Open Comment Period: March 15th – March 26th, 2021
The Office of the Vice President, Chief Financial Officer and Comptroller announces an open comment period (beginning 03/15/21 and closing 03/26/21) to present updates for how to properly account for qualified sponsorships within Banner. The revised policy section is available for review at the following link: Section 11.13 Accounting for Qualified Sponsorships.
Highlights of the policy and procedural changes include:
- Explanation of why it is important to properly account for qualified sponsorships;
- Definition of what a qualified sponsorship is per IRS guidelines;
- Guidance on how to identify the key characteristics of a qualified sponsorship which will be needed for proper accounting;
- Tips on how to report the qualified sponsorship to various parties when applicable, such as the University of Illinois Foundation, your applicable contract services office, and University Accounting and Financial Reporting.
We appreciate your review and feedback on this updated policy.
To review the policy, download the PDF document Section 11.13 Accounting for Qualified Sponsorships.
To provide feedback, please use the "Add Comment" link in the bottom right-hand corner of this webpage below. On the next screen, choose the "Sign in with my NetID" option and log in with your university credentials and then provide your comments on the Feedback Board. Another way to submit comments or feedback without posting to the Feedback Board would be to simply email obfspolicies@uillinois.edu. Thank you for your efforts!
