Welcome to the February 2025 University Bursar Bulletin. This month, we will focus on the Receivable Policy.
Spotlight on the Receivables Policy
University Bursar Accounts Receivable Operations (ARO) and University Accounting and Financial Reporting (UAFR) share the responsibility to:
- Develop and publish receivables policies and procedures
- Provide general supervision of receivables operations
- Develop, monitor, and maintain receivables processes and systems
- Review, approve or deny, and track exemption requests from the requirement to use Banner AR
All units must comply with the State of Illinois, University of Illinois System, and generally accepted accounting requirements for accounts receivable. Utilizing the Banner Accounts Receivable (Banner AR) system for accounts receivable management facilitates this compliance. Every unit must record its receivables in Banner AR.
Units that do not use Banner AR must properly manage their accounts receivable (which includes timely reporting within Banner and properly handling collection efforts), and they must also compile and submit their accounts receivable data to UAFR on a quarterly basis to ensure compliance with UAFR’s quarterly accounts receivable reporting requirements to the State of Illinois.
Contact
For questions, please contact Accounts Receivable Operations at aroperations@uillinois.edu.
