Accounts payable is the amount owed for the purchase of goods or services at a specific date. University Payables (UPAY) is the OBFS unit responsible for paying these obligations.
ACH (Commonly Called Direct Deposit)
See Electronic Funds Transfer.
A payment recognizing achievement with no restrictions.
Banner Vendor Number
Banner assigned number given to an individual or company used in Banner transactions.
Explains how the expense was a legitimate business activity related to the mission of the University. Answers the question "why was the expense incurred and how did that benefit the University?"
Conferences include seminars, workshops, or training for professional development purposes.
A payment which removes the accounting liability.
Invoices electronically transmitted directly to University systems from the vendor.
Educational Assistance to Students
Educational payments to students include scholarships, grants, fellowships, traineeships, stipends, allowances, and assistantships. For additional information, consult:
Electronic Funds Transfer
An electronic payment message containing some amount of money, sent to a financial institution instructing it to make a deposit entry to one of its depositor's accounts. Common types of electronic funds transfers are: wire transfers and ACH (commonly called Direct Deposit).
For reimbursements and payments, individuals with paid positions at the University, including full time, part-time, hourly, students (including graduate assistants), and others.
An encumbrance reserves funds for a specific future payment (expenditure). The payment is a legal obligation.
Foreign drafts are checks ordered from a bank to pay a payee in a foreign currency or in U.S. Dollars at a foreign location. For additional information, consult Request Payment by Foreign Draft.
Visitors from outside entities (such as visiting dignitaries, donors, and recruits) and students of the University of Illinois and other universities. Students who are also employees of the University are not considered guests at events that they attend in their roles as employees.
An event that lasts at least three business hours.
An honorarium is a one-time payment made to an individual who is not an employee of the University, for a special and non-recurring activity or event for which a fee is not legally or traditionally required. The intent is to show appreciation for participation in University educational, research, or public service activities or events.
A human subject is a living person who is the subject of research conducted to obtain data.
An invoice is a document issued by a seller to a buyer. In order to process, it must indicate the product, quantities, and agreed prices for the goods or services the seller has provided.
IRS Accountable Plan Rules
The University is subject to the IRS Accountable Plan Rules which define the circumstances under which reimbursements are considered non-taxable income. These are:
The expense must have served a business purpose.
The employee has submitted receipts substantiating the date, time, place, and amount within a reasonable amount of time (defined as 60 days).
The employee returns excess advances or reimbursements within a reasonable amount of time (defined as 120 days).
Official meetings include symposia, seminars, or consortia sponsored by educational institutions or organizations with which the University is associated.
Used to fund a program that is not more than 30 days in duration.
A payment for contests or competitions with no restrictions on how the winner uses the prize.
Professional and Artistic (P&A) Services
Professional and artistic services are primarily intellectual or creative in nature and qualified by education, experience, or technical ability.
An event that follows a seminar, lecture, or investiture ceremony, to which employees and guests are invited
Coffee, tea, bottled water, other non-alcoholic beverages, and light fare such as crackers, cheese, and cookies.
Compensation to an individual or company who has incurred an expense on behalf of the University.
Used to fund a program that is longer than 30 days in duration.
Meals and/or refreshments provided for events for students such as student orientation receptions, field trips, summer programs, or lunch series with speakers.
Taxpayer Identification Number (TIN)
A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) to administer tax laws. TINs include SSNs and ITINs and are issued either by the Social Security Administration (SSA) or by the IRS.
See Electronic Funds Transfer.
Last Updated: March 29, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: September 2012