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Category Archive for 'Uncategorized'

April 2018

1. Single Use Account (SUA) Program
2. 2018/19 Benefit Rate
3. Year End
4. Reunion and Commencement Student Workers
5. Budget Reminders
6. Purchasing News


1. SINGLE USE ACCOUNT (SUA) PROGRAM
Do you hate 50 line pcard vouchers?  Do you find paying vendors with a pcard to be a cumbersome process?  This is for you!

Wesleyan is pleased to announce the implementation of the Single Use Account (SUA) program as an alternative payment solution to current payment processing. Using a Single Use Account product will allow the University to deliver secure electronic payments to select suppliers who accept MasterCard with the benefits of check payment processing for the end user.

Please join us for an open forum on April 9, 2018 at 2:00pm, USDAN 108 to learn more about the SUA program. RSVP to tsabo@wesleyan.edu.

2. 2018/19 BENEFIT RATE
The budgeted full benefit rate for 2018/19 will be 38.4%. The breakdown of the rate will be:
23.4% 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 23.4%. 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 2018. 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.

4. 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.

5. 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.

6. PURCHASING NEWS
Please see attached Purchasing Newsletter for information on WB Mason furniture purchases, WB Mason returns and information on Hotel Contracts and XL Center discounts.

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