Finance FAQ


Asset Management

QuestionAnswerMore Information
Why do we inventory fixed assets?A physical inventory is the best way to ensure that the information in the financial records are as accurate as possible. The resulting inventory listings are designed to assist departments in carrying out their responsibilities regarding the accountability for University equipment including:
• Reporting of changes in asset status
• Relocation of equipment
• Tracking assets
Asset Management
What assets will be inventoried?Any movable asset valued over $5,000 individually or as an operating unit and has a useful life of more than one year.Asset Management
Do assets purchased with grant funds need to be tagged?Yes, if the item has a value over $5,000 individually or as an operating unit and a useful life of more than one year. Even though the asset was purchased with grant funds, the University is responsible for the item.Asset Management
What should I do if it is necessary to take a tagged asset to an off campus location? An Equipment Loan Authorization form should be filled out with approval from the Dean or Department Chair. The DPA will keep this form on file and record the borrowed asset on the Equipment Location Record form. Both forms are updated when the item is returned.Asset Management
Can we trade-in an asset on a new item?Yes. A replacement asset may be acquired when an existing asset is traded in to the vendor as partial payment on the new asset. The DPA must submit a Fixed Asset Update Form for the traded in asset to the Fixed Asset Accountant, as well as copies of all information concerning the purchase of the new asset.Asset Management
How should we handle assets that our department no longer needs or uses?When a department determines that an asset is no longer useful, the DPA should fill out a Fixed Asset Update Form and contact Procurement to handle the removal of the asset. Procurement will determine if the item will be scrapped or placed into surplus, note their decision on the form and the send the form to the Fixed Asset Accountant, who will make the needed adjustments in the Fixed Asset module. (Departments should be aware that a fee may be charged for this service).Asset Management
When will my department’s assets be inventoried?A portion of the University’s assets to be inventoried will be counted each year so that a complete physical inventory will be taken, at a minimum, every two years. An annual schedule of inventory will be posted on the Fixed Assets website. Each DPA should check the inventory schedule periodically so that they will be prepared for the inventory of their department.Asset Management
Can I discard an asset that is now worthless and basically junk?No, Procurement must make the decision as to how the asset will be disposed of, as parts may be able to be salvaged for surplus or for use in other pieces of equipment.Asset Management
How should we prepare for physical inventory?Preparation for inventory should be an ongoing routine. Identifying assets, ensuring assets are located in their proper place (or have documentation explaining why they are not), keeping the Fixed Asset Accountant up to date on the movement of the department’s assets year round will help the inventory process run smoothly. For more detailed preparation steps, see the Fixed Asset Inventory Procedures document located on the Asset Management web page under the Policies & Procedures tab.Asset Management
Can we give an asset to another department on campus?This needs to be handled through Procurement, as they are informed of who needs certain equipment. A Fixed Asset Update Form must be filled out for the transfer and Procurement will handle the movement of the item. Procurement will forward the form to the Fixed Asset Accountant, who will make the needed adjustments to the Fixed Asset records.Asset Management
Who is responsible for locating assets?The DPA is ultimately responsible for locating all assets in his/her department.Asset Management
What happens if we cannot find an asset?The DPA will make every attempt to locate missing equipment. If an asset is not located within 45 days, it will be retired from the Banner Fixed Asset and Sage FAS inventory tracking modulesAsset Management
What should we do when an asset is stolen?If any University property is missing and presumed stolen, the employee discovering the suspected theft must report the theft to the DPA immediately. The DPA should then notify the Dean or Department Chair who, will in turn, notify Campus Police.
The DPA should attach a copy of the police report to the Fixed Asset Update form, noting the asset tag number and serial number and send them to the Fixed Asset Accountant.
The Fixed Asset Accountant will notify the Insurance Administrator, if asset value is over $25,000. If the item is still missing after 90 days, it will be disposed of and removed from the Fixed Asset module.
Asset Management
Where can I find the Fixed Asset forms?All Fixed Asset forms are located on the Asset Management web page under the Forms tab.Asset Management
What is my role as a Department Property Administrator?As a DPA, you will be responsible for ensuring your department adheres to the Fixed Asset policies and procedures. You will be expected to partner with the Fixed Asset Accountant to ensure a successful inventory by informing him/her of any movement of capital assets throughout the year and assisting in the physical inventory process and count.Asset Management
What is an asset tag?An asset tag is a bar code decal that identifies Wake Forest University owned fixed assets that are inventoried.Asset Management

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Department Budgeting

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Endowment & Gift Management

QuestionAnswerMore Information
Our department received a gift check. What should we do with it?Gift checks may not be deposited at the window and should be sent to the Revenue Processing Department in Advancement for deposit. Gift receipts are generated only for checks deposited by Advancement. They are not generated for checks deposited at the window. As a reminder - a gift is an unconditional transfer of assets (i.e. cash). If someone is expecting something in exchange for the cash or check. If the cash or check is written to cover a specific expense (i.e. J. Q. Student's tuition expense), it is not a gift.Endowment and Gift Management
Our department has unspent funds. Can we put them in the endowment?At this time, there is no program by which a department may reinvest unspent funds. It should be noted, where applicable, restricted funds should be spent before operating funds.Endowment and Gift Management
What is makes a check a gift and not a payment?If someone gives a check to the University and does not expect a good or service in return, the check may be considered to be a gift.Endowment and Gift Management
What is the FY14 endowment distribution rate?The FY14 Distribution Rate is $2.551 per unit. This rate represents 5.3% of the three year rolling average market value of the endowment pool.Endowment and Gift Management
What is the FY15 endowment distribution rate?The FY15 Distribution Rate is $2.571 per unit. This rate represents 5.3% of the three year rolling average market value of the endowment pool.Endowment and Gift Management

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Financial Reporting

QuestionAnswerMore Information
What are the monthly deadlines/cut-off days?All journal entries are due to Financial & Accounting Services (FAS) by the 2nd business day after month end.Cash receipts received by FAS by 11am of the last business day of the month will appear on your monthly reports.Financial Reporting
When are monthly reports available?Monthly reports will be available by the morning of the 6th business day of the following month. The Cognos user listserv will be notified via email when reports are ready.Financial Reporting
How do I read my monthly reports?Please sign up for a Cognos Financial Reporting Training through the PDC website or email reporting@nulllists.wfu.eduFinancial Reporting
How do I get questions researched?Invoice & Payment questions: Accounts Payable: ap@nullwfu.edu.

Deposit questions: Accounts Receivable: cashwfu@nullwfu.edu

Payroll entry questions: Payroll: payroll@nullwfu.edu.

All other questions should be directed to reporting@nulllists.wfu.edu
Financial Reporting
Can I receive goods during this fiscal year and expense them in the next fiscal year?If an item is received by June 30, it must be expensed in June. There are no exceptions to the rule.Financial Reporting
How do I receive a copy of a department's monthly report?Please request approval for access to Cognos by placing a ticket through the Remedy system.

All other questions should be directed to Ghazala Bibi at bibig@nullwfu.edu
Financial Reporting

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Foreign Visitors

QuestionAnswerMore Information
I’m inviting a professor from another country to a conference, to be a guest lecturer, to visit, or to conduct research. What do I have to do in order to get this person paid while they are here?If you are considering inviting a foreign person to Wake Forest University you should contact Global Programs and Studies prior to the issuing the invitation. They will be able to assist you in obtaining the proper immigration information for your situation. It is important that the visitor have the correct visa; using an incorrect visa could result in substantial penalties for the University and for the visitor. An incorrect visa could also prohibit the University from paying an honorarium to, or expenses for your visitor.

The prospective visitor must be invited to Wake Forest with an invitation letter or email. This letter or email should include why the visitor is coming to Wake Forest and what payments, if any, will be made to the visitor. The letter could, for example, indicate that Wake will pay for the visitors travel expenses up to a specific dollar amount but no honorarium will paid to the visitor. This is to help the University remain in compliance with the Department of Labor wage requirements. Please contact the Tax Department if you have any questions about the invitation letter.

The visitor should complete a Foreign National Information Form. This form will go to the Tax Department or to the Payroll Department, depending upon whether the visitor will be an employee or a short time visitor.

Depending upon which country they are visiting from they may be eligible for a tax treaty. The treaty could reduce or eliminate any tax withholding that the payment they are to receive may be subject to. The visitor must have an Individual Tax Identification Number (ITIN) or Social Security Number in order to use a tax treaty. If they do not have an ITIN please contact the Tax Department, we may be able to assist in obtaining an ITIN.

Just because two visitors are coming from the same country does not mean that their immigration needs are the same. If you have questions about a foreign visitor please contact the Tax Department or Global Programs and Studies.

Even if the visitor is paying his/her own expenses and will not receive an honorarium from the University, Global Programs and Studies needs to be notified in advance of the visit.
Tax Department

Global Programs and Studies

United States Income Tax Treaties- A to Z
I’m a Foreign National student conducting research for a class and I need to travel, what information do you need to approve the payment for my expenses? If you are a Foreign National and you need to travel for your education or for your job, you need to make sure that you have the appropriate permissions from Global Programs and Studies. Some visa types will require prior permission before you travel to a conference or workshop. Please refer to the Business Expense Policy for the documentation required to substantiate the expense.Tax Department

United States Income Tax Treaties- A to Z
What does the Tax Department have to do with my payment to a foreign business or to an individual located in another country?The Tax Department reviews all payments to businesses and individuals located in foreign countries to determine if federal tax withholding is required on the payment. For example, when goods are purchased from a foreign vendor no tax withholding is required. However, if the right to use software is being purchased, withholding tax may apply to the transaction. In some cases we can assist the vendor in obtaining the correct documentation to reduce or possibly eliminate the tax withholding requirement by applying a tax treaty if one exists between the US and the other country. Please contact the Tax Department prior to the transaction if you have any questions.Tax Department

United States Income Tax Treaties- A to Z
I’ve been asked to provide an IRS Form W-8BEN or Form W-8BEN-E, why?The W-8BEN is a Certification of Foreign Status for individuals. The Form W-8BEN-E is a Certification of Foreign Status for businesses. (Just like the W-9 is for certifying U.S. status.) From it we get your name address and whether you have a U.S. Tax Identification Number (TIN). Generally foreign nationals or businesses are subject to 30% federal tax withholding on payments they receive from US sources. We asked for a Form W-8BEN (or W-8BEN-E) because we need to establish that you are not a US person and that you are the owner of the payment we are about to make. If you have a US Taxpayer Identification Number (Social Security Number, Individual Taxpayer Identification Number or Employer Identification Number) it should be entered on the form. This allows us to determine whether you are eligible to use an income tax treaty for a reduced withholding rate.Tax Department

United States Income Tax Treaties- A to Z
I've been asked to provide an IRS Form W-9, why?A W-9 is a W-8BEN for U.S. Persons; it is a certificate of U.S. Residency. We asked for a W-9 so that we may confirm your tax identification number, status and type of business prior to making the payment you are to receive. We need this information so that we may, if required by law, report the payment to the Internal Revenue Service. The W-9 is filed by U.S entities, Citizens and Residents. Tax Treaties with some countries (e.g. China) are available to visa holders who are U.S. Tax Residents, even after many years here. When this occurs, the tax treaty is filed on form W-9 rather than W-8BEN.Tax Department

United States Income Tax Treaties- A to Z
I've been asked to complete a Foreign National Information Form (FNIF), why?We use the information requested on the FNIF to help us determine your U.S tax situation. From the FNIF we determine your immigration status, your country of Citizenship and Residence, the type of income you’ll be receiving and the duration of time you’ll be in the U.S., and even if you qualify for an income tax treaty. Since there are restrictions on payments to certain visa types we also use the FNIF to determine if we can even make the payment to you without endangering your visa status. The type of payment you are receiving and visa status may allow us to withhold taxes at a lower rate than the usual 30%.Tax Department

United States Income Tax Treaties- A to Z
Is there anything I can do to stop the withholding from my scholarship or fellowship?You may elect to tax your non-qualified scholarship through payroll, which sometimes reduces the tax withheld.

You can potentially reduce or eliminate the tax withholding on your scholarship, if a tax treaty exists between the US and your home country. To claim treaty benefits you must have a U.S. Tax Identification Number (TIN). To determine whether your home Country has a Treaty with the U.S., please contact the Tax Department. The Tax Department can help you apply for a TIN if you do not already have an Individual Taxpayer Identification Number (ITIN) or Social Security Number (SSN). It is important to understand that not all tax treaties are written to exclude scholarships from taxation. Tax treaties eliminate U.S. tax, but may generate tax in your home country if scholarships are taxable there.
Tax Department

United States Income Tax Treaties- A to Z

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Grants & Awards Management

QuestionAnswerMore Information
I just received notification that my grant application has been approved. How do I get an account number?First, be sure that the Office of Research and Sponsored Programs has copies of all official award documentation. They will review the award documents to ensure that all needed documentation has been received. After their review, the award notification will be forwarded to Grants Accounting and Compliance, along with an official request that a new grant fund number to be established. Once Grants Accounting and Compliance sets up the grant fund number, usually within 24 hours, you will receive written notification of your number and budget amount.Grants & Awards
I need to hire someone to work (or pay a bill) on my grant. What do I need to do?The process for hiring people, paying bills, etc. is basically the same for a grant as for any other University fund. Wake Forest University policy must be followed, in addition to any restrictions placed by the granting agency (see your award document). For more detailed information, please check Payroll (link) and Accounts Payable (link), or contact Grants Accounting and Compliance.Grants & Awards
I've heard that I will get some money back from the indirect costs generated by my grant. How and when does this happen?If your grant is budgeted for indirect costs, the University distributes the collected indirect costs monthly as follows:

40% to the funded faculty member’s department,10% for use by the faculty member that received the grant,25% to a central matching fund managed by the Office of Research and Sponsored Programs,15% to a discretionary account managed by the Office of Research and Sponsored Programs, and10% to the ZSR Library.
Your 10% return will be put in a separate fund (D-fund) on which you will receive monthly budget reports. This money can be spent for any purpose other than additional salary for you.
Grants & Awards

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Insurance & Risk Management

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Invoices & Reimbursements

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Payroll Services

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Procuring Goods & Services

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Project Management

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Tax Information

QuestionAnswerMore Information
What tax services do you or don't you provide to the University community?We determine if payments made to Foreign Nationals or foreign companies are subject to taxation in the United States. If the payment is subject to taxation, we compute the amount of tax due and electronically remit the payment to the appropriate federal and/or state agencies.

We assist students, faculty, and foreign visitors in obtaining Individual Taxpayer Identification Numbers (ITINs). An ITIN may be used file U.S. tax forms, including eligible tax treaty benefit forms. Treaties may be available for certain payments received by students, lecturers, performers, researchers, etc.

We prepare tax returns for the University to report payments to foreign persons to the IRS. The Center for International Studies provides tax preparation assistance to Foreign Nationals who are members of the University community with the assistance of the Tax Department and publicly available software. We cannot provide tax advice on personal tax situations for members of the University community.
Tax Department
Why did my scholarship or fellowship have taxes withheld?Taxes were withheld from your scholarship most likely because the scholarship is a “non-qualified scholarship.” There are two (2) kinds of scholarships, qualified and non-qualified. A qualified scholarship pays for tuition and course related fees; a qualified scholarship is not taxable under federal law. A non-qualified scholarship pays for other expenses, such as housing, meal plans, insurance, travel, etc. A non-qualified scholarship is taxable in the U.S. if it’s paid by a U.S. entity or person. If you have questions please contact the Tax Department.Tax Department
Is there anything I can do to stop the withholding from my scholarship or fellowship?You may elect to tax your non-qualified scholarship through payroll, which sometimes reduces the tax withheld.

You can potentially reduce or eliminate the tax withholding on your scholarship, if a tax treaty exists between the US and your home country. To claim treaty benefits you must have a U.S. Tax Identification Number (TIN). To determine whether your home Country has a Treaty with the U.S., please contact the Tax Department. The Tax Department can help you apply for a TIN if you do not already have an Individual Taxpayer Identification Number (ITIN) or Social Security Number (SSN). It is important to understand that not all tax treaties are written to exclude scholarships from taxation. Tax treaties eliminate U.S. tax, but may generate tax in your home country if scholarships are taxable there.
Tax Department
I just received my 2014 1098-T and the only thing on it is $10,000 in Box 5 for the scholarship I received for my last semester at Wake, what am I supposed to do with it? The information provided in Boxes 2 and 5 are there for you to determine if you are eligible for any federal income tax education credits. The reason you do not have an amount in Box 2 is because the University bills for the spring semester during the fall semester. So for example, on the 2013 1098-T, Box 2 will show the amount billed for the fall 2013 semester and for the spring 2014 semester (as well as any summer sessions you may have attended). Since you have no amount in Box 2 that means your qualified tuition and fees were billed during the prior calendar year. Although you were billed in the fall, the scholarship was paid to your student account in the spring of 2014; therefore you will need to determine how much of your scholarship was qualified and how much was non-qualified.

Non-qualified scholarships represent taxable income; see IRS Publication 970 for a worksheet to assist you in determining the qualified/non-qualified portions of your scholarship.

You will need both the amount paid for qualified tuition and fees and the scholarship amount to determine if you are eligible for any of the education tax credits. In order to determine the amount actually paid during the tax year you should access DEAC for information about your account.

You may refer to IRS’ Tax Benefits for Education resource page for more information on tax credits and how to use the information provided on the Form 1098-T.

This information is provided for informational purposes only and should not be considered tax advice. You should consult with a tax professional for assistance with the education credits. You should use caution when using off-the shelf or online tax preparation software when determining your education credit eligibility.

Other FAQs regarding the Form 1098-T may be found here.
Tax Department
What is “bond monitoring”? And why is someone from Financial and Accounting Services (FAS) touring my lab/classroom space?• The person from FAS is touring your space because your space was financed in part by funds received from the issuance of a tax-exempt bond. As part of the procedure required for maintaining the tax-exempt status of the bond, periodic reviews will be made by members of FAS. These reviews are to insure that the areas funded by bonds are being used in accordance with the federal laws regarding tax-exempt bonds. If you have questions about the reviews please contact the Tax Department.Tax Department
What would happen if I changed the withholding on my check?• Your take home pay will change. You will either increase the amount of take home pay by reducing the withholding on your check. Or decrease your take home pay by increasing the amount of withholding on your check.
• Your tax being withheld will also change if you adjust your withholding. This could result in a higher tax bill when you file your income taxes. Depending upon your tax situation, changing your withholding rate could potentially result in a tax penalty for not paying your taxes in a timely fashion. You could also potentially, receive a larger refund when you file your income taxes.
• Since every tax situation is different, please consult with a tax professional if you are considering changing your withholding. This is for informational purposes only and should not be considered tax advice.
Tax Department
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Travel

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University P-Card

QuestionAnswerMore Information
If I don't have any transactions during a particular statement period, do I have to do anything?No.University P-Card
What do I do if I am traveling during a statement close period?First, call Accounts Payable and let them know you are traveling and your documentation may be late. Then, if you have access to the internet, go into Works and update your transactions and sign off on them. The last step, printing off your statement, can happen when you return from traveling. At that time, print your statement, get the appropriate approvals and submit them along with your receipts to AP.

If you don’t have access to the internet to update your transactions, consider assigning a proxy to update those transactions for you. If you plan ahead, most individuals are willing to help. Your proxy can go into Works and update your transactions. You will need to let them know the business purpose information ahead of time. Call AP ahead and let them know you will assign a proxy. Documentation, including statement and receipts can be turned in when you return.
University P-Card
I have forgotten my password, what do I do?Call P-Card Administrator x5998 or the uBuy Help Line x8289. We will reset your password. It will ALWAYS temporarily be your username. The next time you log into Works, you will assign another permanent password. Don't click the 'forgot password' link in Works.University P-Card
I signed off on a transaction with the wrong information. Now I need to update it, but I can't see it on my screen. What do I do?Call the P-Card Administrator x 5998 or the uBuy Help Line x8289. We will "flag" the transaction back to you. When you log into Works the transaction will be on the "resolve" line instead of the "sign off" line. Click on the transaction and then update as needed. In the bottom right hand corner you find and click on the "remove flag" button. When the white box comes up, type "corrected". Click "OK" and you are done.University P-Card
I used my card but the transaction hasn't shown up yet. Where is it?The posting process can take up to 10 business days. If you don't see your transaction post in a reasonable amount of time, you may call the supplier and ask them when they processed the transaction. Remember that the statement period only captures transactions that have posted.University P-Card
I just went into the site and updated my transactions. I printed my statement and none of my changes are there. Have I lost everything I just did?No. If you hit save and OK when you were updating you haven't lost anything. Works is simply an interface that talks to another system. Sometimes it takes up to a couple of hours for the system to update. This is especially true if you update all of your transactions at the last minute. Lots of people wait until the last minute, which causes a delay.University P-Card
I am being asked for my billing address. What do I use?Your billing address is your departmental PO Box number. No punctuation, no dashes. When you enter your billing address it should look like this:
PO Box 7245
Winston Salem NC 27109
University P-Card
Why do I have to call Procurement and Bank of America when I travel internationally?You call Bank of America to let them know of your travel plans so they will not assume your card is being used fraudulently when charges from another country begin to show up. Also be sure you call Procurement Services before you travel to ensure you have enough credit on your card in the event of an emergency. If you are traveling with students/group of individuals, we will request approval from your approval authority to increase your credit limit based on the number of individuals in order to accommodate unforeseen needs.University P-Card
I know I need to break out the NC Sales tax, where do I put it?Select your transaction and click the General tab.

Make sure the "Tax Status" is "Sales Tax Included".

Enter the tax that is listed on your receipt in the "Sales Tax Total" field if it's not already there by default.

Click Save.
University P-Card
I don't like Works. When is that site going to be updated/changed so it is easier to use?We completely understand. Works is an environment managed/provided by Bank of America. The ideal solution is to have an interface between Works and Banner.University P-Card
I am having trouble logging in or some of the information in Works is acting strange, what is wrong?Please make sure you are logging into Works through an Internet Explorer or Firefox browser window. Works does not play well with the Google Chrome browser. The web address for Works is: payment2.works.com.University P-Card
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