Did you know that all of the University of Illinois System’s expense transactions must post to a C-FOP using an allowable fund type and NACUBO function combination? This helps ensure proper financial reporting for the UI System’s audited financial statements.
For example, fund code 200250 (fund type 2C) cannot be used with an “Instruction” program code (i.e., a program code assigned with the 1000 - Instruction NACUBO function). This is prohibited, as the funding within fund code 200250 is not generated from instructional activities and thus cannot be used for expenses related to instruction.
See below for a few tips which will help you monitor compliance with this important financial reporting requirement:
- For a full list of allowable and unallowable combinations of fund types and NACUBO functions, refer to the NACUBO Function & Allowable Fund Type Combinations Grid, which is an Excel spreadsheet available under the Resources section of UAFR’s Banner Program Codes & NACUBO Functions webpage.
- Banner page FZMFUND can be used to identify the fund type assigned to your fund, while Banner page FZMPROG can be used to identify the NACUBO function assigned to your program code.
- UAFR performs a monthly review to identify any expense transactions posting to an unallowable fund type and NACUBO function combination.
- Once this review is complete, UAFR sends notifications (typically on the 15th of each month) to units who have posted transactions using an unallowable fund type and NACUBO function combination.
- If you are contacted as a part of this review, it is essential that these errors are corrected on a timely basis.
- Corrections should be completed prior to month-end close to ensure these errors clear from the subsequent month’s review.
- The importance of processing timely corrections becomes even more critical as we get closer to year-end.
Contact
For further details, contact the applicable subject matter experts within the Program Codes or NACUBO Functions section of UAFR’s Who to Ask list.
