University Accounting and Financial Reporting (UAFR) has updated several existing account codes to ensure compliance with reporting requirements. These updates have been integrated into both Banner and the Account Code Search application.
As described on the Banner Account Codes webpage, the account code designates a particular transaction as an expense, revenue, asset, or liability and is a very important part of the C-FOAPAL string. Proper account code usage is crucial for accurate financial reporting and for compliance with state reporting requirements.
Updates to Existing Banner Account Codes
• 303240 - Endowment Income Distributions from University of Illinois Foundation (UIF)
This revenue account code is used to record revenue from the distribution of income earned from the principal balances of UI Foundation (UIF) endowments. This investment income is typically budgeted for and distributed by UIF to a Banner gift fund on a monthly basis using this revenue account code.
• 303241 - Gift Revenue Distributions from University of Illinois Foundation (UIF)
This revenue account code is used to record income from the distribution of gifts, donations, charitable contributions, or qualified sponsorships from the University of Illinois Foundation (UIF) to Banner. These receipts are typically deposited through the UIF and subsequently distributed to an applicable Banner gift fund using this revenue account code.
• 303242 - Non-Gift Revenue Distributions from University of Illinois Foundation (UIF)
This revenue account code is used to record income from the distribution of non-gift revenue from the University of Illinois Foundation (UIF) to Banner. These receipts are typically deposited through the UIF and subsequently distributed to an applicable Banner gift fund using this revenue account code. These receipts typically reflect the fair market value (FMV) of any goods or services provided to the payor in return for their payment and are typically included as a part of a larger payment including a charitable contribution.
• 303243 - Return of Gift & Non-Gift Revenue to University of Illinois Foundation (UIF)-Erroneous Distributions
This contra-revenue account code is used to return gift and/or non-gift revenue to the University of Illinois Foundation (UIF) when the initial distribution from UIF to Banner was made in error and needs to be returned to UIF.
• 303244 - Return of Gift Revenue to University of Illinois Foundation (UIF) for Investment into UIF Endowment
This contra-revenue account code is used to return accumulated gift revenue from a Banner gift fund (fund type 4M) to the University of Illinois Foundation (UIF) for investment or reinvestment into a UIF endowment.
• 303247 - Fundraising Sales Tax Distributions from University of Illinois Foundation (UIF)
This revenue account code is used to record income from the distribution of sales tax receipts from the University of Illinois Foundation (UIF) to Banner. These receipts are typically deposited through the UIF as a part of fundraising sales, silent auctions, and other fundraising activities that take place within a gift fund. Sales tax is required to be collected on the fair market value of goods provided to the payee during these fundraising activities. The UIF distributes these sales tax proceeds to an applicable Banner gift fund using this revenue account code. These sales tax proceeds are then properly reallocated from this revenue account code and to the applicable sales tax custodial fund as a liability. This ensures that the sales tax proceeds are properly remitted to the State of Illinois.
Contact
If you have any questions, please refer to the Account Codes section of UAFR’s Who to Ask list.
