The Office of the Vice President, Chief Financial Officer & Comptroller announces an open comment period (beginning on 7/27/20 and ending on 8/07/20) to propose updates and improvements to a current section of the Business and Financial Policies and Procedures Manual. The updated policy is available for review and comment at the following link: 1 Fiscal Environment.
These changes are being presented as part of an initiative to revise and simplify University of Illinois System-wide fiscal policies and procedures. This update will replace content currently found at 1 Introduction to Business and Financial Functions at the University of Illinois. This section has been reorganized to focus on topics relating the system’s fiscal environment and rewritten to improve comprehension and consistency with policy design standards.
As part of this reorganization, policies and procedures that address topics relating to ‘contracts’ have been removed and will be displayed in a new section, “19 Contracts”. The new contracts-specific section will soon be presented to the system during a separate feedback period.
Highlights of the policy and procedural updates include:
- Combining related topics addressing the unique business environment at the system;
- Clarifying standards for assessing unit fiscal health;
- Amending university and System Offices deficit reporting expectations to state that university budget offices and/or the Comptroller may periodically request units to prepare deficit remedial business plans; and
- Simplifying the procedure for units seeking to conduct business outside the state of Illinois.
Feedback on this updated policy may be submitted directly via email to obfspolicies@uillinois.edu.
Contact
For questions contact CFO Business and Finance Policy Office at (312) 585-9049 or obfspolicies@uillinois.edu.
