Q4 FY 2014 Unit Market Value for Endowment Projections

The ending quarter endowment pool unit market value for June 30, 2014, is $221.52 per unit. This information is necessary for Method 2 of projecting endowment income and is provided quarterly through FBS News. All other factors in the instructions remain the same through the fiscal year. For detailed instructions on how to project endowment income, please click here. The instructions are available there now for fiscal year 2014-2015.

Calculators have been added to this instruction page to make the calculation process of projecting endowment income easier to do. All that is necessary is to enter the required data inputs correctly and the projected endowment income will be calculated and displayed.

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Signature Cards Are Going Paperless

Say goodbye to the paper process of Signature Cards!
FBS would like to introduce you to Granting Financial Authority!

GFA is a one-stop application to:

  • Capture a reasonable facsimile of your signature digitally (Once!)
  • Designate Account Alternates
  • Verify Authority

Granting Financial Authority can be found in the Processing section of the FBS pagelet in CIS:

Granting Financial Authority (GFA)

For more information and instructional videos click here.

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Work-Study Deadline 09/30/14

Work-Study funded students must be placed in their first fiscal-year job no later than 09/30/14. Departments intending to employ a work-study student for the 14/15 fiscal-year must submit their Job Referral Notice (JRN) requests no later than 09/30/14. Students without a current fiscal-year JRN by 09/30/14 will lose their work-study funding and cannot be hired in the work-study program.

Payroll accounting for work-study employees must be correct by the pay period ending 09/30/14. If the payroll accounting is not correct, the student may lose their work-study funding and the employer will not be able to hire the student as a work-study employee after 09/30/14.

Please review your records for the following:

1) You must have a current JRN. The JRN authorizes the student to work for a specific department for a specified period of time. The JRN also indicates the authorized account number that must be used in order to utilize work-study funding.

2) The chartfield distribution on the e-PAF must include the Org ID and account number that is authorized on the JRN.

3) Please be aware that wages charged to any ORG ID and/or account number other than those authorized on the JRN, are an indication that the student is not set up as a work-study employee. Carefully review your payroll reports. Errors not resolved with the FWS Coordinator during the subsequent pay period may cause the student to lose their work-study funding.

If you have any questions regarding this notice or about a student’s work-study status, please contact the FWS coordinator at faws@sa.utah.edu.

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New Training Offered!

Procurement and Payments Basics

Accounts Payable and Purchasing have created a new training, which combines the material from both the AP and the Purchasing classes. This was done to more closely align our guidance to campus departments, and make the most effective use of your time. If you are new to a role which includes financial and/or procurement responsibilities, or if you want to re-familiarize yourself with best practices, please register for this class.

The next class is scheduled for next Tuesday, August 12, at 1:00pm.
This class will be held in Purchasing, and space is still available.

Click here to register.

FBS Training

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Lowe’s State Contract MA087 Update

This State contract offers a 5% discount by use of a key fob which is scanned at the register or the PRO desk. The discount is only for University purchases.

Lowe’s key fobs may be requested by email to: askme@purchasing.utah.edu or picked up from the receptionist at Purchasing, 1901 E. South Campus Drive, room 151 from 8-5 Mon to Fri. You may also contact the buyer, Polly Alles, by email at: palles@purchasing.utah.edu. Please include the requested number of fobs and the campus mail address and they will be sent to you via campus mail. Please share this information with interested department personnel.

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July Management Report Balances

Over the weekend the was a problem creating the carryforward (beginning) account balances and having them reflected in the July Management Reports. Consequently, on Monday, July 21st, the balances for July do not include the beginning balances that should have been carried forward from June. The correct balances will appear on Management Reports beginning Tuesday, July 22nd.

Also, please note that only July balances are affected and the June final balances are reflected in the June Management Reports.

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Fiscal Year-End Closing Information and Dates

Do you know what is required as part of the Year End process?

We have compiled a document to help. You will find:

  • Helpful tips and guidelines
  • Contact information for central administration offices
  • Important deadlines

 Click here to view the document

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Momentum Newsletter – Summer 2014

The Summer 2014 edition of the Momentum Newsletter is now available.

Click Here

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Campus Order Chartfield Validation Effective Today

In an effort to improve data quality and reduce the need for subsequent correcting entries, Accounts Payable and General Accounting have implemented Chartfield validation for Campus Orders. This will improve efficiency by avoiding the time required by your department, or central administration, to make corrections following an error.

Chartfield validation is widely used throughout campus for other financial transactions posted to the general ledger.

What this means for you?

  • Each Chartfield component must be valid, and in combination.
  • The Account code must be within the list of values specified on this webpage

If you submit a Campus Order to a reseller on campus, or if you are a reseller submitting the Campus Order to Accounts Payable, please ensure that the Chartfields used on the Campus Order satisfy both of these requirements.
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Audit News – State Auditors’ Fieldwork

The State auditors will begin their interim fieldwork testing this month, May, which will last through July. Additional audit work is scheduled for September.

This year’s State audit team will include Jason Allen, Supervisor and his staff; Melanie Henderson, Lisa McComb, Stephen Miller, Nate Grondel, Debra Glenn, Zachary Page, Jenny Coblentz and Matthew Dame.

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