1. YEAR END
Year end is fast approaching. Smartkeys that spend evenly throughout the year should be about 83% expended to date. You can find lots of information in the year end memo attached here or located on the Finance website.
If you have a voucher that needs to be paid now but pertains to the next fiscal year, please include the prepaid account code on the voucher (13705) as well as the correct expense account code as a positive and negative amount on the voucher.
Remember to set an approval proxy if you are going to be out of the office. It is very important, especially at our fiscal year end, that all SmartDocs make their way through workflow in a timely manner. Please remind others in your department to set a proxy if they are out of the office.
If you are a chargeback center or you have outstanding transactions that may hit a budget outside of your area, please be sure to process the transaction as soon as possible as departments are actively trying to predict year end balances.
2. INSURANCE REQUIREMENTS
The office of the General Counsel would like to announce revisions made to Wesleyan’s Vendor Insurance Requirements. Moving forward, each vendor’s insurance requirement will be based on a high-level risk assessment of the goods or services they are providing. Prior to engaging with a vendor, please review the Security Risk Matrix now located on the Office of General Counsel website under Forms to see what risk level is appropriate for the products or services being purchased. The same approach is also to be used for groups wishing to use Wesleyan facilities for their events. Once risk level is assessed, you may adjust our standard Master Purchase Agreement or Facility Use Agreement appropriately.
The following forms (all of which are located on the Office of General Counsel website under Forms) have been updated to reflect these revisions. As a reminder, please make sure to always pull a new form from our website for each use rather than saving to your personal files. This will ensure you are always working with the latest version of each form.
• Master Purchase Agreement – Product/Services
• IT Vendor Essential Terms
• Facility Use Agreement
• Security Risk Matrix
If you have any questions on the new process or forms, please contact Emily Lundie, Paralegal to the General Counsel at firstname.lastname@example.org or x3362.
3. SUMMER HOURS
All employees eligible for summer hours should use Workforce Time to record time off for summer hours through the Time Off Request feature in Workforce Time or by entering summer hours used directly on ‘My Timesheet’ in Workforce Time. Summer Hours have been added to each eligible employee’s Summer Hours bank in Workforce Time effective June 6th. You can find a quick, three minute video on how to report summer hours in Workforce Time using the Time Off Request Function in WesPortal.
5. PURCHASING NEWS
Please see May Purchasing News here.
6. FINANCIAL PLANNING UPDATE
The Financial Planning Office is pleased to welcome Jenn Diglio as a new Budget Analyst in our office. She will join our office on May 15th. Some of you may recognize Jenn as she is a current Wesleyan employee who was working as an Accounting Specialist in the CFA. We are excited to have her join our team!
7. BUDGET PLANNING
The budget planning period for 2024 will be open on June 1st until June 30th, 2023.
As a reminder, budget planning is the opportunity for departments to align the upcoming year’s budget to where expenses are most likely to occur. The financial system checks whether there is adequate budget for the expense prior to submission, so departments are encouraged to take the opportunity to review how the departmental budget was spent in prior years and allocate next year’s budget accordingly. Training materials will be sent out to departmental budget planners before the budget planning period opens.
8. BENEFIT RATES
The budgeted full benefit rate for 2023/24 will be 39.5%. The breakdown of the rate will be:
21.85% Medical, dental, and other
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 21.85%. 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.
9. PHYSICAL PLANT BILLABLE RATES
Billable rates and policies for Physical Plant trades and movers are remaining unchanged from FY23. The current rate of $55/labor hours for movers and $65/labor hour for trades staff will continue in FY24. The Custodial rate has been updated to $49/labor hour to reflect the current contract cost. More details on Physical Plant billing policies and procedures can be found in the linked document. Thank you.