Accounting for Fundraising and Development Expenses
Welcome to the CFO Business and Finance Policy Office Open Comment Blog!
The Office of the Vice President, Chief Financial Officer & Comptroller announces an open comment period (beginning 5/4/20 and closing 5/15/20) to present updates and improvements to a current section of the Business and Financial Policies and Procedures Manual. The updated policy is available for review by downloading: Section 11.6 – Accounting for Fundraising and Development Expenses. This updated policy will provide guidance to units on how to properly classify and account for fundraising and development expenses within Banner, and will replace the version currently located at Section 11.6 – Coding of Fundraising Costs.
Highlights of the policy and procedural updated include:
- Explanation of why it is important to properly classify and account for fundraising and development expenses and who this policy applies to;
- Examples of expenses which qualify as fundraising and development expenses, and examples of expenses which do not qualify;
- Guidance on the various attributes and characteristics that need to be assigned to the applicable Banner C-FOP accounting strings which account for fundraising and development expenses; and
- Tips on how to provide funding to these fundraising and development C-FOP accounting strings to ensure deficits are covered by June 30 year-end.
We would appreciate your review and feedback on this updated policy.
To review the policy, download the PDF document in the link below. 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!
11.6 Accounting for Fundraising and Development Expenses (PDF)
