1001 General Accounting
Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Chief Financial Officer
Originally Issued: October 1992
Revised: January 2010
Refer Questions To: James Ribikawskis, 773-702-3690
Purpose: To provide information on the University's financial operation to management, Trustees, and other interested parties.
- Financial Services is responsible for accounting for University financial activity in accordance with Generally Accepted Accounting Principles (GAAP) as promulgated in the Audit Guide for Colleges and Universities.
- Accounts will be maintained and reports prepared on the accrual basis of accounting.
- Revenues will be recorded when earned.
- Expenditures will be recorded when materials or services are received or when an obligation or the impairment of an asset has occurred.
- Financial Services is responsible for maintaining a system of internal controls adequate to safeguard University assets.