Introduction
Review this book for detailed information on the recording and appropriate allocation of expenses at Indiana University. Expenses at Indiana University refer to the costs associated with conducting business or the utilization of resources for general operations. The purpose of this publication is to explain the fundamental principles governing expense recognition and reporting obligations at IU. Additionally, this book will outline the typical streams of payment made by Indiana University. This encompasses four of the primary payee classifications, compliance considerations, and best practices related to payments made by IU.
What you will find here
Compensation: This portion of the book will provide an overview of the compensation line on the income statement. This expense line consists of employee’s salaries, overtime, vacation time, bonus payments, commission, and benefits.
Student Financial Aid: This part of the book will provide guidance on student financial aid at IU. This expense category consists of all scholarship awards IU has provided to its students.
Supplies and Expense: Review this portion of the book to learn about the costs related to supplying employees with the necessary items for their daily job functions. This includes information about cost of goods sold (COGS) or the costs incurred to maintain IU’s normal operating expenses.
Energy and Utilities: This chapter of the book will cover costs associated with essential services such as electricity, steam heating, chilled water, drinking water, sanitary sewer, and storm water.
Travel: Review this portion of the book for guidance on the travel expense line on the income statement. This expense category is associated with traveling for IU business-related activities which can include transportation and lodging expenses.
Other Expenses: This portion of the book will cover expenses that do not fit readily in any of the defined expense categories and appear on the other expenses line of the income statement.
Payments to Suppliers: Review this part of the book for information on processing payment to suppliers.
Payments to Employees: This portion of the book contains information on processing payment to employees.
Payments to Individuals: Review this portion of the book for an overview on processing payment to individuals outside of IU. This includes information about honorarium payments, independent contractor payments, and payments to research participants.
Payments to Students: Review this portion of the book for information on processing payment to students.
Glossary: The glossary is a repository of both general and Indiana University specific accounting terminology.