Loyola University Chicago

University Policies

Finance Department

Budgeting

Policy NameDescriptionCompliance DriverApplicabilityLast Review

Capital Expenditure Policy

Capital budgeting at Loyola University Chicago requires advanced planning and management approval to ensure that projects are properly evaluated and prioritized and consistent with the university’s strategic vision and campus master plan.

Capital Planning Committee: This committee will consist primarily of the Budget Review Team (President, Provost, Associate Provost, VP of Strategic Capital Planning, VP of Finance, VP of Human Resources, Director of University Budgeting & Financial Analysis, VP of Facilities).

This procedure applies to all construction, capital improvements, major equipment purchases and other special projects requiring one or more expenditures totaling $25,000 or more.

04/14/2010

Bursar Services

Policy NameDescriptionCompliance DriverApplicabilityLast Review

Red-Flag/Identity Theft Policy

The University adopts this policy to help protect faculty, staff, students and the University from damages related to the loss or misuse of Loyola Protected and Loyola Sensitive information as defined by the University’s Data Classification Policy.

Federal Red Flag Rule

Faculty AND Staff AND Students

06/10/2009

Returned Check Policy

All returned checks are charged a returned check fee of $40.00. Upon notification, the student must replace the returned check with a certified check, money order or cash. Failure to immediately replace the returned check will result in a registration block, and in some cases, cancellation of registration for the current term.

Check payments with insufficient funds have actual and receivable costs.

Payers on student accounts.

01/10/2014

Tuition Payment Policy

Policy notifies payers how and when bills are generated. Policy also notifies students of consequences for not paying on time.

Posting of payment and late payment fees

Students

07/10/2013

Withdrawal Policy

When a student drops classes or completely withdraws from the university, his/her tuition and fee charges are based upon the date of their withdraw in LOCUS.

Students and parents need to be informed about costs of withdrawing from University.

Students AND Parents

02/10/2014

Financial Services

Policy NameDescriptionCompliance DriverApplicabilityLast Review

Approving Requests in excess of $5,000

This procedure identifies the evaluation of transactions in excess of $5000 and the policy requirements for various payment mechanisms. 

Ensuring appropriateness of business expenses

Faculty AND Staff

07/01/2012

Capital Asset Management Policy

The purpose of this policy is to provide direction for LUC employees who are responsible for marking, recording, and/or safeguarding LUC owned capital assets.

Controller's Office (in connection with the University's annual audit).

Faculty AND Staff

05/01/2014

Fellowship and Scholarship Statement of Reporting Responsibility

At the beginning of each academic year, candidates are awarded scholarships and fellowships. The purpose of this document is to define and communicate the current rules, responsibilities and internal procedure to be followed in an effort to standardize their application.

IRS, IRS Pub 970: Tax Benefits for Education, IRS Pub 501: Exemptions, Standard Deduction and Filing Information

Recipients of Fellowships and Scholarships

01/30/2008

Foreign Corrupt Practices Act Policy

The FCPA is a federal law that prohibits, amount other things, corrupt payments of anything of Value to Foreign Officials for the purposes of obtaining business abroad.

Federal Foreign Corrupt Practices Act of 1977

Faculty, Staff & University Agents

11/24/2015

Foreign Corrupt Practices Act Policy (Corresponding FAQs)

The FCPA is a federal law that prohibits, amount other things, corrupt payments of anything of Value to Foreign Officials for the purposes of obtaining business abroad.

Federal Foreign Corrupt Practices Act of 1977

Faculty, Staff & University Agents

11/24/2015

Joint Venture Policy

This policy requires that Loyola University of Chicago evaluate its participation in joint venture arrangements with taxable entities under federal tax law and take steps to safeguard its exempt status with respect to such arrangements.

IRS Regulations

Faculty OR Staff

06/01/2009

Petty Cash Policy

A petty cash fund may be established for those University Departments where it is necessary to maintain a small amount of ready cash on hand. This includes departments that keep cash on hand to use in making change for customers.

Controller of General Accounting and the Director of Cash Management

Faculty AND Staff

02/08/2011

Procard Policy and Procedure Manual

The purpose of this statement is to describe the application process, usage guidelines, and reconciliation and approval processes for Loyola University Chicago’s Procurement Card (ProCard) Program.

IRS Accountable Plan Rules, Office of Management and Budget (OMB) Circular No. A-21

Individuals issued a ProCard, Cardholders who are traveling or make LUC travel and business related arrangements for themselves and/or for others

02/17/2010

Record Retention Policy (Financial Records)

Describes Loyola University Chicago’s policy for the collection, preservation and maintenance of financial records concerning the university's financial operations.

IRS Regulations

Faculty AND Staff

01/01/2013

Records Retention (Non-Financial Records)

Describes Loyola University Chicago’s policy for the collection, preservation and maintenance of Non-financial records concerning the university's operations. Loyola University Chicago record retention requirements in areas of financial records are not addressed in this policy.

IRS Regulations

Faculty OR Staff

07/01/2012

Student Employment FICA Exemption Policy

This policy is intended to inform university employees and others about relevant FICA tax issues in regard to Student Employees

Federal Insurance Contributions Act (FICA) - Student FICA exception of Section 3121 (b)(10) & Nonresident Alien (NRA) FICA exception under Section 3121(b)(19)

Student employees

06/12/2012

Travel and Business Expense Policy

Employees of Loyola University Chicago (LUC) may charge against appropriate University accounts normal and reasonable travel, business and entertainment related expenses incurred for a University business purpose as it pertains to local transportation and out-of-town travel. These expenses should be incurred to further the educational, research and public service mission of the University.

IRS Accountable Plan Rules, Office of Management and Budget (OMB) Circular No. A-21

Faculty AND Staff

09/11/2007

Worker's Classification Policy

Document current rules and regulations along with the proper procedures that must be followed when contracting and classifying an Independent Contractor (IC) or employee. This document is meant to identify evaluation and review criteria in order to establish the appropriate relationship between Loyola University Chicago and the IC or employee.

Generally Accepted Accounting Principles (GAAP) and IRS Form SS8, Publication 1281, and Publication 1779

Faculty AND Staff

07/05/1905

Purchasing

Policy NameDescriptionCompliance DriverApplicabilityLast Review

Contract Policy

Ensure that the proper due diligence and executive oversight is paid to any and all University Contracts, Agreements or other Legally Binding Documentation.

General University Policy and best business practices

Faculty OR Staff

01/01/2013

Purchasing Policy

The goal of the Purchasing Policy and procedure is to provide reasonably priced, high quality goods and services to end users while preserving organizational, financial and civic accountability.

Office of Management and Budget (OMB) Circulars A-21, A-110 and A-133

Faculty OR Staff

01/01/2013

Sponsored Program Accounting

Policy NameDescriptionCompliance DriverApplicabilityLast Review

Advance Account Guidelines and Forms

A department/investigator may, at its own risk, request an Advance Accounting Unit (AU) if it is certain that an award will be made.

NIH Grants Policy Statement,Office of Management and Budget (OMB) Circulars A-21 and A-110

Faculty OR Staff

08/31/2006

Central Clinical Trial Accounts Policies and Procedures

To ensure that costs related to clinical studies performed at Loyola University Chicago are properly charged according to protocol. The policies and procedures are to ensure compliance with federal cost principles, consistency in accounting and costing practices, and flexibility to meet the uniqueness of clinical studies.

Office of Management and Budget (OMB) Circular A-21

Faculty OR Staff

11/08/2006

Certification of Student Participation on Sponsored Research Projects

Policy and procedures to document and certify a student's committed effort on a sponsored project for any graduate student, post-doctoral student, resident or fellow who is not receiving a stipend or salary from the sponsored program.

Office of Management and Budget (OMB) Circular A-21

Faculty OR Staff

03/06/2009

Cost Overdraft Policy

To establish responsibility regarding unresolved sponsored project overdrafts. Overdrafts are comprised of salary and/or other direct cost expenditures, including commitments, which exceed the authorized total sponsored project award amount.

Office of Management and Budget (OMB) Circular A-110

Faculty OR Staff

11/08/2006

Cost Transfer Policy

University and federal policies require prompt transfers to grants and contracts. All retroactive transfers must be made within 90 days of the posting and must be reasonable, allocable, and allowable.

Office of Management and Budget (OMB) Circulars A-21, A-110 and A-133

Faculty OR Staff

07/06/2006

Effort Certification Reporting

To comply with the federal regulation of OMB Circular A-21, the University must provide clear direction for faculty and staff for determining effort when preparing proposals and payroll forms. It is necessary to track and confirm certification of effort by the University personnel.

Office of Management and Budget (OMB) Circular A-21

Faculty OR Staff

11/16/2006

Gift Card Policy

Guidelines and procedures for the purchase and distribution of gifts and gift cards/certificates purchased with University funds to ensure compliance with the University’s tax withholding and reporting obligations.

Controller of General Accounting, Director of Purchasing, IRS

Faculty OR Staff

09/04/2014

Gift versus Grant Determination Checklist

To provide clarification on the differences between "Gifts" and "Grants". Includes a checklist of indicators to be used in determining the appropriate classification for external funds.

Generally Accepted Accounting Principles (GAAP)

Staff OR Faculty

10/14/2008

Grant Expenditure Review Policy

Principal Investigators (PI) of extramurally funded grants or contracts are required to review their grant and contract accounting units (5XXXXX series) on a monthly basis. The monthly review is designed to ensure that all expenditures are allocable, allowable and reasonable and to correct any errors or discrepancies in a timely manner.

Office of Management and Budget (OMB) Circulars A-21, A-110 and A-133 requirements

Faculty OR Staff

04/20/2010

Research Study Participant Payment

This policy establishes the options for research study participant payment, including advances and replenishment of research funds, to facilitate human subject research.

IRS

Faculty OR Staff

04/26/2007

Signature Card Policy

In order to comply with federal regulations, only those individuals who have signed the signature card will be able to approve expenses such as check requisitions, purchase requisitions, patient charges, expense transfer requests, etc. for that account.

Office of Management and Budget (OMB) Circulars A-21, A-110 and A-133

Faculty OR Staff

11/01/2006

Subcontract Policy

Policies and procedures for establishing and administering a subcontract on a sponsored project.

Office of Management and Budget (OMB) Circular A-110

Faculty OR Staff

08/27/2009

Unallowable Cost Policy

The federal Office of Management and Budget (OMB) Circular A-21 describes the costs that are eligible for reimbursement under federal grants and contracts (allowable costs), and the costs that are not eligible for reimbursement (unallowable costs).

Office of Management and Budget (OMB) Circular A-21

Faculty OR Staff

01/22/2007

Treasury and Investment

Policy NameDescriptionCompliance DriverApplicabilityLast Review

Credit Card Policy

This policy governs all instances of credit card payment acceptance and specifically outlines how credit card data may be transmitted, processed and stored.

Treasury-Cash Management policies; JPM Chase Paymentech Merchant Processing Agreement; Payment Card Industry-Data Security Standards

Faculty OR Staff

08/13/2010

Electronic Funds Transfer (EFT) Policies and Procedures

This policy relates to electronic funds transfer (EFT) which is defined to be the transmission of an electronic message to a financial institution instructing it to make an electronic entry reflecting the transfer of ownership of funds from one depositor to another.

Treasury-Cash Management policies; Accounts Payable policies; SPA policies; General Accounting policies; Internal Revenue Service (IRS) regulations

Faculty OR Staff

06/11/2012

Endowment Spending Policy

Fiduciary duty, best practice

Faculty OR Staff

06/06/2013

Interest Rate Swap Policy

Governs the use of interest rate swap transactions for the purpose of hedging existing or planned debt.

Responsible best industry practices; rating agencies, the IRS, underwriters and investors expect such a policy

Faculty OR Staff

06/21/2005

Investment Policy and Guidelines

Governs the management of the investment portfolios of the University and guides the Investment Policy Committee, staff, and any consultants in managing the University’s invested assets.

Fiduciary duty

Faculty OR Staff

09/15/2015

LUERP Investment Policy

Governs the investment of assets of the Loyola University Employees' Retirement Plan ("LUERP" or "the Plan").

Fiduciary duty

Faculty OR Staff

02/19/2013

Motor Vehicle Records and Vehicle use Policy

Governs the safe use of vehicles for University business, whether owned, rented or personal vehicles. (Will be in effect on August 1, 2014)

Insurance company expectation; prudent industry practice

Faculty OR Staff

03/19/2014

Tax-Exempt Bond Financing Compliance Policy

Provides procedures and guidelines to ensure that all qualified 501(c)(3) bonds or other tax-exempt debt of the University remain in compliance with federal tax law requirements.

Responsible best industry practices; rating agencies, the IRS, underwriters and investors expect such a policy

Faculty OR Staff

05/11/2012