In This Issue:
- Changes to Centrally Funded Pooled Fringe and Longevity Posting
- Tuition Deadline Updates for Fall Semester
- Fall 2020 Guidance on Employment Outside the U.S.
- AFM Seeking to Hire Tax Director
- In Case You Missed It: Fiscal Year 19-20 Voucher Processing Deadlines Revealed
- Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
Changes to Centrally Funded Pooled Fringe and Longevity Posting
Since pooled fringed began in September 2018, centrally funded fringes have posted to departmental accounts as an expense (object code 1100) with a budget adjustment (object code 9XXX) to offset the expense. Accounting and Financial Management and the Budget Office received feedback that this was creating negative effects to CSU’s due to increased expense and budget totals. After working with the Provost Office, we will be implementing a new methodology for posting centrally funded fringes to departmental accounts:
- Beginning September 1, 2020, departmental accounts will no longer see the budget adjustment, instead, they will see a contra-expense (object code 1158) to offset the fringe expense (object code 1100.)
- Additionally, longevity expense (object code 1135) will be changed to mimic the fringe expenses. Longevity expense will also be offset with a contra-expense (object code 1157), instead of the historically-used budget adjustment (object code 9XXX).
This is a change to the previous method for posting longevity charges, but both fringe and longevity expenses will still net to zero expense at the departmental account level on centrally funded accounts. This change will mean that your budget adjustment amounts will be lower than they previously were. You will still be able to view all of your account’s information on the Detailed Account Balances GB2 on the web page or get detailed reports via Cognos. Please contact Lori Peterson or Madison Leach if you have any questions.
Tuition Deadline Updates for Fall Semester
The University has extended the tuition deadline for undergraduate students registered for the fall semester to August 25. The tuition deadline for graduate students is August 31. Student Accounts Receivable will be open Monday – Friday from 8 a.m. – 4:30 p.m. The Bursar’s Office is open to accept payments Monday – Friday from 9 a.m. – 4 p.m.
Fall 2020 Guidance on Employment Outside the U.S.
Payroll Services has updated their website to include Guidelines for Workers Outside the United States for the Fall 2020 semester. Any UT Austin employee working outside the U.S. is encouraged to submit a signed Statement for Services Performed Outside the United States to Payroll Services. This document is used to ensure that U.S. income taxes are withheld and reported correctly, per IRS rules. More information on Income Earned Outside the U.S. is available online as well.
AFM Seeking to Hire Tax Director
Accounting and Financial Management is hiring a tax director. This person will be responsible for identification, analysis, communication, coordination and resolution of all federal, state and international tax issues. The position will serve as the Institutional Tax Coordinator to UT System, subject matter expert, and will be responsible for all UT Austin tax filings. For more information, please see the job posting here: https://utaustin.wd1.myworkdayjobs.com/UTstaff/job/UT-MAIN-CAMPUS/Tax-Director_R_00009737
In Case You Missed It: Fiscal Year 19-20 Voucher Processing Deadlines Revealed
The fiscal year 2019-2020 voucher processing deadlines have been established. Read the previous newsletter to learn more about this.
Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
Many thanks to the readers who have written in with suggestions and feedback about the newsletter. Please continue to write in with any suggestions for improvements or comments to the AFM@austin.utexas.edu email address.