The University of Chicago

Financial Services

  

1003 Accounting System Maintenance

Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: October 1992
Revised: March 1997, January 2010
Refer Questions To:James Ribikawskis, 773-702-3690

Purpose: Maintenance of the Financial Accounting System (FAS) is necessary to ensure financial accounting and reporting integrity.

Policy

  1. Financial Services is responsible for the maintenance of the FAS.
  2. All requests to create new accounts (funds) must be accompanied by proper documentation and approved by Financial Services. Additional approvals, as indicated below, are necessary for the following accounts:

    1. All Accounts: Department or Division
    2. Sponsored Projects Accounts (Grants and Contracts): Office of Research Administration
  3. Accounts will be established in appropriate fund groups to reflect the nature of the revenues to be generated and/or the purpose of the expenditures to be incurred. (See Financial Policy, No. 1002.)
  4. All changes to account attribute codes and other account specific information must be approved by Financial Services.
  5. Departments are required to notify Financial Services, on a timely basis, of the following:

    1. Any organizational change affecting responsibility for account administration.
    2. Any accounts to be deleted such as inactive unrestricted accounts or restricted gift accounts for which the gift has been expended.

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