The Division of Finance & Administration's financial newsletter, Finance Matters, is published as needed during the academic year to inform the UVM business and financial management community about finance-related policy and procedure changes, system and service enhancements, important reminders, and upcoming deadlines.
Updates
Planon Integrated Workplace Management System (IWMS) Project
The new roll-out timeline for the FAMIS replacement project, Planon, has been revised to accommodate further development requirements and to be sensitive to the year-end closing efforts of the departmental units involved. We are now aiming toward a “go live” date in August 2023. We are close to having the fully functional and configured “test” version of Planon up and running. Over 45 campus stakeholders are helping us actively test the application through a well-defined User Acceptance Testing process which will wrap up this spring. A lot of integration work is still happening behind the scenes and a full test of these integrations (our “dress rehearsal”) is scheduled to align with the upgrade of PeopleSoft toward the end of March. For more information about the IWMS project, please visit the IWMS Project blog site.
Reminders
Finance-related forms
It is very important that users access the most current version of our forms, which are updated on an as-needed basis, and sometimes frequently. To ensure you’re using the most current versions please access them on the Division of Finance & Administration webpage. There is also a link to the forms in the UVM Business Manager WorkCenter on PeopleSoft FSCM under External Links.
W2 forms
Paper W2 forms were mailed in late January to employees who have not consented to receive the form electronically. A friendly reminder to campus that each year many W2s are lost in the postal system and never arrive at home addresses. Consenting to electronic delivery of your W2 ensures your private information such as your social security number remain safe. Sign up through PeopleSoft for electronic delivery.
Out-of-state employees
Please notify Payroll and Tax if an employee’s work location moves outside the state of Vermont to ensure we stay compliant with tax and labor laws.
Parental leave and central disability combo codes
The parental leave combo code is 000530652 and should be used in conjunction with time-reporting code 359. The same rules applicable to the central disability combo code will apply to the proper use of the parental leave combo code:
The first 10 days of parental leave will remain on the department budget and the remaining parental leave day(s) should be moved to the parental leave combo code.
Contact retro@uvm.edu if you have questions about the proper use of the parental leave or central disability combo codes.
Offer letters and Employee Information Form
Please be sure to use the appropriate HRS offer letter templates for new hires, and submit an Employee Information Form for hires and personnel changes.
PurCards
Terminations
If an employee is terminating, please ensure that final purchasing card transactions are complete, receipts are obtained, and someone will reallocate the final PurCard journal – all in addition to collecting the PurCard and confirming its cancellation. These responsibilities are outlined in the Purchasing Cardholder and the Supervisor agreements.
Reimbursement Deposits
To reimburse undocumented expenses, please use the Deposit Transmittal Form and bring your deposit to Treasury Services Office, 220 Waterman.
- It is never a good idea to send cash through the mail.
- Treasury Services must have the Deposit Transmittal Form to ensure the repayment is credited to the correct chartstring.
- If you don't know the chartstring, use the completed, posted PurCard journal to ascertain the correct chartstring or ease check with your business manager if you need assistance. Treasury Services cannot provide this information.
Travel Authorizations
A PeopleSoft Travel Authorization is required even if all travel expenses will be charged to your purchasing card. This speaks to the University’s duty of care, in being able to provide assistance in an emergency.
A box has been added to the Travel section of your PurCard journal report to provide your travel authorization number.
Gift cards
Gift cards should not be given to a UVM employee as part of their payment.
The purchase and reallocation of gift cards must be charged to the correct account in PeopleSoft. Office Supplies is not an accurate account to use; more accurate accounts for gift cards are:
61022 – Participant Incentives
61040 – Research Study Incentive
61024 – Research Study Subject Payment
Payment Acknowledgement Form
Payment Acknowledgement forms are required when distributing gift cards, payment cards, or items of value. Forms must be submitted as soon as completed. Forms received late (beyond the printing of the IRS 1099 M form in January of the next calendar year) may be subject to IRS penalty. The department responsible for the tardiness will be charged the IRS penalty.
If items of value are given to participants, the dollar value is tax reportable to the IRS on a 1099 Misc form, just as the value of a gift card is reportable. It is important that a completed Payment Acknowledgement Form be submitted to the Disbursement Center, accompanying the purchase documentation. Payment Acknowledgement Forms must provide the legal name of the individual, including middle name/initial. The Disbursement Center receives thousands of forms, and many with similar names that require research to assure correct tax reporting for the individuals.
Travel
As travel continues to resume, it is important to follow the UVM Travel Policy, which requires a travel authorization for international travel and out-of-state domestic travel requiring an overnight stay.
Travel Authorizations
A PeopleSoft Travel Authorization (TA) is required, even if all of travel expenses will be charged to your purchasing card. This speaks to the University’s duty of care, in being able to provide assistance in an emergency.
Travel authorizations for FY24 should not be submitted in PeopleSoft until July 1. Submitting TAs in PeopleSoft in FY23 will encumber funds in the wrong fiscal year. The TA cannot be rolled correctly into the new fiscal year.
- If making travel arrangements for FY24 in the current fiscal year by charging your PurCard, please attach a written approval (email copy) of your travel to the PurCard journal supporting documentation.
Travel Training Videos
Student Travel
Students regularly travel on behalf of UVM. Please advise your students to read and understand the UVM Travel Policy. Keep all receipts, and be aware of dollar thresholds. Students and employees risk not being reimbursed, or having to repay a PurCard purchase if the Travel Policy is not followed.
Employee versus Independent Contractor (EvsIC)
Employee versus Independent Contractor determination plays a vital role in correctly paying individuals. Quarterly reviews are conducted comparing accounts payable payments and payroll payments to determine which individuals have been paid by both mechanisms. This is a red flag to the IRS and must be substantiated.
Budget checking
When charging a project, the budget in PeopleSoft needs to be set up correctly, based on the granting agency. Never select an account to simply bypass a budget checking error. Work with your SPA analyst to confirm that the expense is allowable and that the budget is correct. This is true whether you are working on a requisition, an expense report, or reallocating a PurCard journal.
Accounts payable
Please allow up to 10 business days for processing of payment requests. Checks are produced on Thursday mornings.
- Submit invoices to Disburse@uvm.edu with the PO number directly on the invoice or document itself.
- Submit non-foreign check requests via secure file transfer to supplier@uvm.edu.
- Submit foreign check requests via secure file transfer to taxadmin@uvm.edu, and then Tax Admin will submit them via secure file transfer to supplier@uvm.edu when ready for processing.
Suppliers need to have an updated New Supplier W9 form or IRS W9 form on file, dated within the past three (3) years to be considered valid in our system.
UVM’s New Supplier W9 Form provides additional space for contact information (telephone number, email, etc.) that the IRS W9 form lacks.
Please send W9s via secure file transfer to supplier@uvm.edu as opposed to regular email.
Electronic Payments by ACH or wire may be delayed due to the verification procedures to reduce fraud. A new supplier may receive one or two checks before moving to an electronic payment.
Pick-up at Disbursement Center
Please bring your UVM ID when coming to the Disbursement Center, Waterman 205, to pick up a check being held, a purchasing card, or the Costco card.
If you will not be the individual physically picking up the check or card, please email your Disbursement contact with the name of the individual who will be picking up the check/card on your behalf. Please instruct the individual coming to Waterman 205 to bring their UVM ID.
Alcohol purchase approval
Purchase of alcohol requires pre-approval, including alcohol purchased from Sodexo for a planned event. The University’s Business Meal, Hospitality and Amenity policy provides guidance on the purchase of alcohol and which funds can be used to pay for this expense. Also, see the Alcohol Service and Consumption at University Activities – Faculty and Staff University Operating Procedure.
Alcohol approval requires the most current version of the forms:
Dean approval:
Limited alcohol approval, form revised 6/1/2022 – this is approval at the dean’s level, for recruitment meals and visiting guests
Special Note: This approval is for the candidate’s/guest’s alcohol expenses only.UVM employees should cover the cost of their own alcohol expenses with personal funds.
Provost approval:
Alcohol approval template, revised 10/11/2022 (previously revised 6/1/2022) – this is approval at the provost level, for other functions
Special Note: Please consider the stewardship of gift and endowment funds carefully as you plan your event and offer a cash bar or ask employees to cover their alcohol expenses when appropriate.