Does your unit have any non-monetary exchange transactions from FY21 which have not yet been reported to UAFR? If so, keep the following tips in mind:
- Per the FY21 Closing Procedures, the deadline to submit your FY21 non-monetary exchange transactions to UAFR is today (Wednesday, July 7) by 5:00 p.m.
- As outlined in Section 13.5 of the Business and Financial Policies and Procedures, non-monetary exchange transactions occur when 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 unit provides event tickets to a local television station at no charge, and in return, that unit receives free advertisements on the television station's channel to promote the event at no charge, then this would be considered a non-monetary exchange transaction which would need to be reported to UAFR.
- Once UAFR receives the non-monetary exchange form from the unit, UAFR will record a non-monetary exchange transaction to Banner to ensure accurate financial reporting for the U of I System's audited financial statements. While these transactions should ideally be recorded in the same month/period in which the transaction occurred, it is essential that they are recorded in the proper fiscal year.
- For further details, examples, and guidance on how to report any non-monetary exchange transactions which your unit may have entered, refer to Section 13.5 of the Business and Financial Policies and Procedures.
Contact
Contact UAFR's applicable subject matter experts located in the Non-Monetary Exchanges section of UAFR's Who to Ask list if you have more questions.
