Policies
Click to review the below policies related to revenue recognition:
FIN-ACC-1: Role of Fiscal Officer, Account Manager, and Account Supervisor
Click the above link to review the Indiana University policy on the role of a fiscal officer, account manager, and account supervisor. This policy will aid in clearly defining these roles in order to establish a process to ensure fiscal control, accountability, and integrity for university accounts.
FIN-ACC-10: Ranking of Fiscal Officer, Account Supervisor, Account Manager, and Delegation of Signature Authority
Click the above link to review the Indiana University policy on the ranking of the fiscal officer, account supervisor, account manager, and the delegation of signature authority. This policy is in place to establish responsibility for an account by ensuring that the persons authorized to transact business on an account are the only people actually authorizing financial transactions.
FIN-ACC-350: General Accounting and Financial Audit Compliance
Click the link above to review the Indiana University policy on general accounting and financial audit compliance. This policy outlines the accounting principles followed at IU, such as accrual accounting, and explains how these practices impact departments across the university. It helps ensure accurate, consistent, and compliant financial activity in accordance with GAAP, GASB, and the State of Indiana. Additionally, the policy supports compliance with various audit requirements established by the OMB, IRS, and other state, federal, and external entities.
FIN-ACC-460: Depositing of Revenue for the Sale of Goods and Services at the IU Foundation
Click the above link to review the Indiana University policy on the depositing of revenue for the sale of goods and services at the IU Foundation. This policy provides guidelines on when funds generated through the sale of a good or service can be deposited or transferred to the Indiana University Foundation (IUF) from Indiana University (IU), the procedures for transferred funds, the necessary documentation when funds are transferred, how this impacts departments at Indiana University, and explains the importance of adhering to this policy as non-compliance can impact IUF’s tax-exempt status.
FIN-ACC-470: Internal Controls
Click the above link to review the Indiana University policy on internal controls. The objective of this policy is to establish best practices regarding internal controls at Indiana University. The university is required by Federal regulations, including Uniform Guidance and Generally Accepted Accounting Principles (GAAP), to maintain an effective internal control structure.
FIN-ACC-650: Financial Compliance: Authority & Accountability
Click the above link to review the Indiana University policy on fiscal compliance, authority, and accountability. This policy contains information about roles and responsibilities at Indiana University. In particular, this policy is focused on outlining the authority for the university’s external financial audits, fiscal internal controls, and related compliance. This policy outlines the delegation of financial policy, standards, transactions, systems, and reporting as it relates to external financial compliance for the university as a whole.
FIN-TRE-100: Signature Authority and Delegation
Click the above link to review the Indiana University policy on signature authority and delegation. This policy 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. In particular, this policy is focused on outlining parties who have the authority to sign documents related to conducting the business operations of the university, the procedure to request a delegation of signature authority, definitions for common types of agreements between IU and third parties, and how this policy impacts different departments at IU.
FIN-TRE-110: Accepting Electronic Payments
Click the above link to review the Indiana University policy on accepting electronic payments. This policy 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. Review this policy for information about the procedures around accepting and processing electronic payments, definitions for common terms surrounding electronic payments, and for information about how this policy impacts different units and employees at IU.
FIN-TRE-120: PROCESSING REVENUE
Click the above link to review the Indiana University policy on processing revenue. Review this policy to understand the revenue processing system and the importance of standardizing revenue processing within Indiana University as a means to reduce the risk of fraud and/or loss while increasing the efficiency of its cash.