Effective: May 1, 2009 Financial Policies Training: Non-Monetary Exchanges (2.1.12)

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Presentation transcript:

Effective: May 1, 2009 Financial Policies Training: Non-Monetary Exchanges (2.1.12)

These PowerPoint slides are intended for training purposes. In the event of any discrepancy or interpretation difference between the policy and the slides, the policy dictates.

Topics: What are non-monetary exchanges? Why is a policy needed? What are the policy requirements? What types of exchange agreements can UC enter into? What is needed for accounting purposes? Non-Monetary Exchanges (2.1.12)

What are non-monetary exchanges? The exchange of goods, services or use of fixed assets for other goods, services or use of fixed assets Can be similar or dissimilar Also called “barter transactions” Non-Monetary Exchanges (2.1.12)

Why is a policy needed? To ensure appropriate Approvals Accounting Value to UC Non-Monetary Exchanges (2.1.12)

What are the policy requirements? Business purpose Equal value Approval Exchange valued < $1000 Dean/org unit head In writing Exchange valued ≥ $1000 Purchasing; in conjunction with General Counsel if needed No pyramiding to bypass this approval Non-Monetary Exchanges (2.1.12)

What types of exchange agreements can UC enter into? UC can provide services to another entity in exchange for goods, services or use of fixed assets UC can provide use of fixed assets to another entity in exchange for goods, services or use of fixed assets Non-Monetary Exchanges (2.1.12)

What is needed for accounting purposes? Fair market valuation of the goods, services or use of fixed assets All documentation to Controller’s Office Non-Monetary Exchanges (2.1.12)

Non-Monetary Exchanges (2.1.12): Resources Financial Policies web site: The Policy (2.1.12): Policy questions