Did you know that University Accounting & Financial Reporting (UAFR) regularly makes updates to policies, procedures, account code titles & descriptions, and other relevant documentation?
In order to stay current with the proper terminology (such as GASB standards and University of Illinois System standards), these wording updates are a common occurrence. See below for examples:
- To stay current with recent GASB guidance, we now refer to funds within the 9nnnnn numerical range as custodial funds (as opposed to “agency funds” as we did in previous years).
- In addition, to stay current with recent GASB guidance, we now use the terms prepaid expenses and unearned revenue (as opposed to the “deferred charges” and “deferred revenue” terms that were used in previous years).
- Finally, we are also trying to follow the standards outlined within the University of Illinois System Writing Style Guide, which requires that we use terms such as “System” and “UI System” when referring to the UI System as a whole (as opposed to simply saying “University” as we had in the past).
- So, when you see these terms used within policies, procedures, and account code titles & descriptions, be aware that this is referring to the UI System as a whole (as opposed to the System Offices within chart 9).
Contact
For further questions on this topic, reach out to UAFR via our Who to Ask list.
