Revised Space Rental/Lease Account Codes

Posted March 11, 2020 in Compliance Oversight and Reporting, Cost Accounting and Analysis, Financial Reporting and Accounting and tagged .

The Property Accounting Office and Controllers Office are informing you of required changes to the Space Rental/Lease Account Codes due to Governmental Accounting Standards Board (GASB) No. 87 on Leases to be implemented July 1, 2020.

The statement requires the university to recognize an intangible asset and lease liability on its financial statements and footnote disclosures. As a result, we have analyzed the account code structure to separate expenditures for leases from the regular space rental account codes 65500-65539. The statement also requires us to split out Common Area Maintenance (CAM) expenses, as stated below:

  • Payments for maintenance activities, including CAM (e.g., cleaning a lobby of a building, utilities, removing snow from a parking lot for employees and customers), are considered non-lease components and are accounted for separately.

Currently, in Management Reports, the Space Rental Account Codes are identified as: Space Rental, account number range 65500-65539, however, this account code structure does not provide the granularity required to implement the new lease requirements.

The Account Codes in the table below MUST be used in ALL Budget planning and then categorized for the dollars that are submitted for the upcoming fiscal year (July 1, 2020 – June 30, 2021) and thereafter. This is a regulatory financial requirement.

Revised Space Rental/Lease Account Codes (effective July 1, 2020):

Begin End Description Short Description Comments
65500 65509 Space Rental (non GASB87) for short term space rentals and leases less than 12 months Space Rent Non Lease Related
65510 65519 Lease Rent Intra Univ GASB87-for long term leases greater than 12 months LSE INTRA Real Estate Admin
65520 65529 Lease Rent 3rd Party GASB87-for long term leases greater than 12 months LSE 3RD Outside University
65530 65539 Lease Cam Intra Univ GASB87-for long term leases greater than 12 months CAM INTRA Real Estate Admin
65540 65544 Lease Cam 3rd Party GASB87-for long term leases greater than 12 months CAM 3RD Outside University

These changes will be effective as of July 1, 2020.  However, for any new Recurring Lease Payment Purchase Order setups, the new accounts will be effective immediately.

If you have any questions please call Mark Hamilton 213-1401, Rob Allen 581-5635 or Todd Kapos 581-5077.

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Fiscal Year 2020 Year-End Procurement Submission Dates

Posted February 27, 2020 in Procurement and Supply Management, UShop and tagged , .

The last day of the University’s fiscal year is June 30, 2020. Procurement transactions required to be completed prior to the end of FY 2020 are subject to the due dates described below.

The dates shown below are estimates and not guarantees. They reflect the typical time necessary to allow for a procurement process to be completed, as well as for delivery of requested goods or services prior to June 30th. Delivery of goods or services based on procurement requests submitted after the dates below may not be completed by June 30, 2020.

March 13, 2020 – Request for Proposal (RFP): Requisitions for procurement requests requiring a request for proposal process must be submitted by March 13, 2020. This process requires draft RFP documents for review and input by Purchasing, committee chair participation, and suggested vendor list.

March 13, 2020 – Multi-Stage Invitation for Bids (IFB) for purchases over $50,000: Requisitions for procurement requests requiring a multi-stage low bid process must be submitted by March 13, 2020. This process requires bid stage advancement criteria, specifications/requirements and a suggested vendor list.

May 1, 2020 – Invitation for Bids (IFB) and Sole Source Requests for purchases over $50,000: Requisitions for procurement requests requiring a standard low bid process must be submitted by May 1, 2020. The IFB process requires specifications/requirements and a suggested vendor list. The sole source request requires a completed sole source form and quote.

May 29, 2020 – Request for Quotes (RFQ) and Sole Source Requests for purchases between $5,000 – $50,000: Requisitions for procurement requests requiring a quote or sole source process must be submitted by May 29, 2020. The RFQ process requires complete specifications and a suggested vendor list. The sole source request requires a completed sole source form and quote.

REMINDER

  • Goods and services must be received and the invoice dated on or prior to June 30, 2020 to be charged to fiscal year 2020 funds.
  • Grant-funded purchases must be completed at least 60 days prior to project end date which may alter the timelines listed above.
  • Contracts must be fully executed before a purchase order is issued.

Ask UsPlease If you have questions, please contact the Purchasing Department at (801) 581-7241.

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Q2 FY 2020 UMV for Endowment Projections

Posted February 18, 2020 in Endowment & Investment Accounting, Financial Reporting and Accounting.

The ending quarter endowment pool unit market value (UMV) for December 31, 2019, is $227.68 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. The instructions are available there now for fiscal year 2020-2021.

 

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Purchasing Department Buyer Changes

Posted December 19, 2019 in Procurement and Supply Management and tagged .

Employee Retirement

We’re both saddened and thrilled for him to announce the retirement of Bob Tiney, a buyer in the Purchasing Department. His last day at the University is January 15, 2020.

Bob has been a valued and vital member of the Purchasing Department for the past 28 years including full- and part-time work. We will miss Bob’s extensive IT experience and knowledge, reliability, and dedication. His contributions and years of service have been integral to the success of the Purchasing Department.

We wish Bob all the best!

Buyer Assignment Changes

We are pleased to welcome Colette Brown, senior buyer, as the new IT buyer. Colette has worked in the Purchasing Department for the last four years, and has a total of seven years of experience in procurement.

We’re also very pleased to welcome Aimee Elliott to the Purchasing Department as a buyer. Aimee brings with her over five years of experience in procurement, with much of that time in healthcare. Aimee’s new buying assignments and commodities will include furniture, flooring, window coverings, and bottled water/purification.

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Q1 FY 2020 UMV for Endowment Projections

Posted November 12, 2019 in Endowment & Investment Accounting, Financial Reporting and Accounting.

The ending quarter endowment pool unit market value (UMV) for September 30, 2019, is $220.61 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. The instructions are available there now for fiscal year 2019-2020.

 

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Work-Study Funding Available

Posted October 28, 2019 in Payroll and tagged .

The Office of Scholarships and Financial Aid has Work-Study funding available for the 2019-2020 academic year. Our goal is to fully utilize the funds we have to offer our eligible students Work-Study options. We would like to evaluate current part-time student workers to determine if they are eligible for Work-Study and also assist in any way possible for students to participate in the Work-Study program during the 2019-2020 year.

As an employer, this may reduce the cost of wages to your Department for your student employees. If you send us a list of all the part-time student workers you employ, we will happily look at their eligibility on a case-by-case basis to see if Work-Study is a possibility and provide further guidance to assist if needed.

As you are hiring new student employees, we would like to evaluate those students as well for eligibility for the Work-Study program. You may send us their name and student ID for review.

If it is determined that the student worker is eligible to participate we will let the department know. If your student worker(s) are interested in Work-Study please let them know they can on our website.

Once a student has Work-Study the employer will then need to complete a Job Referral Notice (JRN) Request on our website.

For employers with additional questions about Work-Study we have information available on our website.

You may also refer any questions the Federal Work-Study Coordinator, Emilie Hereth, at faws@sa.utah.edu.

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Q4 FY 2019 UMV for Endowment Projections

Posted August 14, 2019 in Financial Services.

The ending quarter endowment pool unit market value (UMV) for June 30, 2019, is $220.14 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. The instructions are available there now for fiscal year 2019-2020. If you have any questions or feedback just ask us!

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Correctly Answering Questions on the Scholarship / Fellowship / Traineeship Form

Posted July 31, 2019 in Compliance Oversight and Reporting and tagged .

Central Administration has seen multiple instances where the question on the Traineeship Form “Is the payment for a current UofU Employee?” has been answered incorrectly (i.e. “No” when it should be “Yes”).

For those completing this form, you are asked to always double check and verify if a student receiving a payment is also a University employee. Incorrectly answering that a student is not an employee, when the student is, has the potential to lead to consequences that might negatively impact the student (with the IRS), your department and/or the University (with the IRS and the Award Sponsor), and delay the payment to the student.

Ask UsPlease ASK US if you have any questions.

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Timely Reporting of Departmental Deposits

Posted July 3, 2019 in Controller, Financial Reporting and Accounting and tagged .

As of July 1, 2019 (fiscal year 2020), Financial Reporting & Accounting will begin assessing a $10 fee for posting un-booked deposits greater than 90 days old to the appropriate Department.

University Policy (Rule 3-003B) states transactions should be documented, appropriately approved, and recorded on a timely basis. Revenue should be reported in the month in which the revenue is earned. Deposits that have not been recorded in PeopleSoft for more than 90 days are not meeting this requirement. Failure to book deposits in a timely manner results in inaccurate reporting of revenue on a Department’s Management Reports. See the attached memo from Laura Howat, Interim AVP for Financial and Business Services.

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Audit News – State Auditors’ Fieldwork

Posted June 21, 2019 in Controller and tagged .
The State auditors will begin their fieldwork testing June 24th and will be working on campus through September. This year’s State audit team will include Jason Allen and Bertha Lui, Senior Audit Managers and their staff; Kathryn Hoins, David Ingram, Daniel Layton, Chase Brown, Tyler Lanham and Craig Hatch.
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