Subject Area: Accounting
Responsible Office: Comptroller's
Approval: Comptroller
Originally Issued: October 1992
Revised: March 1997
Refer Questions To: Martha Bulin, 773-702-1958

PURPOSE:   The University may incur interest costs during the course of operations.

POLICY:

1. The Office of the Comptroller is responsible for accounting for all interest costs in accordance with the applicable financial accounting pronouncements. Generally these standards provide that all interest costs will be recorded as an expense when incurred, except when capitalized as part of the historical cost of aquiring certain assets. (See Financial Policy No. 1004.8).