Do you have any remaining non-monetary exchanges to report for FY20 business? If so, remember that the deadline to submit your FY20 non-monetary exchanges is today (Wednesday, July 8) by 5:00 p.m. according to the FY20 Closing Procedures.
Non-monetary exchanges are exchange transactions where the University of Illinois System receives something of value from an external party in exchange for providing something of value in return to the external party (rather than paying with cash). For example, if a university unit provides tickets for a university event to a local television station in exchange for television advertisements to promote the university event, then this would be a non-monetary exchange which would need to be recorded within Banner.
These exchange transactions must be recorded to Banner to ensure accurate financial reporting for the University of Illinois System’s audited financial statements, and ideally should be recorded in the same month that the transaction occurred. For further details, examples, and guidance on how to report any non-monetary exchanges your unit may have entered, refer to Section 13.5 of the Business and Financial Policies and Procedures.
Contact
For further details, contact UAFR’s applicable subject matter experts located in the Non-Monetary Exchanges section of UAFR’s Who to Ask list.
