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  Policy No. 1008
Interest Costs

Subject Area: Accounting
Responsible Office: Financial Services
Approval: Associate Vice President for Finance
Originally Issued: October 1992
Revised: March 1997, January 2010
Refer Questions To: Michael Szczepanek, 773-702-5130

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

POLICY

Financial Services is responsible for accounting for all interest costs in accordance with the applicable financial accounting guidance. 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).