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January 2015

1. Budget vs. Actual Reports – To be run again
2. Minimum Wage Increase – Change from previous communication
3. Earning Redistribution Process
4. Budget Reminders
5. Accounts Payable- MLK Holiday

1. BUDGET VS ACTUAL REPORTS – To be run again
For those who have set up monthly, reoccurring budget vs. actual reports, we anticipated running these reports on January 9 to give various chargeback centers and other monthly activity time to post to the December reports. You may have noticed reports that ran on January 5. We will also run them again on January 9 to capture additional December activity.

2.MINIMUM WAGE INCREASE – Change from previous communication
As a reminder, the minimum wage has increased to $9.15 (corrected amount) effective January 1.  A budget request to fund this increase for operating funds 100 and 104 has been submitted to the new money request process and will not be finalized until later in the year. All non-operating funds will need to fund this increase from their own resources.

3. Earning Redistribution Process
The Earnings Redistribution Request process will be moving from an excel based form to a web based form next week. The instructions will be included in the new form. If you have any questions, please contact the financial planning office.

4. BUDGET REMINDERS
Please be sure to check your financial reports so that you are on track in your budgets. Assuming consistent spending throughout the year, budgets should be 50% expended.

5. ACCOUNTS PAYABLE – MLK Holiday
On Monday, January 19th, the University will observe the Martin Luther King Holiday.

All Accounts Payable Vouchers which must be paid on Friday, January 23rd, must be received in the Accounts Payable inbox no later than Friday, January 16th at 4:00pm.
Payment requests received beyond this deadline will be processed for payment on January 30th.

Keep in mind that Wesleyan’s payment terms determine when a payment is made. Please contact Tamara Harley at extension 2843 or Crystal Flores at extension #2842 with any questions.

Your cooperation is appreciated.

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