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  6. Annual Insurance Allocation to EBAs

Annual Insurance Allocation to EBAs

Overview

The University of Florida is part of the state self-insured program called the State Risk Management Trust Fund.  Environmental Health & Safety (EH&S) is responsible for communication with the Division of Risk Management, who set the premium insurance amounts to fund the Trust Fund.  EH&S provides to the Auxiliary Office the annual insurance invoices for vehicles and property costs.

The Auxiliary Office is responsible for the annual allocation of vehicle and property insurance costs to each individual Educational Business Activity (EBA) unit, based on annual invoices provided by EH&S.

The Auxiliary Office will process the insurance allocations each September through an ONL (online) journal entry.

Departmental Responsibility

Departments must ensure that vehicles and property are assigned to the correct ChartFields in the myUFL Asset Management module at the end of the fiscal year.

The Auxiliary Office will confirm the Department and Fund for each charge prior to posting an entry.

If an error is found, the department is responsible for transferring the asset to the correct ChartField to ensure allocation of insurance is consistent with asset assignment in myUFL, the official accounting record.

Last Reviewed

07/31/2020: reviewed content

Resources

ChartFields

Contacts

Educational Business Activity/Auxiliary Accounting: (352) 294-7236

Asset Management: (352) 392-2556

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