Does your unit have any self-supporting, service plan, or custodial funds that you no longer need? If so, now would be a great time to consider terminating those funds.This would save you time and energy during year-end, as you won’t have to complete a Year-End Fact Sheet for these funds if they are successfully terminated by June. See below for a few tips to get started on this process:
To submit a termination request, send an email to uas@uillinois.edu with a clear indication of which fund you would like to terminate. Be sure to include the applicable chart, fund, and title to ensure there is no confusion as to which C-FOAPAL segment needs terminated. Providing a brief description of why you’d like to terminate the FOAPAL code would be helpful as well.
- Certain conditions must be met before the fund can be terminated. For example, any ties to the following items must be removed before proceeding with the termination. UAFR can assist in identifying these items if needed
- Open encumbrances
- Active payroll appointments or job positions
- Active detail codes
- Active PCards or TCards
- Finally, keep in mind that even if your fund code has a remaining surplus balance or deficit, you can still request termination of that fund. Once we receive your termination request, the applicable UAFR staff will reach out to you to provide guidance on the proper way to address any remaining balance or deficit prior to termination.
Contact
If you have questions on this process, feel free to reach out to a UAFR staff member who can assist by searching on “Fact Sheets” within the Business & Finance Who to Ask list.
