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Monthly Archive for April, 2019

April 2019

1. Payments to Individuals and Contracts
2. Payroll Processing Deadline
3. 2019/20 Benefit Rate
4. Year End
5. Ricoh Meter Reads

Reminders:
6. International Travel Insurance
7. Reunion and Commencement Student Workers
8. Budget Reminders

1. PAYMENTS TO INDIVIDUALS AND CONTRACTS
It’s that time of year where you may be contracting with speakers or groups for year-end activities. The Finance Office has created the attached flowchart to aid in how to make these types of payments.  The “Speaker/Performer” contract template can be found here.  The standard University contract can be found here.  This information will soon be posted to the Finance website.

2. PAYROLL PROCESSING DEADLINE
The payroll processing deadline for weekly paid employees has been extended. Effective with the 3/29/19 pay date, week ending date 3/24/19, the new payroll deadline is noon on Tuesday instead of noon on Monday. This change applies to Time reporters who use the following systems/methods to report time:

  • Student Time Entry
  • Temp Time Entry
  • Time Clock
  • Electronic Time Sheet Submissions
  • Manual Time Sheet Submission

ATTRACK users are not impacted by this change and should continue to report their time by noon on Fridays. We anticipate a change for Attrack users in the near future, at which time we will provide you with more details.  Feel free to contact Payroll if you have any questions at (860) 685-2670 or payroll@wesleyan.edu.

3. 2019/20 BENEFIT RATE
The budgeted full benefit rate for 2019/20 will be 39.2%. The breakdown of the rate will be:

  • 24.2% – 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 24.2%. 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.

4. YEAR END
It is not too early to begin thinking about year end. The year end schedule and seminar dates are posted on the Finance website.

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 2019. 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.
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 be processed by year end.

5. RICOH METER READS
Please disregard the requests for meter reads from Ricoh. If you receive an email,
please forward to scondon@wesleyan.edu; Sherri will communicate direct with Ricoh.

REMINDERS:

6. INTERNATIONAL TRAVEL INSURANCE
Will you be travelling for Wesleyan over the summer? Reminder that Wesleyan participates in the International SOS insurance program that protects Faculty, Staff and Students while traveling abroad for school or business.

The program offers a variety of items including emergency removal due to storms, violence and/or terrorism. Their website has lots of pre-travel information and there is a mobile phone app designed for when you are traveling. One of the best features of the App is the up to date information on any country you may be traveling to.

Please contact Sherri Condon for the University’s membership number and information regarding the APP.

7. REUNION AND COMMENCEMENT STUDENT WORKERS
Departments hiring students to work Reunion and Commencement need to check with payroll to
verify that the student has all the payroll paperwork on file and is eligible
to work. Please contact payroll@wesleyan.edu.

8. 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 75%
expended.