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Business and Financial Policies and Procedures

Responsibilities

University business policies comply with requirements of the Illinois Higher Education Travel Control Board (HETCB) and with Internal Revenue Service (IRS) rules and regulations.

The President is accountable for the management of the payables function, including accounts payable, disbursements, and employee reimbursements. The President has delegated responsibility for the establishment of related policies and procedures to the Vice President and Chief Financial Officer.

The Vice President and Chief Financial Officer has further delegated authority to the Senior Associate Vice President for Business and Finance to develop and establish policies and procedures regarding the responsibility and management of the payables function. He or she, or delegate, is also authorized to develop, install, and oversee the operation of business systems to accomplish this function.

University Payables is responsible for reviewing invoices and payment requests to ensure compliance with all University and State policies and entering invoices and payment requests into the appropriate University business system for the issuance of payment.

University units are required to develop, implement, and comply with policies and procedures that provide for the timely processing of vendor invoices, payment requests, and employee reimbursements. These procedures must include providing adequate documentation that includes key dates, approvals, and timely submission of receiving reports, if applicable.

Employees are responsible for submitting reimbursement requests upon completion of the event and in accordance with University and unit policy and procedure.

Last Updated: March 19, 2013 | Approved: Senior Associate Vice President for Business and Finance | Effective: September 2012

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