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April 2016

1. Purchase Orders
2. 2016/17 Benefit Rate
3. Year End
4. Physical Plant Labor Charges
5. Expiring PCards
6. WFS Tips and Tricks – Deleting templates and Billing Address
7. Purchasing News
8. Budget Reminders

1. PURCHASE ORDERS
We are aware of a WFS issue related to purchase orders (PO) where the voucher that is tied to the PO is not releasing the full encumbrance amount.
The issue has since been resolved and those who were impacted have been emailed directly with the respective PO/Smartkey. However, please email wfshelp@wesleyan.edu if you believe there is an issue and were not contacted.

2. 2016/17 BENEFIT RATE
The budgeted full benefit rate for 2016/17 will be 36.3% (the same rate as 2015/16). The breakdown of the rate is as follows:
21.3% Medical, dental and other
7.35% Retirement
7.65% FICA
Unrestricted operating and restricted gift and endowment smartkeys will be charged the percentages above. Grant and agency smartkeys will be charged actual medical, dental and other charges rather than the budgeted rate of 21.3%. Please note that the percentages above represent budgeted amounts only. Actual amounts contributed to retirement will vary based on eligibility and participation in the retirement matching program and actual amounts contributed to FICA will vary based on salary. Any variances between budgeted rates and actual rates will be managed centrally.

3. YEAR END
It is not too early to begin thinking about year end. The year end schedule will be distributed and posted on the Finance website this month and we will be hosting Year End Seminars in May and June. Stay tuned for additional information. The following items are things you can begin thinking about now:

  • PCards – all departments should be up-to-date on PCard reconciliations through the billing cycle ending February 2016. If you have not fully reconciled, please access your PCard vouchers in WFS and complete as soon as possible to allow sufficient time for approvals.
  • Budget Status – Request that any old PO’s, vouchers and/or journals be closed or deleted. Note that grant PO’s carry forward to the next fiscal year so no action is necessary.
  • Prepaid Expenses – If you have a voucher that pertains to the next fiscal year, please ad hoc Susan Pavis into Workflow after AP.
  • Travel Expense Reports – get them in as soon as possible for completed trips.
  • Necessary expenditures through June – be sure you are not headed over budget.
  • Workflow backlog – All documents will need to by processed by year end.

4. PP LABOR CHARGES
As we head into the final push of the fiscal year, keep in mind:
1) The number of events increase, and
2) Budgets become increasingly tight

As event reservations are closed out and billed, budget errors in WFS become more common. During the end of year planning process, please account for facilities charges associated with your events. Building these costs into the event planning process now streamlines the billing process and provides a more accurate view of your available budget.

Below is a summary of the FY16 billing rates:
• Sun Services: Event clean-up and other special cleaning (catered events, etc.)
o 8:30-3pm: $40 flat fee
o All other times: Minimum $80/event
• Material Handling: Moving services and event set-ups
o 7am-3:30pm: $49/hour
o All other times: Minimum $98/event
• Physical Plant Trades (Carpentry, HVAC, Plumbing, etc.): Special requests and academic program equipment
o All times: $55/hour

5. EXPIRING PCARDS
Expiring P-Cards, May 31, 2106: University P-Cards issued in 2014 are due to expire on May 31st. Department Fiscal Managers and/or individual cardholders will be contacted to coordinate distribution of replacement cards beginning end of April through the month of May. Replacement P-Cards will include chip technology imbedded in the card for added security and wider acceptance internationally. Activation of the card will require cardholders to select a PIN #. Cards will also have a magnetic strip in order to complete transactions at merchants that have a traditional (non-chip) reader.

Please note,
• Cards that have recently been replaced due to lost/stolen circumstances or fraud/compromise activity may have newer expirations dates. If you received a card without a chip, a replacement card will be reissued.
• Account numbers will not change (only magnetic strip, security code, and expiration date will change).
• Current cards will be active through May 31, 2016.
• Old plastic must be returned or properly destroyed prior to receiving a replacement card.

If you have any questions or concerns regarding expiring P-Cards, contact Tami Sabo at x2958.

6. WFS TIPS AND TRICKS – Deleting Templates and PO Billing Address
Smartdoc templates are a useful tool that pre-populates certain fields based upon a previously saved template. Instructions on creating templates can be found here.  You now have the ability to delete templates. Navigate to a completed smartdoc, click the “settings” icon in the smartdoc toolbar. From the dropdown menu choose “private templates” and you should see your list. The click on the “minus” (-) tab next to the one that is to be deleted.

Also, if you are completing a Purchase Order and notice that the billing address is incorrect, it can updated by going to Employee Portfolio and clicking on  Personal Profile under the Personal Information heading.

7. PURCHASING NEWS
Please see attached Purchasing News for information on year end furniture purchases, the 5th Annual Green Vendor Show and Richoh Meter Reading.

8. BUDGET REMINDERS
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 75% expended.

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