2.3 Request Approval for a Custodial Fund
Policy Statement
University Accounting and Financial Reporting (UAFR) must approve establishing a custodial relationship before receiving the deposits of money owned by others and held by the University of Illinois System as a custodian.
Acquaint yourself with the information in 2.1 Policies for Managing Custodial Funds.
As a non-system unit, the owner is not entitled to the privileges of system units.
Procedure
To request approval for an custodial fund:
- Confirm that the activity qualifies as an custodial fund by consulting 2.2 Determine the Need for a Custodial Fund.
- Obtain your unit head’s approval to proceed with the request for an custodial fund.
- Review custodial fund limitations and owner responsibilities with the owner of the money (or a responsible member of the owning entity) as outlined in the Custodial Fund Agreement.
- Obtain the owner’s signature on the Custodial Fund Agreement.
- Verify that your unit is approved as a cash handling unit. If not, complete the steps in 10.1.1 Obtain Approval as a Cash Handling Unit.
- Complete the Banner Fund, Program, Index Code Request form. Be sure to provide all the requested information on the two agency tabs:
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- FPI Code Request
- Fund Supplemental Info
- Send the completed form to UAFR.
- If the request is approved, UAFR establishes a fund code in Banner and notifies you.
Custodial Fund Agreement
Banner Fund, Program, Index Code Request
19 Contracts
10.1.1 Obtain Approval as a Cash Handling Unit
2.2 Determine the Need for a Custodial Fund
2.1 Policies for Managing Custodial Funds
Last Updated: February 27, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: December 2014