1010 Accounting for Compensated Absences
Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: October 1992
Revised: January 2010
Refer Questions To: James Ribikawskis, 773-702-3690
Purpose:To properly account for compensated absences, i.e., vacation, illness and holiday pay.
- Financial Services is responsible for accounting for compensated absences. This responsibility is delegated to those departments maintaining separate accounting of compensated absences for cost allocation purposes.
- Accounting for compensated absences shall be in accordance with the applicable financial accounting pronouncements and the University's Human Resources policies pertaining to such absences.