Subject Area: Accounting
Responsible Office: Comptroller's
Approval: V.P. for Administration and Chief Financial Officer
Originally Issued: October 1992
Revised: N/A
Refer Questions To: John Kroll, 773-702-1941

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

POLICY:

1. The Office of the Comptroller 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. The Office of the Comptroller is responsible for maintaining a system of internal controls adequate to safeguard University assets.