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Business and Financial Policies and Procedures

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:

  1. Confirm that the activity qualifies as an custodial fund by consulting 2.2 Determine the Need for a Custodial Fund.
  2. Obtain your unit head’s approval to proceed with the request for an custodial fund.
  3. 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.
  4. Obtain the owner’s signature on the Custodial Fund Agreement.
  5. 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.
  6. Complete the Banner Fund, Program, Index Code Request form. Be sure to provide all the requested information on the two agency tabs:
      • FPI Code Request
      •  Fund Supplemental Info
  7. Send the completed form to UAFR.
  8. If the request is approved, UAFR establishes a fund code in Banner and notifies you.

Custodial Fund Agreement
Banner Fund, Program, Index Code Request

1.3.2 Initiation, Review, and Approval of University Contracts and Leases
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

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