Has your unit been involved in a non-monetary exchange transaction during FY25? If so, see below for guidance:
- As outlined in Section 13.7 of the Business & Finance Policies and Procedures, non-monetary exchange transactions occur when the University of Illinois System receives a non-monetary good or service from an external party in exchange for providing a non-monetary good or service in return.
- For example, if a unit gives tickets for a system event to a local television station in exchange for that station providing advertisements for the system event during the local news, then that unit has engaged in a non-monetary exchange transaction with the external party.
- Non-monetary exchange transactions must be reported to UAFR and should ideally be reported in the same accounting period in which the transaction occurred (i.e., the same month and fiscal year). This will allow UAFR to record the transaction to Banner on a timely basis and within the proper fiscal year in compliance with the applicable financial reporting requirements.
- To report a non-monetary exchange transaction to UAFR, complete and submit the Report of Non-Monetary Exchange Form, which can be found near the end of the policy referenced above or near the end of UAFR’s Forms webpage.
Contact
For further details, contact the applicable subject matter experts within UAFR by searching on “Non-Monetary Exchanges” in the upper right corner of the Business & Finance Who to Ask list.
