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Financial Management Newsletter #38June 2006 |
Welcome to SUMMER!! This issue of the Financial Management Newsletter includes information about the following: * Fiscal Year 2007 Benefit Load Rates Now Available ********************************************************************** FY 06 Benefit Load Rates Now Available The new fiscal year 2007 benefit load rates, effective July 1, 2006, have been established and are available at the following website: http://www.washington.edu/admin/finacct/loadrate.html The benefit load rates (or payroll load rates) are used to automatically charge benefit costs to all budgets that have salary charges. The Financial Accounting Department updates the rates each year, submits them to the US Department of Health and Human Services for approval, and inputs the rates into the Financial Accounting System (FAS). Rates effective since 1989 are available in the FAS tables. Also included are brief descriptions of how the rates are determined and what cost components are included in each rate. Additional questions about benefit load rates can be directed to Sarah Moore at ************************************************************************* Procurement Card Program News ProCurement Cards are not just for small dollar purchases any longer! The ProCard can be used for advertising placements, such as those placed in newspapers, periodicals, on radio and television and on the internet. These charges may exceed the $2000 transaction limit with approval. In addition, "event planning" expenses up to $10,000 may also be incurred. Prior approval to incur these and other expenses above the $2000 transaction limit can be requested from ProCurement Card Services at procard@u.washington.edu/206-543-5252. Remember to obtain any required departmental approvals, as appropriate. More information can be found at at the ProCard website at: http://www.washington.edu/admin/procard/limitinc.htm *************************************************************************** Fiscal Year 2006 Closing While many budgets are not impacted by the fiscal year close (as opposed to a biennial close) Financial Services has posted the calendar for year-end processing procedures at: http://www.washington.edu/admin/payables/yearendclose2006.html Please email any questions about the close to Karen Long, at klong@u.washington.edu or call at 206-543-8831. ***************************************************************************** State Audit Has Begun! The State Auditors (SAO) have presented their plan for the Fiscal Year 2006 Audit. They will be spending most of their time focused on State compliance and federal assistance programs (primarily sponsored grants and contracts). Areas if emphasis may include issues noted in last year's audit, such as Faculty Effort Certifications and Grant and Contract Certification Reports, in addition * Cash Receipts/handling Any questions may be directed to Ann Anderson (andera@u.washington.edu/206-543-4993) or to Internal Audit at 206-543-4028. ****************************************************************************** |
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) |