Financial Services

Go Paperless, Sign up for electronic W2!

Posted December 3, 2010 in Payroll, Tax Services and tagged w2.

Meaningful and exciting changes have been made to the way W-2 forms are now available to University of Utah Faculty and Staff. Employees can elect to receive the Form W-2 electronically, in a paperless format which will be available year round. Highlights include:

Employees will be able to access the W-2 a couple of days earlier, because they will not have to wait for it be delivered in the mail.
Employee’s sensitive personal information will not be sent through the mail.
Green – For employees eligible to file a tax return electronically with the IRS, no paper copy of the W‐2 is required so natural resources are saved by not printing and mailing W‐2 forms.
Budget Savings – In these tight budgetary times, this will have a positive impact on the budget of the University.
The W-2 is no longer unavailable after the tax season ends, access to your W-2’s are available online year round back to 2001.

Employees should sign up to take advantage of this opportunity. To sign up:

Sign on to the CIS and click the Employee tab (if it is not your default tab).
Click Payroll, Taxes and Salary.
Click Paperless W2 and you will have the option to select to receive your W-2 electronically.

You also have the ability to view your W2 electronically year round. Your W-2 forms back to 2001 are now available to see all the time. To view your W-2:

Sign on to the CIS and click the Employee tab (if it is not your default tab).
Click W-2 Form Reprint and you will have access to your W-2’s back to 2001.

If you have any questions, Ask Us!

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IRS Regulations and W-2 Form Reporting

Posted November 18, 2010 in Payroll, Tax Services and tagged procedure, w2.

Payroll Reporters,

Please note that we are approaching the end of the 2010 calendar year. IRS regulations require us to report on the W-2 forms and pay and/or withhold any appropriate employment taxes on certain benefits provided during the year, including (but not limited to) the following: gift certificates, certain tuition reductions, Long Term Disability payments, unqualified moving expenses, overpayments, voids and miscellaneous benefits. Any of such benefits provided to employees during the 2010 calendar year must be submitted to Payroll Accounting (411 Park) by December 7th in order to be processed for the final pay period of the year on December 15th. Benefit information submitted after this date may result in an incorrect W-2 and incorrect employment taxes for the year and subject the University to penalties. Such penalties will be passed on to the offending department.

If your department is planning on giving gift certificates during the holiday season, please submit information using the attached spreadsheet to Payroll Accounting by the December 7th deadline, or if this is not possible do not distribute the gift certificates until after January 1st, 2011. After completing this form please email it to: Ying He

Gift certificates given to employees after December 7th and before January 1st will incur a $12 processing fee per certificate in recognition of the manual adjustments required to correct the payroll tax records.

If your department finds it necessary to provide an employee recognition award after December 7th and before January 1st, please consider awarding tangible personal property with a de minimis value (under $75.) Such type of award is not required to be reported on the W-2 nor is subject to payroll withholding. For more information see

Tax Services & Payroll Accounting website

Any other manual adjustments to wages (as listed above) incurred during the calendar year but not submitted to Payroll Accounting by December 7th will also incur a $12 processing fee.

If you are holding any checks for void or overpayments to be processed, please send to the Payroll Office (420 Wakara) immediately.

Thank you for your immediate attention to this matter.

If you have any questions or feedback just ask us!

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Accounts Payable Under Construction

Posted November 17, 2010 in Accounts Payable.

The Accounts Payable office will be undergoing minor construction, starting Monday, November 24 and is expected to be complete by Monday, November 29. During this construction please continue to use the main office entry and drop documents for processing at the front desk as usual. While we do not expect this to significantly impact our operations, we wanted you to be aware.

If you have any questions or feedback just ask us!

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Travel Website facelift provides better directions

Posted November 15, 2010 in Travel and tagged website.

Travel Services has implemented several improvements to their website:

Travel Web Facelift

Click here to see the full size image.

We encourage our customers to Ask Us when you have questions or concerns.

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Endowment Projections for Q1 FY 2011

Posted November 15, 2010 in Endowment & Investment Accounting, Financial Reporting and Accounting.

The ending quarter endowment pool unit market value for September 30, 2010, is $192.86 per unit. This information is necessary for Method 2 of projecting endowment income and is provided quarterly through FS 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.

If you have any questions or feedback just ask us!

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Financial/HR Information Library (FIL/HRIL) results view upgraded

Posted November 11, 2010 in Financial Reporting and Accounting, Grants and Contracts Accounting and tagged fil.

The FIL/HRIL results view has been upgraded to display results in a smaller frame, making it much easier to browse through results without downloading to Excel. Also new is a Search box that provides a “quick and dirty” way to filter the results based on text found anywhere on the row. Just type in the value you’re looking for and the results will immediately be pared down to rows that contain the string of text within any of its column values. Delete your search and the complete result set will return. The search only filters the results on the web, the complete results will always be included in the download to Excel. Check it out!

If you have any questions or feedback just ask us!

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Key Personnel Effort and Fiscal Responsibility Reminder for Principal Investigators

Posted November 10, 2010 in Grants and Contracts Accounting, Management Accounting and Analysis and tagged principal investigator, procedure.

November 10, 2010

EFFORT:

Each department should ensure the appropriate level of effort of Key Personnel on projects. Key Personnel include all Principal Investigators and others specifically listed on the awarding document. Auditors of grants and contracts review Key Personnel to ensure the appropriate effort is charged as budgeted on federal awards. Normally a person’s home department has the knowledge of the amount of estimated, accumulated, and reported effort for each Key Person.

Please take the time to review the percent of effort budgeted for Key Personnel on federal awards. Key Personnel must provide effort at the level budgeted. If there is a reduction of effort for Key Personnel greater than 25% of the budgeted amount, it is necessary to obtain the appropriate approval from the awarding agency.

FSTSCAL RESPONSIBILITY:

A Project should be completed within the time and budget constraints.

Remember Monthly Management Reports should be reviewed promptly upon receipt and retained in the department. It is the responsibility of each responsible person to review his/her monthly Management Reports. Your review (or that of your designee) MUST be documented on the first page of each Activity or Project.

A Project is to be charged with only those costs that are allowable and appropriate to the Project, following all applicable federal and state laws and University regulations, policies, and procedures.

If you have questions, please contact the representative in Grants and Contracts Accounting responsible for your project.

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Do NOT Miss these Training Workshops!

Posted November 9, 2010 in Controller, Endowment & Investment Accounting, Financial Services and tagged internal control, training.

Financial & Business Services is offering the following upcoming workshops:

Endowments 101: Thursday, November 11, 2010 at 10:00 am

Internal Controls: Wednesday, November 17, 2010 at 2:00 pm

And our brand new course – Independent Contractor Workshop:

Feel free to Ask Us if you have any questions.

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FBS is now on Twitter!

Posted November 8, 2010 in Financial Services and tagged website.

Financial & Business Services is excited to offer yet another way we Connect with U!

We will continue to do all the things we currently do to communicate with our customers, this is just one more way you can get our news posts, blog posts and other useful information we find useful and want to share.

Join FS on Twitter!