Policy 1402: Monthly Closings/Reporting
Subject Area: Financial Reporting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: January 1995
Revised: January 2010
Refer Questions To: James Ribikawskis, 773-702-3690
Purpose: To establish policies and procedures governing the monthly closing of the financial records and accounts of the University and reporting of the University’s financial condition and transactions.
1. Financial Services is responsible for:
- Establishing monthly accounting closing schedules and coordinating the data input requirements;
- Preparing and distributing to University account administrators monthly statements from the Financial Accounting System.
2. All departments will comply with the closing schedule as established.
3. The Financial Accounting System and the related subsystems are the source for preparation of all required financial reports.
4. Each Department/School/Division is responsible for reviewing the monthly account transaction reports to ensure the accuracy, completeness and validity of each transaction. Errors or questions arising from this review must be immediately reported to Financial Services for investigation and correction as required. See also Financial Policy No. 2111 regarding special rules for cost transfers to sponsored projects.