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Business and Financial Policies and Procedures

Responsibilities

The University Vice President/Comptroller has delegated authority to the Senior Associate Vice President for Business and Finance to define responsibilities for the general accounting function and processes, including policies, procedures and, in collaboration with University information technology units, business systems to accomplish this function.

The Senior Associate Vice President for Business and Finance has further delegated to the Controller/Senior Assistant Vice President for Business and Finance responsibility for day-to-day operations of this general accounting function and related processing. Under the direction of the Controller/Senior Assistant Vice President for Business and Finance, University Accounting and Financial Reporting (UAFR) is responsible to:

  • Develop and issue policies and procedures as they apply to University-wide general accounting and internal transactions.
  • Develop, maintain, and oversee University-wide general accounting function operational processes that:
    • Assure appropriate accounting related computer systems are developed and maintained
    • Implement and maintain the general ledger chart of accounts and other financial accounting classification methods, including authorization of new Banner fund and program codes for all fund types other than grant funds
    • Provide for general ledger data collection and data control
    • Process transactions through the general ledger system
    • Insure compliance with State of Illinois requirements, generally accepted accounting principles for public institutions of higher education, and the Office of Business and Financial Services policies
    • Facilitate internal and external reporting requirements, including cross functional year-end processes
  • Prepare the University's external annual financial report

At the Urbana and Chicago campuses, the Senior Associate Vice President for Business and Finance has also further delegated to each campus OBFS chief business officer responsibility for development and general oversight of grant fund accounting processes. At the Springfield campus the Vice-Chancellor for Academic Affairs has delegated grant fund accounting responsibility to the Associate Provost for Budget and Administrative Planning. Under their direction, the associated post-award administrator at each campus is responsible to:

  • Authorize new Banner grant funds, programs, and associated codes
  • Devise data classification and collection methods to meet operational needs and reporting and compliance requirements
  • Meet the requirements of donors and grant sponsors, generally accepted accounting principles for public institutions of higher education, and the Office of Business and Financial Services

The Senior Associate Vice President for Business and Finance has also further delegated to the campus OBFS chief business officer at each campus responsibility to oversee established policies and procedures that:

  • Provide general supervision of the storeroom and service operations
  • Develop and maintain the required related manual and computer systems
  • Assure that storeroom and service operation rates comply with federal costing principles

University units are required to develop, implement, and comply with policies and procedures to:

  • Code accounting transactions correctly and submit them promptly
  • Monitor financial transactions
  • Report accruals and deferrals when requested by UAFR
  • Review and reconcile Banner statements and correct discrepancies

Last Updated: December 5, 2014 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2009

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