Do any of your employees (such as a professor, dean, coach, or staff member) ever travel to speak at an external entity’s conference or event? If so, keep the following points in mind:
- If the external party agrees in advance to cover any related travel costs incurred by the University of Illinois System, then:
- These types of payments should be recorded as revenue to an applicable self-supporting fund using account code 307825, Speaking and Presentation Services Revenue.
- These payments should not be recorded as an expense reimbursement, even if the payment is for the exact amount of travel expenses incurred.
- Once this revenue is properly recorded on the applicable self-supporting fund, you would then need to ensure that any related travel costs incurred are also recorded to the appropriate expense account codes on this self-supporting fund as well. This ensures proper matching of revenue and expense activity within the self-supporting fund.
- However, if no payment was required or agreed upon in advance, and if your department subsequently receives an unexpected payment from the external party as a "thank you" for your employee’s time and efforts, then:
- The payment would be treated as a gift and should be deposited through the University of Illinois Foundation via a gift transmittal form.
Contact
For further questions related to this topic, contact the applicable subject matter expert within either the Self-Supporting Funds section or the Gift Funds section of UAFR’s Who to Ask list.
