HR Policy - UW System Administrative Policy 605 - Loss-Funded Operations

When damage to UW System property occurs, institutions may receive reimbursement for their losses from the State Self-Funded Property Program (SSPP). In case of subrogation, reimbursement may also come from responsible parties and/or their insurers. Fund 999 was established to account for the receipt and disbursement of proceeds from losses without the need to encumber regular departmental operating budgets. This policy establishes guidelines for the operation of fund 999, use of the revenue and associated accounting and reporting procedures.

 Functional Owner  UW System
 Executive Sponsors  UW System Level Policy 
 Policy Contact  Human Resources


Who this policy applies to:
All employees

Rationale:
When damage to UW System property occurs, institutions may receive reimbursement for their losses from the State Self-Funded Property Program (SSPP). In case of subrogation, reimbursement may also come from responsible parties and/or their insurers. Fund 999 was established to account for the receipt and disbursement of proceeds from losses without the need to encumber regular departmental operating budgets. This policy establishes guidelines for the operation of fund 999, use of the revenue and associated accounting and reporting procedures.
 

Policy Detail:

This UW System Policy is available on the UW System Policy Page.  For more information, please visit: 




Keywords:state self-funded property program, SSPP, loss-fund operations, institution risk manager, uninsured loss fund, IRM   Doc ID:118989
Owner:Jackson P.Group:UW-La Crosse
Created:2022-06-13 13:52 CSTUpdated:2022-06-17 12:47 CST
Sites:UW-La Crosse
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