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Business and Financial Policies and Procedures

Serve as Unit Property Accounting Contact

Before You Begin

The University is subject to and complies with the State of Illinois Property Control Act (30 ILCS 605). Under this Act, all University 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 University property for any personal purposes.

Each unit must assign an individual to serve as a property accounting contact and liaison with University Property Accounting and Reporting (UPAR). When a person is designated to serve as contact, or when a new unit head has been appointed, the unit must submit a Property Accounting Contact Change form to UPAR.

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.

Begin

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

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

Forms Used in this Procedure

Property Accounting Contact Change

Related Policies and Procedures

Affix Property Labels
Process a New Acquisition in FABweb
Add Donated, Found, and Other Non-Cash Addition Equipment to FABweb
Update an Existing Asset in FABweb
Complete a Biennial Inventory
Transfer Equipment to Another Unit
Dispose of Unneeded Equipment
Keep Property Secure
Protect Personal Property
Classify Equipment and Property

Additional Resources

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

Last Updated: June 1, 2011 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011

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