Frequently Asked Questions & Essential Information
Operating versus Capital expenses
Certain items purchased by the University have a significant cost and a useful life of more than one year. Therefore, these items are recorded as assets (capitalized) and depreciated over their estimated useful lives, in accordance with University guidelines.
Furnishings and equipment purchased for a unit cost of $5,000 or more should be capitalized. Equipment or furniture purchased in conjunction with a building renovation, a new program, or new laboratory, but not having a unit cost of $5,000 or more should be capitalized as a group purchase. Please contact the Controller’s office at ext. 7073 if you have any questions or need additional clarification.
All donations (cash, checks, stocks, property, etc.) received should be forwarded to University Advancement office for processing. This is to ensure the proper paperwork is completed for our donors and for tax purposes as well as proper stewardship of the assets. All expenses coded to a gift account must be approved by a University Advancement representative prior to being processed in our financial system.
All gifts in kind must go through the Gift Acceptance Committee before they can be received by the University. When made aware of a possible gift in kind, please contact University Advancement to process the gift through the Committee for acceptance.
Accounts Payable processes checks every Thursday afternoon. All requests are required to be in our office no later than Monday at 10 a.m. in order to be included in the weekly check run. For emergency/rush requests, please contact us at ext 7073. Accounts Payable requires original invoices for payment. They do not pay from statements, contract agreements, or work orders.
Expense Reimbursements & Advances
Payments for Expense Reimbursements and Advances are processed on Thursdays. All Expense Reports are required to be in our office no later than Monday at 10 a.m. in order to be included in the weekly check run. The appropriate forms can be found on the Controller’s website. The Expense Reimbursement form should include receipts for all expenditures. The receipt must show that payment has been made (travel confirmations are not acceptable unless it shows payment has been made). Mileage should be documented with either a Mapquest or Google Maps printout. Please include receipts for every item on the expense reimbursement form. Detail receipts are required for all restaurant charges. Employees can have their expense reimbursements and advances direct deposited to their bank. To do so, please update the Bank Information on the Employee Web-Advisor screen.
Department Deposits and Petty Cash
Petty cash and deposit slips need to include a full GL account number. GL account numbers should include the NAC (2 digits), Location (always 00), Unit (5 digits), and Object (5 digits) to look like XX-00-XXXXX-XXXXX. Petty cash reimbursement are reserved for authorized employees (not students).
All original receipts need to be attached to the statement and allocated to the correct GL accounts. Statements must be in the Controller’s office no later than the 3rd business day of the month. Please be sure to read your P-Card agreement in regards to unallowable purchases (gift cards should never be purchased with a P-Card). If making a reimbursement for personal charges on your p-card statement, please make sure to hand deliver the payment to Iola Rose.
Aramark Catering and JU Processing Procedures
Contact Catering Services to obtain a quote for the event. Attach the quote to a purchase requisition (blue sheet) and send via email to the Purchasing Department. The Purchasing Department will verify the account number, availability of funds and issue a purchase order in order to encumber the funds and send a Purchase Order to Catering Services.
a) If changes are made to the event, request an updated quote and send it to Purchasing. Purchasing will modify the original Purchase Order.
b) If the event is cancelled, contact Purchasing to cancel the purchase order so the funds may be unencumbered.
At the end of the event Catering Services will send the invoice to Purchasing for processing and payment.
Payroll and Time Sheet Submissions
Approved and timely submission of time cards for employees and students is vital for payment of wages for services rendered. A full day of work is 7 hours 45minutes and a full week is 38 hours 45minutes. Lunch is 1 hour with 15 minutes paid and lunch is required for employees that work a full day. Staff time forms are available on the Employee Forms section of the Controller’s page and should be submitted to firstname.lastname@example.org by the approving supervisor. Staff timecards are due from the supervisor every Monday by 10 a.m. for the prior week worked. Admin leave reports are due from the supervisor by the 10th of the month for the prior month. Vacation time may only be taken as a half day or whole day. Sick time cannot be taken in increments of less than 15 minutes.
The Financial Accounting Standards Board (FASB) and FAS 117 requires not-for-profit organizations to report expenses according to functional activities. The possible consequences of such omissions could include funding reductions from donors or negative publicity in the event these reporting failures come to light. Accurately recording expenses helps our organization comply with accounting and tax regulations. Expenses must be allocated to the area receiving the service or goods. If another area is funding the expense, please contact the Budget office to have a budget re-allocation completed.