Repository: UIHistories Project: Board of Trustees Minutes - 1992 [PAGE 216]

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204

B O A R D OF T R U S T E E S

[March 26

(b) For accounting purposes, the fiscal year of the University shall begin with the first day of July of each year and end on the thirtieth day of June next succeeding. (c) No department or unit shall receive any monies directly unless authorized by the Vice-President for Business and Finance to do so. All monies shall be accounted for and paid over in such manner as the Vice-President for Business and Finance shall direct. (d) The Vice-President for Business and Finance is authorized to establish and administer petty cash funds where necessary for the prompt and efficient handling of University business, provided that no single fund of more than $1,000 may be established without specific action of the Board of Trustees. The Board shall designate the banks in which petty cash funds in excess of $ 1,000 may be deposited. (e) The Vice-President for Business and Finance is permitted to act as treasurer of student and other organizations affiliated with the University, but in so doing shall not act on behalf of the University or as a University officer or employee and shall not thereby create any liability on the part of the Board of Trustees of the University of Illinois. In all cases, the accounts of these organizations shall be kept separate from the University accounts and the funds of such organizations shall be kept apart from University funds. (f) All employees shall be bonded in adequate amount and form, to be determined by the Board, the expense thereof to be paid by the University. (Replace the interlineated Section 8 with the underlined new Section 8.) ARTICLE II. BUSINESS ORGANIZATION AND POLICIES SECTION 8. COMMERCIAL TESTS (a) Commercial tests or investigations for individuals, firms, institutions, or corporations may be undertaken by the University of Illinois when in the opinion of the head of the department in which the tests would be conducted and of the dean of the college it is desirable that the work be done. In general, such tests arc justified when the results may be of scientific value or when the necessary facilities do not exist elsewhere or arc not rctfdily accessible. Such work shall be arranged by the head of the department with the members of the staff in accordance with the nature of their employment, as a part of their service to the University, unless such work is done at times when services arc not required by the University. When necessary or desirable, special assistants may be employed to conduct a special test or investigation. (b) A fee shall be assessed for each such test sufficient to cover all direct and indirect costs of service rendered or assistance obtained and the use of any and all facilities of the University in carrying out the test. (c) In all cases where commercial testing using University equipment or facilities is permitted to be undertaken by individual members of the faculty of the University on their own time and responsibility, it should be clearly understood by the agency requesting such tests that the tests arc not to be considered as cooperative research investigations and that the University, as an institution, assumes no responsibility for the results obtained. Ownership rights in data and results from such commercial testing, including resulting inventions or discoveries, shall be specified in writing as a part of the agreement covering the proposed work. Absent such specification, ownership rights shall belong to the University. The name of the University of Illinois shall not be used in publicity concerning the product's tests, without its permission. (d) The Head of the department in which the tests arc conducted shall keep a record of the terms of the agreement with the sponsor of the tests. SECTION 8. TECHNICAL TESTS (a) The University may undertake specified tests using unique or special University facilities on a contractual service basis for individuals, institutions, or commercial entities (applicants). In general, such tests are justified when the desired