Does your unit receive cash, checks, or any other form of payment from external parties (including students/faculty/staff)? If so, see below for guidelines to follow when making your deposit:
- Receipts must be credited to an appropriate fund type (such as a self-supporting fund, service plan fund, or gift fund).
- The appropriate fund type will vary depending on the nature of the receipt (e.g., sales of goods and/or services would typically be credited to a self-supporting or service plan fund, while donations would be credited to a gift fund).
- It is important to ensure that these receipts are not deposited to an inappropriate fund type. For example, payments received for donations, honoraria, meals, ticket sales, etc. should not be deposited to state, ICR, or administrative allowance funds.
- In addition to ensuring a proper fund type is used, it is also important to ensure that receipts are credited to an appropriate revenue account code.
- Typically, receipts should not be deposited to an expense account code. The only exceptions where this would be allowable are scenarios such as:
- Depositing vendor refunds/rebates to the applicable C-FOAP that was used for the initial purchase; or
- Depositing a payment received from an employee to the applicable C-FOAP that was used for an erroneous personal charge (such as when an employee makes an accidental personal purchase on a U of I System P-Card and pays us back for that accidental purchase via cash or check).
Contact
If you have questions on this topic, contact the applicable subject matter experts within UAFR’s Who to Ask list.
