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• UAFR Weekly Tips

  Feb 1, 2023 2:00 pmAccounting and BudgetingFY 23

  Does your unit have any gift or endowment income funds which are restricted for faculty prizes/awards? If so, please note the following:

  • Gift and endowment income funds which are restricted for faculty prizes/awards will have a 5D objective code assigned to them within Banner page FTMFATA.
     
    • Objective codes are two-character, alpha-numeric codes and are assigned to all gift and endowment income funds. These codes give a high-level overview of the donor intent restrictions assigned to a fund.
       
    • A list of the various donor intent objective codes and their related definitions can be found within the Purpose Codes and Definitions document from Section 11.10 of the Business and Financial Policies and Procedures.
       
  • The only expenses that should post to funds restricted for this purpose are payroll expenses, which represent monetary awards paid directly to a faculty member, where the award payment is based on achievement, performance, or other qualifying criteria as identified within the fund’s donor intent restrictions. Once the faculty member receives the award payment, they are free to use additional income as they choose.
     
  • These faculty prizes/awards are processed through University Payroll & Benefits, and should be recorded to an expense account code 281500, Prizes & Awards – Employees and Non-Employees Foreign Nationals.

  Contact
  For further questions related to this topic, contact the applicable subject matter expert within the Gift Funds section of UAFR’s Who to Ask list. In addition, the administrative staff at the University of Illinois Foundation can also assist. They can be reached at (217) 333-0675 or giftadmin@uif.uillinois.edu.