The Office of the Vice President, Chief Financial Officer and Comptroller announces an open comment period (March 15, 2021 and closing March 26, 2021) to present updates and additions to a current section of the Business and Financial Policies and Procedures Manual. The open comment blog and updated policy is available for review at the following link: Section 11.13 – Accounting for Qualified Sponsorships.
The updated policy will provide guidance to units for how to properly account for qualified sponsorships within Banner, and will replace the version currently located at Section 11.13 – Sponsored Gifts.
Highlights of the policy and procedural changes include:
- Explanation of why it is important to properly account for qualified sponsorships;
- Definition of what a qualified sponsorship is per IRS guidelines;
- Guidance on how to identify the key characteristics of a qualified sponsorship which will be needed for proper accounting;
- Tips on how to report the qualified sponsorship to various parties when applicable, such as the University of Illinois Foundation, your applicable contract services office, and University Accounting and Financial Reporting.
Feedback on this updated policy may be submitted directly via email at obfspolicies@uillinois.edu.
Contact
For questions contact the Business and Finance Policy Office at (312) 575-7903 or obfspolicies@uillinois.edu.
