Subject Area: Accounting
Responsible Office: Financial Services
Approval: V.P. for Administration and Chief Financial Officer
Originally Issued: October 1992
Revised: January 2010
Refer Questions To: James Ribikawskis, 773-702-3690

PURPOSE:   To provide information on the University's financial operation to management, Trustees, and other interested parties.

POLICY

1. Financial Services is responsible for accounting for University financial activity in accordance with Generally Accepted Accounting Principles (GAAP) as promulgated in the Audit Guide for Colleges and Universities.
2. Accounts will be maintained and reports prepared on the accrual basis of accounting.
3. Revenues will be recorded when earned.
4. Expenditures will be recorded when materials or services are received or when an obligation or the impairment of an asset has occurred.
5. Financial Services is responsible for maintaining a system of internal controls adequate to safeguard University assets.