In This Issue:
- AFM Works with Outside CSU’s to Complete Audit Requests
- Tax Services Creates New Email Distribution Lists
- AFM Collaborates with Texas Exes to Honor Class Ring Tradition
- In Case You Missed It: AFM’s Tax Department is Being Reorganized
- Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
AFM Works with Outside CSU’s to Complete Audit Requests
Throughout the year, UT Austin is audited by agencies such as the State Auditor’s Office and Deloitte & Touche LLP, as well as the university’s Office of Internal Audits to ensure the university is managing its finances and federal funds correctly. These audits require AFM to not only work within the portfolio, but also rely upon input from outside CSU’s and departments like eBITS.
Audits conducted by the State Auditor’s Office, such as the Statewide Single Audit, can include federal and financial components. The federal compliance component focuses on compliance with the provisions of laws, regulations and contracts or grants pertaining to federal awards. The financial component focuses on financial information as part of the Annual Comprehensive Financial Report for the State of Texas and its Schedule of Expenditures of Federal Awards.
Deloitte & Touche is contracted by the university to audit the Annual Financial Report to ensure accuracy and correct reporting. Leading up to this audit, Deloitte conducts the preliminary IT and Interim audits. The IT audit looks over the university’s systems such as DEFINE and Workday to test each system’s controls. The Interim audit allows Deloitte to look over the university’s year to year changes before auditing the Annual Financial Report in the fall.
Teamwork and collaboration among AFM and others to provide requested data and documentation across campus is vital. By providing thorough and timely information, the university can continue to preserve the integrity and accuracy of its reporting.
Tax Services Creates New Email Distribution Lists
New email distribution lists have been created for Tax Services. They are tax@austin.utexas.edu, tax.ubit@austin.utexas.edu and tax.nra@austin.utexas.edu.
Tax@austin.utexas.edu is for general tax related questions including inquiries regarding W-2s and establishing new taxable fringe benefits. Tax.ubit@austin.utexas.edu will handle questions related to Unrelated Business Income Tax (UBIT). Tax.nra@austin.utexas.edu is for questions related to nonresident alien taxation or anything concerning Glacier, the third-party system that is used by the university to assist with nonresident alien tax compliance.
AFM Collaborates with Texas Exes to Honor Class Ring Tradition
Per tradition, UT honors its students and alumni each fall and spring semester with the Tower Dedication and Ring Celebration. During the Tower Dedication, the class rings spend the night in the Tower which is lit in honor of the recipients. Texas Exes works in cooperation with AFM to coordinate the transportation and storage of the rings the day before the ring ceremony. The rings are then taken from the Tower directly to the Ring Celebration, where they are presented to UT students and alumni. The next Tower Dedication and Ring Celebration are respectively scheduled for November 18 and 19.
In Case You Missed It: AFM’s Tax Department is Being Reorganized
The Tax Department in AFM handles foreign, federal, state and local tax planning and compliance issues. Since UT Austin is a large complex organization, the Tax Department was conceived to centralize tax planning and compliance with a goal to improve its compliance posture by placing certain tax specialists in a single department. 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.