Open Comment Blog

blog posts

• Open Comment Period: June 22 - July 2, 2015: Section 2: Agency Funds - Expend Agency Funds on Behalf of Owner

  Jun 22, 2015 8:30 am12 views

  Please note that in addition to the policy, there is also a new form to review. Please use the link at the bottom to view the form.

  Before You Begin
  University units serving as liaisons between the University and owners of money held in agency funds are responsible for expending agency funds at the request of the fund owner. They accomplish this by submitting transactions to initiate the expenditure and retaining documentation needed to support the expenditure.  Since these funds are not owned by the University:

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: June 22 - July 2, 2015

  Jun 22, 2015 8:30 am11 views

  WELCOME!
  In this Open Comment Period we present three proposed additions to the OBFS Policy & Procedures Manual - Section 2: Agency Funds. Two of these proposed additions - Process a Transaction between the University and the Owner of an Agency Fund and Expend Agency Funds on Behalf of Owner are new topics for the section. All three processes apply to General Purpose agency fund type 9D.

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: June 5 - June 16, 2015

  Jun 5, 2015 8:30 am14 views

  In this Open Comment: New Contract for Procurement of Services under $10,000

  The Office of Business and Financial Services (OBFS) is planning to replace the Professional & Artistic under $5000 Contract Template with a new Procurement of Services under $10,000 contract template. This template is for non-recurring purchases that allows the Department Head to sign the unmodified template as a Comptroller Delegate and submit the contract for payment through Travel Expense Management (TEM).

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: June 2 - June 12, 2015

  Jun 2, 2015 8:30 am12 views

  In this Open Comment: Section 16 - Sponsored Project Subawards

  The Federal Office of Management & Budget has issued new Federal policy CFR Title 2 Part 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (also called OMB Uniform Guidance). The Office of Business and Financial Services (OBFS) must update University business and financial polices and procedures to be consistent with new federal standards. The following are proposed updates relating to the sponsored project subawards.

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: May 4 - May 15, 2015

  May 4, 2015 8:30 am5 views

  In this Open Comment: Section 22 - Charge Self-Supporting Goods and Services to Sponsored Project Funds

  A new policy and procedure will be in place for charging self-supporting goods and services to sponsored project funds. This change is to comply with the new policy from the Federal Office of Management & Budget, titled "Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards" (also called OMB Uniform Guidance). Please review the new section titled "Charge Self-Supporting Goods and Services to Sponsored Projects" and provide comments.

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: April 27 - May 8, 2015

  Apr 27, 2015 8:30 am32 views

  In this Open Comment: New Process for Amazon Purchases

  On February 1, 2015, Amazon started charging state of Illinois sales tax on purchases made by all Illinois customers. Because the University is exempt from Illinois sales tax, any business related Amazon purchases made by University units should not be charged Illinois sales tax. To accommodate this exemption and avoid unintended misuse of the University's state of Illinois sales tax exemption for personal Amazon purchases, the University proposes to establish a centrally managed Amazon business account for University-wide use.

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: March 30 - April 13, 2015

  Mar 25, 2015 8:30 am3 views

  In this Open Comment: Section 16 - Sponsored Project Closeout

  The Federal Office of Management & Budget has issued new Federal policy CFR Title 2 Part 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (also called OMB Uniform Guidance). The Office of Business and Financial Services (OBFS) must update University business and financial polices and procedures to be consistent with new federal standards. The following are proposed updates relating to the sponsored project closeout process.

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: March 9 - March 23, 2015

  Mar 9, 2015 8:30 am13 views

  In this Open Comment: Section 8 - Determine the Allowability of Specific Expenditures

  Campus administrative and other units are requesting policy and procedures that would authorize the University to make sponsorship payments and financial assistance awards to outside entities under certain circumstances. Current policy addresses gifts, donations, fundraising, and membership payments, but does not cover sponsorships or grants of University funds to outside entities. We are adding a new language to Section 8 - Determine the Allowability of Specific Expenditures that will clarify the circumstances in which these payments will be permissible.

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: September 19 - October 3, 2014: Section 2 - Agency Funds: Return Agency Funds to the Owner

  Sep 19, 2014 11:15 am19 views

  Before You Begin 
  The owner of non-University funds that are held by the University in an agency fund may request a partial or total return of funds as needed or at the termination of the agency fund relationship between the owner and the University. Payments to return agency funds to the owner may not be disbursed to a non-resident alien without prior written approval of the Office of University Payroll and Benefits. Once the funds are returned to the owner, the University is not responsible for any tax or other reporting associated with the use of the withdrawn funds.

  The liaison unit is responsible for submitting the proper documents to process the withdrawal of funds.

  Begin 
  To return agency funds to the owner, the liaison unit must:

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: September 19 - October 3, 2014: Section 2 - Agency Funds: Determine the Need for an Agency Fund

  Sep 19, 2014 11:15 am11 views

  Begin
  To determine the need for an agency fund:

  • Consult Comply with Liaison Responsibilities for an Agency Fund to learn what your unit’s responsibilities are for agency funds.
  • Consult the flowchart: Determine the Need for an Agency Fund

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: September 19 - October 3, 2014: Section 2 - Agency Funds: Comply with Unit Liaison Responsibilities for an Agency Fund

  Sep 19, 2014 11:15 am22 views

  Please note that in addition to the policy, there is also a prospective update to the "Request to Return to Owner Funds Held by the University as Fiscal Agent" form. Please use the link at the bottom to view the form.

  Before You Begin
  A University unit must serve as liaison between the University and the owner of money held in an agency fund. The liaison unit serves as the University’s official contact with the owner and is responsible for oversight of the Banner fund that provides a record of the owner’s financial transactions and balances. Consult Policies for Managing Agency Funds.

  If your unit will receive cash as part of your liaison responsibilities, you must be a cash handling unit. For additional information, consult Obtain Approval as a Cash Handling Unit.

  Begin
  To comply with liaison responsibilities for an agency fund:

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: September 19 - October 3, 2014: Section 2 - Agency Funds: Request Approval for an Agency Fund

  Sep 19, 2014 11:15 am19 views

  Please note that in addition to the policy, there is also a prospective update to the "Banner Fund, Program, Index Code Request" form. Please use the link at the bottom to view the form.

  Before You Begin
  Your campus OBFS executive officer and University Accounting and Financial Reporting (UAFR) must approve establishing an agency relationship before receiving the deposits of money owned by others and held by the University as an agent.

  Acquaint yourself with the information in Policies for Managing Agency Funds.

  As a non-University unit, the owner is not entitled to the privileges of University units.

  Begin
  To request approval for an agency fund:

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: September 19 - October 3, 2014: Section 2 - Agency Funds: Policies for Managing Fund Type 9D Agency Funds

  Sep 19, 2014 11:15 am43 views

  If your unit needs to act as an agent to hold non-University funds for an external entity (called the“owner”), you may need to create an agency fund. The chart below provides examples:

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: September 19 - October 3, 2014

  Sep 19, 2014 11:15 am3 views

  WELCOME!
  This new policy section is intended to formalize and enhance procedures for the administration of agency funds. The documents open for comment listed below address this need by establishing initial core requirements and processes for administration of fund type 9D ("Agency-Other") agency funds; they do not address student organization funds or payroll withholding agency funds. Subsequent additions to this section will be developed to address specific needs.

  Special Note: These policies require each unit to obtain a signed agreement with the owner of the funds before a new fund may be established. A plan to implement these policies for currently existing agency funds will be communicated in a separate announcement when they are released.

  Please take a few moments to review this policy and submit your feedback. Thank you!

• Open Comment Period: April 25 - May 9, 2014

  Apr 22, 2014 8:30 am54 views

  In this Open Comment: Section 12 - Dispose of Unneeded Equipment

  We have revised this Property Accounting policy to clearly identify OBFS and unit responsibilities for proper treatment of unneeded University-owned equipment. The revised policy will help units understand and comply with the requirements of the IL Administrative Code when deeming equipment (and certain types of collections) "unneeded."

  Please take a few moments to review this policy and submit your feedback. Thank you!