AFM News

AFM Works with Outside CSU’s to Complete Audit Requests

May 26, 2021

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.  

AFM Newsletter for April 29, 2021

April 29, 2021

In This Issue:

  • AFM’s Tax Department is Being Reorganized
  • In Case You Missed It: New Compliance Requirements for GASB 87 and GASB 96
  • Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

AFM’s Tax Department is Being Reorganized

AFM’s Tax Department is Being Reorganized

April 28, 2021

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. With the recent appointment of Kyle ZumBerge as director of the Tax Department, the department is being reformed and adding new team members.

AFM Newsletter for March 31, 2021

March 31, 2021

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

New Compliance Requirements for GASB 87 and GASB 96

March 30, 2021

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.

GASB 87 Lease Information:

Financial Responsibility Statement for Students Goes Live in April

March 30, 2021

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.

AFM Newsletter for February 25, 2021

Feb. 25, 2021

In This Issue:

  • Announcement Regarding Vouchers Related to Inclement Weather
  • 2020 Tax Forms Now Available
  • Longhorn Textbook Access Pilot Program Being Tested
  • In Case You Missed It: AFM Hires Tax Director
  • Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

Announcement Regarding Vouchers Related to Inclement Weather

Longhorn Textbook Access Pilot Program Being Tested

Feb. 24, 2021

Over the years, a program that aims to help students reduce the cost of commercially published materials has been in the works. This program is called Longhorn Textbook Access (LTA) and is currently in its pilot phase for the spring semester.

2020 Tax Forms Now Available

Feb. 24, 2021

The 1099-MISC and 1099-NEC tax forms are now available to claim online via the My Tax Forms website in UT Direct. The 1042-S tax form will be available March 1.

The 1099-MISC reports miscellaneous payments to non-employee US residents. The 1099-NEC reports payments to non-employee US resident independent contractors. The 1042-S reports scholarship, cash prize and other income payments to nonresident individuals.

Announcement Regarding Vouchers Related to Inclement Weather

Feb. 24, 2021

UT Austin is tracking expenses and losses due to inclement weather to report for insurance and FEMA purposes.