Controller

Policy Name	Description	Compliance Driver	Applicability	Last 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	06/01/2024
Capital Asset Management Policy	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
Foreign Corrupt Practices Act Policy	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
Foreign Corrupt Practices Act Policy (Corresponding FAQs)	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
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 AND Staff	06/01/2024
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.	University Controller	Faculty AND Staff	06/01/2024
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	02/18/2023
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	09/01/2023
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.	University Policy/Various Regulations	Faculty AND Staff	09/01/2023
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	06/01/2024
Tax Information for Student Financial Assistance / Awards	This information informs department administrators as well as students of how the University meets tax reporting obligations for scholarships, fellowships, prizes/awards, or honoraria.	IRS, IRS Pub 970: Tax Benefits for Education	Faculty OR Staff OR Students	08/16/2021
Travel and Business Expense Policy	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	08/09/2023
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.	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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