| Title: |
Financial Accounting and Chart of Accounts Policy |
| Policy Owner: |
Accounting Office |
| Applies to: |
University Workforce Members |
| Campus Applicability: |
All UConn Campuses, except UConn Health |
| Approval Date: |
December 23, 2025 |
| Effective Date: |
January 1, 2026 |
| For More Information, Contact |
Associate Controller & Director of Accounting |
| Contact Information: |
accountingoffice@uconn.edu |
| Official Website: |
https://accountingoffice.uconn.edu/ |
PURPOSE
To ensure accurate and consistent recording of the University’s financial transactions and proper creation, maintenance, and use of the University’s Chart of Accounts for reliable financial reporting, strong internal controls, and compliance with all applicable accounting and reporting standards.
APPLIES TO
This policy applies to all Workforce Members involved in the initiation, approval, recording, reconciliation, or reporting of financial transactions.
DEFINITIONS
Chart of Accounts: The structured listing of account codes, attributes, and financial classifications used to record and report the University’s financial activity.
Financial Reporting Requirements: Standards and rules that govern how the University prepares and presents its financial information, including U.S. Generally Accepted Accounting Principles (GAAP), standards issued by the Governmental Accounting Standards Board (GASB), and other applicable state, federal, or sponsor requirements.
General Ledger: The central component of the University’s accounting system that records detailed financial transactions and account balances.
Workforce Members: Employees, volunteers, trainees, and other persons whose conduct, in the performance of work for the University, is under the direct control of the University, whether or not they are paid by the University.
Fiscal Staff: Workforce members that are generally responsible in their respective areas for financial matters including but not limited to procurement, adhering to budgets, safeguarding assets, and completing transactions in the financial system.
Departments: Academic, administrative, and operational units of the University, including schools, colleges, divisions, and centers, that initiate, approve, record, or review financial transactions.
Accounting Transactions: Financial activities recorded in the University’s general ledger that affect account balances. These include, but are not limited to, Distribution of Income and Expense (DI), Internal Billing (IB), Transfer of Funds (TF), Salary Transfer (ST), and General Ledger Transfer (GLT).
Supporting Documentation: Records that validate the accuracy and purpose of a transaction, such as invoices, receipts, contracts, email correspondence, or internal approval forms, as specified in University procedures.
POLICY STATEMENT
The University must maintain financial records that fairly and accurately represent its financial position in accordance with applicable Financial Reporting Requirements, including GAAP and GASB standards.
The Accounting Office maintains the University’s Chart of Accounts and ensures proper classification of revenues, expenses, assets, liabilities, and fund balances. Fiscal Staff may submit account requests or attribute changes through the University’s electronic workflow system. The department’s authorized approver or their delegate, as defined by University policy, must review account requests for accuracy, completeness, and compliance with University coding standards prior to final review by the Accounting Office. The Chart Manager Group within the Accounting Office approves all new accounts and attribute changes to ensure compliance with Financial Reporting Requirements.
Fiscal Staff must record all Accounting Transactions using the appropriate object codes, and include supporting documentation as outlined in applicable University procedures. The Accounting Office reviews and approves accounting entries, as appropriate, to help ensure the integrity, accuracy, and reliability of the University’s financial reporting. Departments should consult with the Accounting Office concerning issues or discrepancies in their General Ledger accounts that cannot be resolved at the department level.
ENFORCEMENT
Violations of this policy and any related procedures may result in appropriate disciplinary measures in accordance with University By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Code.
PROCEDURES/FORMS
The Accounting Office maintains the procedures and reference information supporting this policy, both of which are published in the University’s Knowledge Base. This includes the Chart of Accounts structure, attributes, object code descriptions, and procedures for requesting new accounts, processing Accounting Transactions, and correcting errors.
For additional guidance on account classification, transaction processing, or coding, departments may contact the Accounting Office.
Accounting – Finance, Payroll, and Budget – UConn Knowledge Base
Chart of Accounts – Finance, Payroll, and Budget – UConn Knowledge Base
POLICY HISTORY
Policy created: 08/19/2014
Revisions:
08/27/2021 (Review and editorial revisions)
12/23/2025 (Approved by the University Senior Policy Council and President)