In This Issue:
- AFM Requests Information Regarding GASB 96
- Tax Form 1042-S Available March 1
- Reminder – Financial Fundamentals Self-Paced Learning
- In Case You Missed It: Maximum Dollar Amount for Flower and Perishable Purchases Increased to $200
- Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
AFM Requests Information Regarding GASB 96
Accounting and Financial Management is in the process of implementing GASB 96, a Governmental Accounting Standard which addresses Subscription-Based Information Technology Arrangements (SBITA). We are seeking information on subscription payment arrangements that provide access to vendors’ software and associated tangible capital assets without granting perpetual license or title to the software and associated tangible capital asset.
Accounting and Financial Management is requesting that you please send us all contracts, including subsequent amendments that could qualify as reportable under GASB 96. AFM will make the determination if a certain SBITA meets GASB 96 standards, or not. Realizing that these contracts are sometimes written in a very unique way, we request you to include any contract or agreement even with $0 commitment.
Please know that this standard does not require you to change how your payments for SBITA are processed; this information is merely used for financial reporting purposes.
Please send the contracts/agreements or any questions you might have to GASB@austin.utexas.edu. If you know of any other groups within your unit who have SBITA, we ask that you please forward this request to them.
Tax Form 1042-S Available March 1
The 1042-S, a tax form for nonresident employees who earned wages that were exempt from federal withholding taxes due to a tax treaty, will be mailed and available electronically through the My Tax Forms page of UT Direct starting March 1. 1042-S Forms will also be issued for any nonresident individuals that were paid scholarships, fellowships, royalties, and/or cash prizes during the tax year.
For more information on the 1042-S, please contact 1042S@austin.utexas.edu.
Reminder – Financial Fundamentals Self-Paced Learning
The Financial Fundamentals self-paced course provides anyone new to UT financial systems with the foundational concepts necessary for performing the tasks of a document initiator, approver, or viewer of financial-related data. While lessons present information at an introductory level, experienced users may find individual lessons helpful as a knowledge refresher. To learn more, visit the Financial Fundamentals Self-Paced Learning page. For help with specific training topics, refer to the AFM Training Resources page or search the askUS Knowledge Base.
In Case You Missed It: Maximum Dollar Amount for Flower and Perishable Purchases Increased to $200
After engaging with stakeholders and hearing feedback on the previous policy, the maximum dollar threshold for flowers and perishable items is increasing from $100 to $200. 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.