Policy 2108: Overdraft Write-Off
Subject Area: Sponsored Awards
Responsible Office: Financial Services
Sponsor: Chief Financial Officer
Originally Issued: October 1986
Revised: October 1992, February 2010
Refer Questions To: Christine Sorensen, 773-702-2398
Purpose: To establish responsibility regarding unresolved sponsored program overdrafts.
1. Account administrators are responsible for expeditiously resolving cost overdrafts and/or disallowances on sponsored program (Ledgers 5 and 6) accounts.
2. Failure to resolve overdrafts and/or disallowances in a timely manner will result in the transfer of the charges by Financial Services to the guarantee account of the cognizant department.