and maintain a clear accountability process for receiving, handling, depositing, and keeping records for cash or cash equivalents. Unit heads may assign or delegate a fund custodian who is responsible for the safekeeping, control, and proper use of any fund according to its approved purpose.

Last Updated: December 5, 2014 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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