OVERVIEW

University Accounting and Financial Reporting is a division of the Comptroller's Office under the direct supervision of an Associate Comptroller. There are 20 full and part time employees who staff the four major sections of this division--Current Unrestricted Funds, Auxiliary and Recharge Operations, Capital Funds, and Reporting and Cash Management.

CURRENT UNRESTRICTED FUNDS

The current Unrestricted Funds (CUF) section of University Accounting and Financial Reporting has oversight responsibility for the accounting and reporting for the designated, educational activity, unrestricted fund groups.

AUXILIARIES AND RECHARGE OPERATIONS

The Auxiliary and Recharge section of University Accounting Financial Reporting has oversight responsibility for the accounting and reporting for the auxiliary and recharge operations. Functional responsibilities include accounting and reporting on the activity in the Auxiliary Enterprises, Recharge Operations FAS accounts.

Other responsibilities include, help desk support for administrators regarding budgeting, accounting and prepare annual financial statements. In addition, provide on-site accounting, reporting and budget reporting support to International House, Court Theatre, REO, and the Charter School. Coordinate the annual budget process for academic recharge units to ensure that charge rates are in accordance with OMB A-21 requirements.

CAPITAL FUNDS

The Capital Funds section of University Accounting and Financial Reporting is broken into two functional areas: 1) Plant Funds, Loan Funds, and Agency Funds 2) Endowment, Annuity, Life Income, Investment, and Gift accounting. Plant Funds is responsible for the accounting related to University fixed assets, construction projects, and capital equipment purchases. This area also monitors, reports upon, and accounts for third-party trustee related activity connected with the $443 million of debt currently issued through the Illinois Educational Facilities Authority (IEFA), the Illinois Health Facilities Authority (IHFA), and table commercial paper.

Capital Funds is also responsible for the processing and recording of all transactions which effect the endowment, annuity, life income, investment, and gift activity of the University.

REPORTING AND CASH MANAGEMENT

The Reporting and Cash Management section of the University Accounting and Financial Reporting is broken into two functional areas: Reporting and Cash Management. Reporting is responsible for the coordination of the year-end close, liaison with the outside auditors, preparation of internal and external financial reports, and cash forecasting.