This issue of the Newsletter includes information about the following:

• Tax Information for Students
• The University's 2007 Annual Report is Now Available on the Web
• Foreign Transactions on UW Travel & ProCard
• F&A Base Year Training Sessions

Tax Information for Students

The IRS offers two tax credits to help students or their families offset the cost of the higher education.  The first, the Hope Tax Credit, applies to the first two years of the undergraduate program. The second, the Lifetime Learning
tax credit, relates to all students and all programs with unlimited number of years.

Reporting for the tax credits is on Form 1098T, which includes information for the tuition charges and scholarship & financial aid funds received by a student. Student Fiscal Services sent out 67,000 copies of the 1098T tax forms for
calendar year 2007.  To help students understand the information on the 1098T tax forms, Student Fiscal Services offers free tax workshops to students. A student can also get a copy of the 1098T form online with this website:

http://www.washington.edu/students/sfs/sao/maintax.html

For more information, please contact LeChang Wong at 206-221-2621 or lichang@u.washington.edu.

The University's 2007 Annual Report is Now Available on the Web

The University's 2007 Annual Report, with audited financial statements and footnotes, is now available at the website below.  The report includes financial highlights as well as stories about The UW's Global Support Project, the
University's student support initiatives, and various other activities across campus.

http://www.washington.edu/admin/finmgmt/annualreport2007.pdf

Foreign Transactions on UW Travel & ProCard

A number of UW faculty & staff have recently received information from the U.S. District Court Settlement Administrator on how to participate in a class action settlement. The settlement is a Court approved refund of fees charged to eligible cardholders for foreign transactions from February 1, 1996 to November 8, 2006.

The University will be submitting a request on behalf of individual cardholders based upon an estimation of UW's annual foreign spend. If you received notification of this class action settlement, DO NOT submit a claim or OPT OUT of the settlement.

Please contact David Wright at djwright@u.washington.edu or 206-616-7076 for further information.

F&A Base Year Training Sessions

We are well into the next Facilities and Administrative (F&A) base year! To assist campus departments with key data collection requirements, Management Accounting and Analysis is offering a series of training sessions.  Training
sessions focus on one of two key topics - budget classification/unallowable expenses reporting and space survey instructions.

To register for a session, please RSVP at the link below.

https://catalysttools.washington.edu/webq/survey/jwfn/48854

MAA is also available to provide one on one and individual training as needed. If you are interested or have additional questions, please contact Cristi Chapman at cristic@u.washington.edu or 206-543-9985.