In this edition:
- In this Issue
- 1099 Reporting Due
- UW Unrelated Business Income Survey
- Updated Object Codes and Taxability Matrix (and other ARIBA changes)
- Equipment Inventory Retagging Project
- Federal Financial Reports Revised to Exact Penny
- Sub Budget Request Automated
- Post Award Compliance
- Invoice Receivables Central Support
- Records Management Services web
- Financial Management Administrator Toolkit
- Student Fiscal Services 2016 Annual Report
1099 Reporting Due Now
The University of Washington is required to report payments of over $600 made during a calendar year to a particular individual or business to the IRS. Unlike in years past, the IRS has changed the 1099 reporting deadline to JANUARY 31 - which is significantly earlier than ever before!
While most of the required data for reporting is captured centrally, payments to research subjects are typically held at the department level. If your department has made payments to research subjects using one of the methods below and have paid any particular individual $600 or more in 2016, and you have not completed the spreadsheet sent from email@example.com, please do so ASAP.
Only payments made through one of these three methods need to be reported:
Gift Cards/Gift Certificates
If you believe you may have made a reportable payment, but did not receive a notification requesting payment reporting information, please contact firstname.lastname@example.org.
Coming Soon: UW UBIT Survey
While the University of Washington is exempt from federal income tax, we are required to pay Unrelated Business Income Tax (UBIT) on any income received from regularly carried on trades or businesses that are not related to an exempt purpose, unless those sales meet an exception. In order to facilitate compliance with this requirement, the UW Tax Office sends out a periodic survey to departments with external sales to ensure that all UBIT is properly reported. If your department makes external sales, you should receive a UBIT survey later this fall. Please complete it and return it to the tax office.
If you have any questions, would like to obtain a copy of the UBIT survey, did not receive a UBIT survey and believe you should have, or are considering making external sales and are unsure if they will be subject to UBIT, please contact Kyle Richard at email@example.com or 206-685-0571.
Updated Object Codes and Taxability Matrix
You may have noticed or heard about a recent change in ARIBA that automatically adds use tax when a purchase is made and a taxable object code has been selected but no sales tax has been charged by the vendor. Because this system is object code driven, it requires object codes which represent the types of purchases UW makes and which are properly flagged for taxability in all UW systems.
Due to the age of our object code index, many of the codes being used on campus were not necessarily aligned with the taxability of the underlying goods or services, or did not reflect recent technological advances or changes in tax law.
The Tax Office completed a review of the object codes, and in partnership with Financial Accounting, has updated the object code descriptions webpage and the Tax Office’s taxability grid to better guide departments in selecting codes that appropriately tax (or not tax) purchases. Please check out the new object code descriptions and the new-look taxability grid (with a new search function, equipment schedule and over 700 entries).
Any questions regarding the correct object code or suggestions regarding additions to the taxability grid can be directed to the Tax Office at firstname.lastname@example.org or 206-685-0571.
Equipment Inventory Retagging
The University of Washington is undergoing a retagging effort for equipment items over the new $5,000 threshold. Towards the end of October, the Equipment Inventory Office will begin working with academic and administrative units to coordinate the retagging effort. This effort will clearly distinguish items that must be inventoried in the future and will relieve departments from conducting a full physical inventory in the upcoming year.
The revised physical inventory schedule is the following:
FY18 Federal and Agency titled (annual)
FY19 State titled and Sensitive Items (every 2 years)
Thank you in advance for your cooperation. Please visit our website for more details.
Federal Financial Reports Revised to Exact Penny
Effective November 1, GCA will no longer round to the nearest whole dollar when preparing federal financial reports. Instead, we will report expenditures and unspent balances to the exact penny. This change improves our process by aligning our financial reports with our drawdown of federal funds, which has always equaled the exact amount spent on an award. Federal sponsors are requiring this alignment more closely when reviewing awards at time of closeout.
Departments will notice this change in the carryforward amounts for their awards, since these will also stop being rounded to the dollar. Because of this, when submitting a carryforward request to a federal sponsor, please use exact figures rather than rounding.
If you have any general questions on this change, please contact GCA Help at email@example.com. For specific budgets, please use GrantTracker and select the Reporting topic.
Sub Budget (Transpasu) Automation
The Systems and Data Analysis team within Research Accounting & Analysis is busy this fall finishing up an end-to-end “Transpasu Add New Subs” application.
Currently, departments can request a new sub budget using an online form in GrantTracker. This form allows users to identify budget attributes and allocate funds from the parent budget.
Enhancements being developed will allow you to:
Designate approvers. The application will automatically notify via email to approve the request. When all the approvals are in place, the application will automatically attach the request to GrantTracker and email it to firstname.lastname@example.org for processing.
View the status of all new sub-budget requests.
New Post Award Compliance Information
Post Award Fiscal Compliance (PAFC) has created a new website to assist the UW in understanding and fulfilling the requirements of the complex world of fiscal compliance regulations. The website includes information and multiple eLearnings on a variety of compliance of topics including:
Interpretation of federal regulations (e.g., timing of expenditures, funding for Graduate Student Appointments, equipment disposition)
Review of the Federal regulation hierarchy
Information on audit risk (e.g., cost transfers, documentation, cost allocation)
A comprehensive explanation of the new Data Analytics program
Invoice Receivable Central Support
In addition to serving students, Student Fiscal Services supports UW departments by receiving payments for funds owed to departments from outside vendors. In compliance with the State of Washington requirements, our Invoice Receivable Service compliments your department’s own collection efforts. This results in increased collection rates while reducing the administrative burden for the department.
For more information about this service, please visit our webpage.
Records Management Services New Website
Records Management Services is pleased to announce the redesign of their website. In addition to a new look with improved organization and navigation, they are adding some new features:
A key word search for the General Records Retention Schedule
Departmental Records Retention Schedule search will be updated to include Scanning Policies which have been approved for the Department’s use.
“Should It Stay or Should It Go”- a retention flow chart for managing e-Records
Feedback and suggestions are welcome! Contact Records Management Services at email@example.com.
Financial Management Administrator Toolkit
Are you familiar with the Financial Management Administrator Toolkit? The toolkit provides easy access to tools and resources necessary for administrators to manage compliance, while maintaining and improving operational efficiencies.
We are working to update the information on the website to maintain current guidance for specific areas included in the toolkit. We’re interested in your feedback. Please send your comments to firstname.lastname@example.org.
Student Fiscal Services Annual Report
Did you know that Student Fiscal Services (SFS) disbursed $836 million in financial aid and scholarships to UW students in 2016? Did you also know that they accomplish that (and much more) with only 22 employees?
Learn all about SFS, the work they do, and how they partner with other departments to serve UW students and customers in their 2016 Annual Report.