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Financial Management Newsletter #26

March 2005

This issue is short and sweet includes information about the following:

* Biennium Close is coming!
* Department loan authorization form on the WEB
* Accounts Payable Recovery firm selected

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Biennium Close is approaching and it's not too early to start thinking about it!

You are invited to attend an information session about Biennium Close issues on Wednesday, March 23rd, 9am-11am, in the Physics Astronomy Auditorium A118. Representatives from Financial Services, Purchasing, Financial Accounting, Budget Office and other administrative departments will review the webpage (URL below) and answer your questions about policies and procedures.

The 2005 webpage is now available at:

http://www.washington.edu/admin/ap/office/bienniumclose2005.htm

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Department loan authorization form on the WEB

Departments who authorize student loans from institutional loan budgets will now find the loan authorization form online at:

http://www.washington.edu/students/sfs/forms/loan_app.pdf

The form is interactive: authorized departmental users can complete their portion of the loan authorization online, print the form and send it to Student Fiscal Services (Box 355870) for processing. Instructions for using the form are located at http://www.washington.edu/students/sfs/list_forms.html (under Departmental Loan Authorization, near the bottom of the page).

For further information or assistance, please contact Pam Luther (pluther@u.washington.edu or 543-8805).

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Accounts Payable Recovery Firm selected

Financial Services recently secured the services of an accounts payable recovery firm. This is a widely used and accepted industry practice where large volumes of payment activity exist. Their 3 month engagement will will include review of payments and vendor statements from 7/1/03 - 6/30/04 to identify any overpayments, credits or rebates and to review our processes and make improvement recommendations. While we believe our systems and controls are strong, there will likely be some amounts due to the UW for which we were not aware. Most recoveries will be credited back to the original funding source. We may, however, be required to return some recoveries from expired federal grants to the federal government. Credits will be processed, net the fee due to the firm, via journal voucher. Unit copies will include language such as "AP Recovery".

If you have questions about this review, please contact either Karen Long (3-8831 or klong@u) or Tom Phillips (6-0935 or tomph@u).

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Have a great week!

Ann


Ann Anderson, Controller (andera@u.washington.edu or 543-4993)

V'Ella Warren, Vice President, Financial Mgmt & Treasurer, Board of Regents (vwarren@u.washington.edu or 543-8765)