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Business and Financial Policies and Procedures


The President is accountable for the supervision, control, and inventory of all State-owned property in University custody. The responsibility for the equipment record has been delegated to the Vice President, Chief Financial Officer, and Comptroller of the University of Illinois System.

The Assistant Vice President and Controller has been delegated the authority to prepare, and after necessary consultations, define responsibilities for property control and accountability. He or she develops guidelines for equipment removal and procedures for documenting removal. He or she also determines the procedures to follow in assessing employees for missing or damaged property. These responsibilities have been delegated to University Accounting and Financial Reporting (UAFR).

Within University Accounting and Financial Reporting, the offices of Accounting Services and University Property Accounting and Reporting (UPAR) administer detailed records of all items of real property and movable equipment in the custody of University units, regardless of location, acquisition method, or funding source. These two units also administer general ledger control funds that reflect the total value of all state-titled and sponsor-titled property.

Unit heads are responsible for the custodianship of property purchased by or assigned to their unit. These responsibilities may be delegated to a centralized unit with consent of Assistant Vice President and Controller, or delegate.

All employees are responsible for exercising reasonable care of University and State property.

Last Updated: June 5, 2019 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011

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