Assets are resources owned by the university which have future economic value that can be measured and expressed in dollars. These standards provide insight into the recording and physical controls over assets within Indiana University. The information here focuses on the assets section on the balance sheet.
Standards
- UCO-AST-1.01: Custodial Funds
- How custodial funds are created, operated, reconciled, and closed, including shortages, fraud, bank accounts, and stale checks.
- UCO-AST-2.02: Non-Student Accounts Receivable
- What non-student accounts receivable (NSAR) is and the requirements that apply to units that carry it.
Related Policies
- FIN-ACC-30: Fraud and Fiscal Misconduct
- Establishes the consequences of fraud and fiscal misconduct and how to report known or suspected incidents.
- FIN-ACC-55: Foreign Source Gifts, Contracts, and Revenue Producing Activities
- Assigns departmental responsibility for compliance and establishes procedures for the university to comply with applicable foreign source reporting requirements, including 20 U.S.C. § 1011f (Section 117) and Indiana Code Title 21 Article 49 (SEA 388).
- FIN-ACC-140: Off-Premise Capital Equipment Control
- Outlines the process when capital equipment is loaned out or returned to IU.
- FIN-ACC-150: Ownership, Depreciation and Capitalization of University Assets
- Outlines the depreciation process for internal assets as well as the process to review ownership for capital assets at IU.
- FIN-ACC-170: Capital Movable Asset Physical Inventories, Tagging and Location Changes
- Outlines that each unit is responsible for movable capital asset physical inventories, tagging, and changing locations for those assets capitalized under their organization code in the Kuali Financial System.
- FIN-ACC-470: Internal Controls
- Establishes best practices for internal controls, which the university must maintain under Uniform Guidance and GAAP.
- FIN-ACC-560: Custodial Funds
- Establishes standards for the establishment and use of custodial funds.
- FIN-GCA-70: Equipment Transfers
- Establishes protocols for equipment transfers out of the university.
- FIN-TRE-52: Establishing and Closing University Bank Accounts
- Requires Office of the Treasurer approval before opening or closing any university bank, PayPal, money transmitter, or e-commerce account.
- FIN-TRE-81: Collection Agency Placement of Indiana University Accounts
- Outlines the authority and framework for assigning contracts with collection agencies, provides procedures and reasoning for this policy, and contains definitions related to collection agency agreements.
- FIN-TRE-90: External Agency Agreements
- IU may enter into contractual agreements to serve as fiscal agent for certain entities which are external to IU governance, for the purpose of facilitating the mutual achievement of educational, research, and public services purposes and goals.
- FIN-TRE-100: Signature Authority and Delegation
- Establishes and clarifies protocols regarding signature authority and the delegation of signature authority with respect to contracts and agreements between the university and third parties.
- FIN-TRE-110: Accepting Electronic Payments
- Provides the necessary guidance to ensure that the university takes advantage of the opportunities electronic payments present while meeting the regulatory requirements, operational challenges, internal controls, and security responsibilities associated with accepting payments electronically.
- FIN-TRE-120: Accepting Payments and Processing Revenue
- Standardizes how revenue is processed across the university to reduce the risk of fraud and loss and improve cash efficiency.
Training Materials
- Accounts Receivable Training Documentation
- Accounts Receivable Training Path
- Capital Assets Training Path
- Check Request Essentials Training
- Inventory FAQ
- Inventory Scanner User Guide
- Payments in Foreign Currency Training
- Stop Payments Training
Reference Materials
Checklists, forms, templates, and other supporting documents are available under Reference Materials.