Does your unit receive payments for enrollment or key deposits? If so, see below for guidance and helpful resources on the proper accounting treatment for these types of payments.
- Enrollment Deposits: Enrollment deposits are payments made by prospective students who have been accepted for admission but have not yet committed to attending the University of Illinois System. These deposits serve as a temporary placeholder to reserve a student’s spot in the incoming class while they make their final enrollment decision.
- Key Deposits: Key deposits are payments that students, faculty, or staff may be required to submit in order to obtain temporary access to a key for a specific room within a system facility (such as an office or research lab). These deposits act as a safeguard in the event a key is lost. If a key is not returned, the deposit may be retained to cover the cost of replacing the key and/or lock.
- Policy Guidance: Section 13.5 (Enrollment and Key Deposits) of the Business and Financial Policies and Procedures outlines the proper accounting treatment for these payments. Units that collect enrollment or key deposits are strongly encouraged to review this policy to ensure compliance.
Contact
For additional guidance, contact UAFR's appropriate subject matter experts by searching for “2N” (which is the fund type used for most of these scenarios) in the Business & Finance Who to Ask list.
