Loyola University Chicago

University Policies

Financial Services

Financial Policies

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

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