University of Illinois System
Policies & Procedures
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2.3 Request Approval for a Custodial Fund

Policy Statement

University Accounting and Financial Reporting (UAFR) must approve the establishment of a custodial relationship before receiving the deposits of money owned by others and held by the University of Illinois System as a custodian.

Acquaint yourself with the information in 2.1 Policies for Managing Custodial Funds.

As a non-system unit, the owner is not entitled to the privileges of system units.

Procedure

To request approval for a custodial fund:

  1. Confirm that the activity qualifies as a custodial fund by consulting 2.2 Determine the Need for a Custodial Fund.
  2. Obtain unit head approval to proceed with the request for a custodial fund.
  3. Review custodial fund limitations and owner responsibilities with the owner of the money (or a responsible member of the owning entity) as outlined in the Custodial Fund Agreement.
  4. Obtain the owner’s signature on the Custodial Fund Agreement.
  5. Verify that the unit is approved as a cash handling unit. If not, complete the steps in 10.1.1 Obtain Approval as a Cash Handling Unit.
  6. Complete the Banner Fund, Program, Index Code Request form. Provide all the requested information on the two agency tabs:
    • FPI Code Request
    • Fund Supplemental Info
  7. Send the completed form to UAFR.
  8. If the request is approved, UAFR establishes a fund code in Banner and notifies you.

Forms Used in this Procedure

Related Policies and Procedures

First published: December 2014 | Last Updated February 2024 | Last Reviewed February 2024