The Office of the Vice President, Chief Financial Officer and Comptroller announces that updates to Section 11.13 – Accounting for Qualified Sponsorships have been published in the Business and Financial Policies and Procedures Manual. This updated policy replaces the previous version (Section 11.13 – Sponsorship Gifts) and provides guidance to units for how to properly account for qualified sponsorships within Banner.
Highlights of this updated policy include:
- Definition of a qualified sponsorship per IRS guidelines;
- Tips on identifying key characteristics of a qualified sponsorship to ensure proper accounting; and
- Guidance on reporting qualified sponsorships to various units when applicable, such as the University of Illinois Foundation, your university’s contract services office, and University Accounting and Financial Reporting.
Contact
For additional details regarding this updated policy, please refer to the subject matter experts listed in the Gift Funds section of the University Accounting and Financial Reporting’s Who to Ask list. The University of Illinois Foundation can also provide further details if needed.
For questions about the Business and Financial Policies and Procedures Manual, contact the CFO Business and Finance Policy Office at obfspolicies@uillinois.edu
