Has your unit engaged in any non-monetary exchange transactions during FY22? If so, see below for a few helpful tips:
- Per the FY22 Closing Procedures, the deadline to submit your FY22 non-monetary exchange transactions to UAFR is Wednesday, July 6 by 5:00 p.m.
- As outlined in Section 13.5 of the Business and Financial Policies and Procedures, non-monetary exchange transactions occur when the University of Illinois System receives something of value from an external party in exchange for providing something of value in return as a form of payment (rather than paying with cash).
- For example, if a unit provides event tickets to a local television station in exchange for advertisements to promote the event, then this would be considered a non-monetary exchange transaction which would need to be reported to UAFR, who would then record the transaction to Banner.
- Once UAFR receives the completed non-monetary exchange form from the unit, a non-monetary exchange transaction will be recorded to Banner to ensure accurate financial reporting for the U of I System's audited financial statements. These transactions should be recorded in the same accounting period (i,e., the same month and fiscal year) that the transaction occurred.
- For further details, examples, and guidance on how to report non-monetary exchange transactions to UAFR, refer to Section 13.5 of the Business and Financial Policies and Procedures.
Contact
For further details, contact UAFR's applicable subject matter experts located in the Non-Monetary Exchanges section of UAFR's Who to Ask list for further details.
