Does your unit receive payments for enrollment or key deposits? If so, see below for further details and resources that will help provide guidance on the proper way to account for these types of payments:
- Enrollment deposits are payments from potential students who have been accepted for admission into the University of Illinois System, but who have not yet committed to attending. The enrollment deposit serves as a placeholder to temporarily reserve the potential student’s spot in the incoming class, allowing them extra time to make their final decision on whether they will enroll.
- Key deposits are payments that students, faculty, or staff are sometimes required to make in order to obtain temporary access to a key for a particular room within a system facility (such as an office or research lab). The key deposit acts as a safeguard against scenarios where the keyholder may lose the key. If that happens, the individual will then lose their deposit, and the unit would use that money to cover the costs associated with replacing the key and/or the lock.
- Section 13.5 (Enrollment and Key Deposits) within the Business and Financial Policies and Procedures outlines the proper ways to account for these payments. If your unit collects enrollment or key deposits, we strongly encourage you to read through this recently published policy to ensure these payments are being properly accounted for.
Contact
For further details, feel free to reach out to UAFR's applicable subject matter experts by searching for “2N” (which is the fund type used to account for most of these scenarios) within the Business & Finance Who to Ask list.
