Welcome to the CFO Business and Finance Policy Office Open Comment Blog!
The Office of the Vice President, Chief Financial Officer & Comptroller announces an open comment period (beginning on 7/27/20 and ending on 8/7/20) to propose updates and improvements to a current section of the Business and Financial Policies and Procedures Manual. The updated policy is available for review at the following link: 1 Fiscal Environment.
These changes are being presented as part of an initiative to revise and simplify University of Illinois System-wide fiscal policies and procedures. This update will replace content currently found at 1 Introduction to Business and Financial Functions at the University of Illinois. Section 1 has been reorganized to focus on topics relating the system’s fiscal environment and rewritten to improve comprehension and consistency with policy design standards.
As part of this reorganization, policies and procedures that address topics relating to ‘contracts’ have been removed and will be displayed in a new section, “19 Contracts”. The new contracts-specific section will soon be presented to the system during a separate feedback period.
Highlights of the policy and procedural updates to Section 1 include:
- Combining related topics addressing the unique business environment at the system;
- Clarifying standards for assessing unit fiscal health;
- Amending university and System Offices deficit reporting expectations to state that university budget offices and/or the Comptroller may periodically request units to prepare deficit remedial business plans; and
- Simplifying the procedure for units seeking to conduct business outside the state of Illinois.
We appreciate your review and feedback on this updated policy.
To review the policy, download the PDF document in the link below. To provide feedback, please use the "Add Comment" link in the bottom right-hand corner of this webpage below. On the next screen, choose the "Sign in with my NetID" option and log in with your university credentials and then provide your comments on the Feedback Board. Another way to submit comments or feedback without posting to the Feedback Board would be to simply email firstname.lastname@example.org. Thank you for your efforts!
Section 1 - Fiscal Enviornment