AFM News

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:

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

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.

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.

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.

Senior Vice President and Chief Financial Officer Darrell Bazzell announced on July 15 Lori Peterson had been appointed as executive director for Accounting and Financial Management. Peterson previously led AFM as the interim assistant vice president.

Peterson’s career with the university began as a financial analyst nearly 13 years ago. Since then, she has held financial officer, assistant director, and director roles. Her executive director appointment makes her the permanent leader of AFM.

In This Issue:

• Fiscal Year 19-20 Voucher Processing Deadlines Revealed
• UT Austin’s Fiscal Year Explained
• Lori Peterson Announced as Executive Director for AFM
• Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

Fiscal Year 19-20 Voucher Processing Deadlines Revealed

The fiscal year 2019-2020 voucher processing deadlines have been established. This includes payment vouchers, cash receipts, departmental entries and many more. It is encouraged to process documents as early as possible to avoid the year-end rush.

The University of Texas operates on a 12 month fiscal year which runs from September 1 to August 31. A fiscal year is referenced by the two years it spans. For example, the fiscal year starting Sept 1, 2018, is the “18-19” fiscal year. The fiscal year starting Sept 1, 2019, is the “19-20” fiscal year. Significant accounting activity takes place as the old fiscal year ends and the new fiscal year begins. The accounting records for the old fiscal year are adjusted and closed and the accounting records for the new fiscal year are opened.

In This Issue: