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Business and Financial Policies and Procedures

12.2.2 Serve as Unit Property Accounting Contact

Policy Statement

The University of Illinois System is subject to and complies with the State of Illinois Property Control Act (30 ILCS 605). Under this Act, all system property, regardless of funding source, is considered State-owned and subject to the regulations of the Department of Central Management Services.

No one may use any system property for any personal purposes.

Each unit must assign an individual to serve as a Unit Property Accounting Contact (Unit Contact) and liaison with University Property Accounting and Reporting (UPAR). Unit Contacts and Unit Heads are responsible for completing the unit Biennial Inventory among other listed duties below. When a person is designated to serve as a Unit Contact, or when a new Unit Head is appointed, updates to these roles within the FABweb/Biennial Inventory application must be requested and processed through your Unit Security Contact (USC).

UPAR strongly recommends that all unit property accounting contacts complete all five property accounting training courses. You may wish to take some of the courses more than once as changes in FABweb and reporting regulations can occur.

UPAR strongly recommends that all unit property accounting contacts complete all 5 property accounting training courses. You may wish to take some of the courses more than once as changes in FABweb and reporting regulations can occur.

Procedure

To serve as a unit Property Accounting contact, you are responsible for the following procedures:

12.1.6 Affix Property Labels
12.1.5 Process a New Acquisition in FABweb
12.1.8 Add Donated, Found, and Other Non-Cash Addition Equipment to FABweb
12.2.5 Update an Existing Asset in FABweb
12.2.1 Complete a Biennial Inventory
12.3.1 Transfer Equipment to Another Unit
12.4.3 Dispose of Unneeded Equipment
12.2.6 Keep Property Secure

 

Related Policies and Procedures

12.1.6 Affix Property Labels
12.1.5 Process a New Acquisition in FABweb
12.1.8 Add Donated, Found, and Other Non-Cash Addition Equipment to FABweb
12.2.5 Update an Existing Asset in FABweb
12.2.1 Complete a Biennial Inventory
12.3.1 Transfer Equipment to Another Unit
12.4.3 Dispose of Unneeded Equipment
12.2.6 Keep Property Secure
6.4.3 Protect Personal Property
12.1.2 Classify Equipment and Property

Additional Resources

State of Illinois Property Control Act (30 ILCS 605)
Equipment Audits
12.1 Process New Acquisitions - Importance of Accurate Equipment Coding
Accounting and Financial Reporting Training Materials
OBFS Course Registration

Last Updated: November 18, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011

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