Policy 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.
1. 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.
2. 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.