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Financial Management Newsletter #30October 2005 |
| Autumn has arrived! This issue includes information about the following: * Grant and Contract Major Account Closing Effort *************************************************** ***GRANT AND CONTRACT ACCOUNTING CONDUCTS MAJOR CLOSING EFFORT*** Throughout the months of September and October, GCA is conducting a major effort to close budgets. By now, several departments have already been informed and contacted for additional closing instructions. These instructions will significantly assist GCA in coordinating this major closing effort. Departments that have already submitted closing instructions in the past do NOT need to resubmit (GCA staff will follow your original instructions, however, please respond by indicating prior instructions have been provided). Questions can be directed to Tami Sadusky, tamis@u.washington.edu, (206) 543-8952. ***************************************************** ***UPDATED BUDGET ALLOWABILITY CHART FOR DEPARTMENTAL SCHOLARSHIPS*** In collaboration with Grant and Contract Accounting and the Budget Office, SFS has updated the Budget Allowability Chart that clarifies allowable expenses for departmental scholarship budgets: http://www.washington.edu/students/sfs/sao/tuition/deptschol.html Departments can use this chart to help determine which components of tuition and fees may be authorized for payment to their scholarship recipients. The webpage also has updated information about how to complete the forms required for making the awards in the student database (SDB). For more information, please contact Pam Luther, 3-8805. ******************************************************** ***ATTENTION: DEPARTMENTS RECEIVING GOVERNMENT FURNISHED AND FEDERALLY TITLED PROPERTY*** This is a reminder of the importance of tracking government furnished and federally titled equipment. Please remember to immediately record these items into the OASIS system upon receipt. Failure to do so can and has recently led to inaccurate reporting to the agencies. It is also extremely important to retain shipping documentation in your department to support the actual date of receipt of the equipment. To reduce the potential for inaccurate or incomplete reporting, the Equipment Inventory Office will be adding an additional step to its annual and closing reporting processes. An email will be generated to project PIs (as well as the Office of Sponsored Programs) confirming the equipment (or lack thereof) reported on the award (specifically targeting government furnished property). It will be the PI/department's responsibility to review that all items are properly recorded and to alert Equipment Inventory of any missing information prior to report submission. If you have any questions, please feel free to contact Erin Courtney at erinc1@u.washington.edu or 543-4510. ********************************************************* ***NEW STUDENT FICA POLICY*** As a result of recent changes to IRS rules regarding the FICA exemption for graduate students, members of Financial Management, the Graduate School and Human Resources have prepared guidance (link below) to clarify the treatment of potentially impacted UW students. There is minimal impact to most UW students as a result of these new regulations. However, beginning fall quarter, graduate appointees taking more than a 75% appointment are subject to FICA. These students will have FICA withheld from their paychecks at the normal rate of 7.65%. Departmental budgets will not be impacted directly as FICA is already built intothe payroll load rates. The new FICA website addressing this issue can be found at: https://www.washington.edu/admin/sp/office/fica_faq.htm Please contact Rich Ruvelson at richr@u.washington.edu or 616-3003 with anyquestions. 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) |