http://www.wesleyan.edu/finance/financeDept
Important Reminders
1. Year End
2. Finance Open Meeting
New Financial System
3. WFS
Other News
4. ***NEW TRAVEL POLICY***
5. Updated Mileage Rate
6. Commercial Card – New PCard Vendor
7. Accounts Payable – 4th of July deadlines
8. Month End Reports – Eprint reports
9. Who to Contact?
1. YEAR END
The Year End calendar and other information is posted in the “Of Note” section of our website located at www.wesleyan.edu/finance/financeDept <http://www.wesleyan.edu/finance/financeDept>
Now is the time to start looking at budgets and projecting for the end of the fiscal year. It is very important that approved budget totals are not exceeded.
All expenses incurred through May must be submitted to Accounts Payable by Wednesday, June 11 to be paid by June 30.
2. FINANCE OPEN MEETING
Not able to attend the last Finance seminar related to year end? Still have unanswered questions? Not sure what the new financial system will bring? Have questions about approval requirements? Purchasing card? Travel policy?
Come to the Finance Open Meeting being held on Friday, June 13 from 10:30 to 11:30 in Usdan 108. Members of the Finance office staff will be available for informal conversation on whatever topic you want to discuss. Bring your thoughts, questions and concerns.
3. NEW WESLEYAN FINANCIAL SYSTEM (WFS)
The WFS Steering Committee has chosen Smart ERP as implementation partners for the new financial system. Smart ERP brings a wealth of Peoplesoft Financials knowledge. We are in the final stages of contract negotiations and expect them to come to campus in a couple weeks.
Members of the Wesleyan financial community will be called upon during the implementation process to provide input into system and business processes.
The goal is to complete the implementation by July 2009. The Finance Monthly will be used as one way to inform the Wesleyan community about the WFS implementation. Please be sure to check in this section of the monthly newsletter for updates.
4. ***NEW TRAVEL POLICY***
We are pleased to announce a new Travel and Other Expense Policy effective July 1. The new policy can be found at
http://www.wesleyan.edu/finance/financeDept/accounts/travelpolicynew.html
The highlights are of the new policy are as followings:
Alcohol – The revised policy provides circumstances in which alcohol is allowable and how it is to be accounted for.
Travel Meals – The University does not have per diem. Currently, the maximum amount reimbursed for meals while traveling is $60. The new policy recognizes inflationary pressures and proposes to increase it to $75 for domestic travel and $100 for international travel.
Business Meals and Entertainment – This is one area of increased federal oversight and is sensitive to perception. Because of the potential external scrutiny we felt it necessary to have documented policies that provide guidance in this area. This now includes limitations on when lunch meetings with co-workers is a reimbursable expense. Part of the requirement is that the primary purpose is to conduct business according to a clearly defined agenda and it is not possible to meet during working hours. In other words, there needs to be a clear and compelling reason to meet outside the office. These are IRS definitions applicable when there are no non-University personnel at the meal. The new policy gives examples of different types of meals and reimbursement eligibility.
Documentation – Currently the Commercial Card policy requires receipts for all expenses while the Travel Expense Reimbursement Form only requires receipts for expenses greater than $20. The revised policy brings the two in line by providing the $20 receipt threshold for travel expenses charged to the University Commercial card as well.
Documentation II – While easing off on the receipt requirement, there is a greater focus on business purpose not only because the IRS requires this documentation but also to provide additional transparency. Business purpose is now required for all expenses although grouping of expenses is allowed.
Mileage –Accounts Payable processes checks for very small dollar amounts reimbursing for in-town mileage when running errands for the University. The revised policy sets a 5 mile minimum distance in order to be eligible for reimbursement.
We plan on scheduling meetings in early September to go over these new provisions in more detail and will be happy to attend any department staff meetings upon request. If this timeline poses a problem please let us know at finance@wesleyan.edu.
5. NEW MILEAGE RATE
The new mileage rate for Fiscal 2009 is $0.505 (Fifty and 1/2 cents), the IRS established standard rate.
6. COMMERCIAL CARD – New P Card Vendor
Over the next several months, we will be implementing a new Purchasing Card Program (P Card) sponsored by JPMorgan Chase and MasterCard. Beginning June 2008, existing Bank of America cardholders will be contacted for card distribution and training. Your Bank of America card will not be turned off until you have picked up the new JP Morgan card. Over the next few months we will be looking to roll out the P Card program more broadly.
The P Card program has many benefits to both you and Wesleyan as listed in the Purchasing Card Program Policy <http://www.wesleyan.edu/finance/financeDept/pcard/pcardpolandproc.htt> . You should see minimal change in business processes in terms of use and reconciliation. One P Card will be used for all transactions. You will be required to provide a business purpose for all transactions or group of transactions. However, you will not be required to provide a receipt for travel and entertainment charges less than $20. Please be aware that any automatic recurring charges on your current card will need to be transferred to the new JPMorgan P Card.
Tami Sabo (x2958), is the P Card Program Administrator. Questions can also be addressed to the general P Card email of pcard@wesleyan.edu
Regarding the current Bank of America activity:
Statements and receipts for the billing period ending May 20 are due to the Finance office, attention Tami Sabo, by June 20, 2008. The statement requires the signature of both the cardholder and their supervisor/fiscal manager. If statements are not received within two months of the due date, the account will be frozen until all charges are reconciled. Consistent lack of timely submission will result in termination of cardholder privileges.
7. ACCOUNTS PAYABLE – 4th of July Deadlines
4th of July: All vouchers for payment on Friday, July 11 are due to Accounts Payable by Wednesday, July 2nd at 12:00.
Year end: All vouchers with payments through May 31 are due to Accounts Payable by Wednesday, June 11.
All other times: vouchers received by 4pm on Thursdays will be processed for payment in the following week’s Friday check run.
For accounts payable questions please contact Tammy Harley at x2843 or Janet Gyurits at x2842 or email ap@wesleyan.edu
Please save this site as a favorite for quick answers to questions you might have.
http://www.wesleyan.edu/finance/financeDept/accounts/
<http://www.wesleyan.edu/finance/financeDept/accounts/>
8. MONTH END REPORTS – Eprint Reports
The May month end jobs have successfully run and the reports are currently available on Eprint. Users can access Eprint through the Administrative Applications area in their employee portfolio and by using their FRS operator number as the UserID and FRS Password as the Eprint password.
9. WHO TO CONTACT
Finance related questions can be emailed to finance@wesleyan.edu.
For assistance with an issue or problem and don’t know who to contact? Find a contact by clicking on the following link:
http://www.wesleyan.edu/finance/misc/contactInformation/
<http://www.wesleyan.edu/finance/misc/contactInformation/>
SUBMISSIONS FOR FINANCE MONTHLY
What topics would you like to see included in this monthly communication? Do you have a system tip you’d like to share? Finance Monthly will be e-mailed on a monthly basis, corresponding with the availability of month end financial reports. Items for inclusion are due five business days before the end of each month and can be submitted to finance@wesleyan.edu