Does your unit have any non-monetary exchange transactions from FY22 which have not yet been reported to UAFR? If so, keep the following tips in mind:
- Per the FY22 Closing Procedures, the deadline to submit your FY22 non-monetary exchange transactions to UAFR is today, 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 to the external party (rather than paying with cash).
- For example, if a unit provides event tickets to a local television station in exchange for television advertisements to promote the event, then this would be considered a non-monetary exchange transaction which would need to be reported to UAFR so that an appropriate accounting entry could be recorded to Banner.
- Once UAFR receives the completed non-monetary exchange form from the unit, UAFR will record a non-monetary exchange transaction to Banner to ensure accurate financial reporting for the UI System's audited financial statements. While these transactions should ideally be recorded in the same month in which the transaction occurred, it is essential that they are recorded in the proper fiscal year.
For further details on this topic, contact one of UAFR's applicable subject matter experts located in the Non-Monetary Exchanges section of UAFR’s Who to Ask webpage.