Controller
| Policy Name | Description | Compliance Driver | Applicability | Last Review |
|---|---|---|---|---|
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 | 06/01/2024 |
|
The purpose of this policy is to provide direction for LUC employees responsible for recording and safeguarding LUC owned capital assets. |
University Policy/Safeguarding University Assets |
Faculty AND Staff | 06/01/2024 |
|
The FCPA is a federal law that prohibits, among other things, corrupt payments of Anything of Value to Foreign Officials for the purposes of obtaining or retaining business abroad. |
Federal Foreign Corrupt Practices Act of 1977, as amended |
Faculty, Staff & University Agents | 06/01/2024 |
|
Presents FAQ's concerning the University's Foreign Corrupt Practices Act policy. |
Federal Foreign Corrupt Practices Act of 1977, as amended |
Faculty, Staff & University Agents | 06/01/2024 |
|
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 AND Staff | 06/01/2024 |
|
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. |
University Controller |
Faculty AND Staff | 06/01/2024 |
|
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 | 02/18/2023 |
|
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 | 09/01/2024 |
|
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. |
University Policy/Various Regulations |
Faculty AND Staff | 09/01/2023 |
|
This policy is intended to provide information about FICA tax for Student Workers |
Federal Insurance Contributions Act (FICA) - Student FICA exception of Section 3121 (b)(10) & Nonresident Alien (NRA) FICA exception under Section 3121(b)(19) |
Students paid wages via LUC payroll | 06/01/2024 |
|
Information for department administrators and students regarding scholarships, fellowships, prizes/awards, or honoraria. |
IRS, IRS Pub 970: Tax Benefits for Education |
Faculty AND Staff AND Students | 08/16/2021 |
|
Employees of Loyola University Chicago may charge against appropriate University accounts normal and reasonable travel and business related expenses incurred for a University business purpose. These expenses should further the educational, research and public service mission of the University, and include sufficient description / explanation of the expense submitted for reimbursement. |
IRS Accountable Plan Rules, Office of Management and Budget (OMB) Circular No. A-21 |
Faculty AND Staff | 09/18/2024 |
|
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. |
Fair Labor Standards Act (FLSA) 89 F.R. 1638, 1-10-24; IRS Form SS8, Publication 1281, and Publication 1779 |
Faculty AND Staff | 06/01/2024 |
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