In This Issue:
- New Compliance Requirements for GASB 87 and GASB 96
- Financial Responsibility Statement for Students Goes Live in April
- In Case You Missed It: Announcement Regarding Vouchers Related to Inclement Weather
- Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
New Compliance Requirements for GASB 87 and GASB 96
AFM is in the process of collecting information in order to meet new requirements introduced through GASB 87 (leases) and GASB 96 (subscription-based information technology arrangements). We need the following information for contracts active as of September 1, 2020 in order to build a complete repository to reach compliance with the new requirements.
- Original lease contracts
- Amendments
- Extension Agreements
- Term Extension Confirmations
- Payment schedules
- Any other relevant information
GASB 96 Software-Based Information Technology Arrangements:
- Original software contracts
- Amendments
- Extension Agreements
- Term Extension Confirmations
- Payment schedules
- Any other relevant information
Please send your documents related to either of the above or any questions you might have to GASB@austin.utexas.edu.
Financial Responsibility Statement for Students Goes Live in April
The Financial Responsibility Statement (FRS) will go live for students in early April. It was developed in collaboration with Student Accounts Receivable, Enrollment Management and other Provost Office portfolios. The FRS is an agreement students will need to sign each semester and its purpose is to educate students about their financial obligations to pay tuition and fees while attending the university. The FRS can be accessed online through a computer or mobile device and requires students to press a button to accept the terms after reading it. Also included in the FRS is the installment plan promissory note so any students that would like to pay in installments can sign up for the plan at that time.
In Case You Missed It: Announcement Regarding Vouchers Related to Inclement Weather
UT Austin is tracking expenses and losses due to inclement weather to report for insurance and FEMA purposes. 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.