Happy Summer!  This issue of the Financial Management Newsletter includes the following:

·         New Process for Separation Leave

·         Traveling Out of the Country with UW or Personal Equipment

·         No More eTravel Receipt Emails!

·         Looks Too Good To Be True?

·         Best (and simpler!) Practice – Accounting for Funds Spent in a Foreign Currency

·         NEW – International Operating Funds

·         2012 Benefit Rates are now final!

 
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New Process for Separation Leave

Effective July 1, 2011 the University changed its procedure for recovering and charging separation leave for benefits eligible classified and professional staff.  This change is meant to alleviate large separation leave payouts to individual budgets especially those with fixed periods and budgets such as sponsored project budgets.  For more information see http://www.washington.edu/admin/finacct/separationleave.pdf.
Contact Mike Anthony at mda1213@uw.edu  with questions.
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Traveling Out of the Country with UW or Personal Equipment

When University faculty, students, or staff are traveling out of country with equipment (as carry-on or checked baggage), they should be prepared to document the original purchase upon returning to the United States to avoid having to pay duty tax.  For more information, visit http://f2.washington.edu/fm/eio/customs .
 
Contact the Equipment Inventory Office at eio@uw.edu or 543-4663 with questions.
 
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No More eTravel Receipt Emails!

Over the past two months, Travel piloted a program to review the impact of reducing the number of automated eTravel emails sent to departments.  Success and relief is on the way!  The results concluded direct and targeted contact is a more effective mechanism for follow-up when receipts are missing.  Thus, as of July 1, departments no longer receive automated emails requesting receipts from the eTravel system. See the updated information provided on the eTravel website to help departments manage their receipts:  http://f2.washington.edu/fm/travel/receipts
For additional information contact Teresa Crisostomo at tcris@u.washington.edu or (206) 685-9328
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Looks Too Good To Be True?

A recent rash of email scams are making their rounds at the UW. Email is an inexpensive and popular method for distributing fraudulent messages to potential victims. Most fraud is carried out by people obtaining access to account numbers and passwords. Never respond to any message that asks you to send cash or personal information. For more information, please see this webpage:
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Best (and simpler!) Practice – Accounting for Funds Spent in a Foreign Currency

UW has established guidelines for reporting expenditures made in foreign currencies.  We have now developed a new procedure that will make translating foreign currency spend to US dollars much simpler!   If you spend funds that will need to be posted to a budget, or are the custodian of funds that will be spent in a foreign currency and then posted to a budget, please see the new procedures here:   http://f2.washington.edu/fm/bao/Foreign_Currency_Translation
Send questions to fieldadv@uw.edu, or call Matt Evans at 206-543-6402
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NEW – International Operating Funds

The UW currently has five ongoing international programs, and more are anticipated.  To meet the needs for accessible funds that these programs will have, the B&AO team has developed an advance program called International Operating Funds (IOF).  The IOF accounts are a hybrid between a revolving fund and field advance account. You can learn more at: http://f2.washington.edu/fm/bao/node/104

Send questions to fieldadv@uw.edu, or call Matt Evans at 206-543-6402
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2012 Benefit Rates are now final!

2012 benefit rates are now final and will be reflected in FAS to coincide with the first payroll paid for July (7/25).  The rates are slightly different than the preliminary estimates that were published earlier this year as a result of review by the federal Department of Cost Allocation.  Please see the “News” section of the Financial Accounting website at  http://www.washington.edu/admin/finacct/office/  for details. 
If you have any questions, please contact Dan Schaaf at  schaafd@uw.edu  or 685-6423.