Cash Management
Our responsibilities include managing daily cash flows and bank balances, maintaining electronic funds transfers, overseeing fraud control programs, and negotiating banking and financial services contracts. Our duties also include forecasting cash flow, consulting for internal business processes, and using banking services efficiently. We strive to provide modern, cost-effective financial services to university and system units by means of internal and external resources.
University of Illinois approved depository institutions are as follows:
- Bank of America, Chicago, Illinois
- Busey Bank, Urbana, Illinois
- First Mid-Illinois Bank & Trust, Monticello, Illinois
- JPMorgan Chase, Chicago, Illinois
- U.S. Bank, Springfield, Illinois
Vendor Information Form and Vendor Onboarding Portals
At times, the University of Illinois System provides goods and services to other parties, in effect acting as a vendor to an outside party. As such, the system is often asked by the outside party to complete a setup in an online portal, its vendor information form or other forms relating to paying the system. The use of online portals has significantly increased. We request that units work with Cash Management and the System Contract Management Office for setups.
Cash Management, cashmgmt@uillinois.edu, can assist with the online portals and forms, including assisting with identifying terms and conditions that should be presented to the System Contract Management Office. Many of our customers use third party payment portals that the University of Illinois System may already have an established relationship, and your unit can be added under the same umbrella.
Terms and conditions presented on forms, websites and within the payment portals must be reviewed, and potentially negotiated by the System Contract Management Office. The terms and conditions can be emailed to them at systemcontractmanagement@uillinois.edu.
Once that has been completed, please forward the acknowledgement of acceptance and the form or portal information to Cash Management at cashmgmt@uillinois.edu. If you have form with fields for department specific information, please complete that section before sending it to Cash Management. Our office will provide the required banking information and assist with coordinating other units as necessary to gather any additional information needed to complete the form. As a reminder, receivables should be billed through Banner, unless an exception has been provided as outlined in Business and Finance policy section 5.5, Request an Exemption from Using Banner AR.
Contact Cash Management at cashmgmt@uillinois.edu for any questions.