The Campus Finance and Administration Representatives (CFAR) Group will meet this Thursday, May 16th in the ZSR Library Auditorium. Anyone is welcome to attend to learn about Fiscal Year End Close Procedures and Deadlines. Did you know that all past CFAR presentations are available for your reference on the newly redesigned Financial Services website? Just visit the Tools tab on CFAR page to access them.
News Archives | Page 5 of 6 | Financial Services
May 7th, 2013 | News
To improve customer service, the University is increasing the maximum cash reimbursement amount from $25 to $50. Effective May 6, 2013, any travel or business related expenses that total $50 or less may be reimbursed at the Cashier’s window in Reynolda Hall (Student Financial Services). Faculty and staff may continue to use direct deposit for reimbursement requests totaling $25 or more.
Should you have questions regarding this, please contact Alice Hernandez, Accounts Payable Representative, at x5833 or via email at: email@example.com.
April 19th, 2013 | News
As the end of the fiscal year rapidly approaches, Procurement Services would like to provide some critical purchasing reminders and deadlines:
- All goods and services need to be received or fully performed by Friday, June 28th to be expensed/processed in FY13.
- Expenses for which the period of use or coverage extends beyond June 30, 2013, will be prorated into the appropriate fiscal years.
- Friday, May 3rd —Deadline to issue Requests for Proposals (RFP’s) or Bids. Deadline for furniture purchase requests and vehicle purchase requests. Any requests for bids, furniture or vehicles after this date will not be guaranteed to meet the June 30th deadline.
- Friday, June 7th—Deadline for requests to set up a new supplier. Please contact Procurement Services to verify we do not have an existing supplier under contract or discount structure which can meet your needs before requesting a new supplier.
- Monday, June 24th—Deadline for submission of approved purchase requisitions through Deacon Depot. All goods and services must be received by Friday, June 28th.
For questions regarding these Procurement deadlines, please contact Procurement Services at firstname.lastname@example.org or uBUY (ext. 8289).
Finance & Accounting Services will issue a full communication of all end of fiscal year deadlines and guidelines by mid-May, and more information on year-end will be presented at the May Campus Finance and Administrative Representative (CFAR) meeting. As information is updated, it will be added to this financial services site.
March 13th, 2013 | News
Financial and Accounting Services (FAS) is very pleased to provide expense reimbursement payments by direct deposit. All reimbursements will now be deposited directly into your bank account like your paycheck.
You will automatically be enrolled in the direct deposit initiative. This new service provides several benefits to faculty and staff, including receiving a faster and secure payment. Your primary bank account on file with Payroll will be the default bank account used for reimbursement requests processed through Accounts Payable. Reimbursements made through Accounts Payable can only be made to one bank account. To change the default bank account for Accounts Payable, complete a new Wake Forest University Direct Deposit Authorization form and submit the form to Payroll. This will take effect March 25, 2013.
Your payment advice (a description of the payment processed by Accounts Payable) will be delivered to your primary Wake Forest University email address. This will give you the option to save your remittance electronically.
If you have any questions, please contact Accounts Payable by email at email@example.com.
February 28th, 2013 | News
Now that our new Financial Services website has been introduced, we want to know what you think! We value your input and welcome your feedback so please take a moment to complete our survey and let us know your thoughts about the new website. Clicking on the title of this news item will take you to a page where you can click the survey link.
January 8th, 2013 | News
On January 1, 2013, Congress approved the American Taxpayer Relief Act of 2012. This bulletin provides information on how this legislation will affect taxes deducted from paychecks beginning this month.
Social Security tax:
Due to the expiration of the “Middle Class Tax Relief and Job Creation Act”, the Social Security tax rate will increase as of January 1, 2013. As a result, the Social Security tax rate reverts to 6.2% of your pay compared to the 2011 and 2012 temporary rate of 4.2%, an increase of 2%.
Federal Income tax rates:
The federal government provides every January new withholding tax tables to all employers based on the tax rates that will be in effect for the new calendar year. Your withholding may change impacting your first paycheck in January 2013.
The tax rates in effect for 2013 are summarized as follows:
Description Tax Rate
Federal Income Tax IRS Tax Table, W-4 Rate
Social Security 6.2% on first $113,700 wages earned
Medicare* 1.45% (no limit)
NC State NC Tax Table, NC-4 Rate
You may update your federal and/or state income tax withholding allowances at any time.
W-4 Employee’s Withholding Allowance Certificate
* Beginning in January 2013, individuals whose annual wages and compensation paid in excess of $200,000 will be subject to an additional 0.9% Medicare Tax, from 1.45% to 2.35%. The additional withholding will be reflected in the pay period in which an employee’s compensation exceeds this threshold. For more information, please refer to the IRS website: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Questions-and-Answers-for-the-Additional-Medicare-Tax
If employees have any questions regarding this bulletin, please contact firstname.lastname@example.org.
January 8th, 2013 | News
January 2nd, 2013 | News
Good news for students! In response to student, faculty, and department requests, we are pleased to announce that effective January 1, 2013, all undergraduate and graduate hourly positions, resident advisors and undergraduate monthly stipends will be moved from monthly to biweekly payroll. This increased frequency will benefit our students as they will receive payment earlier in their employment or stipend term and more often. These students will now be on the same schedule as biweekly non-exempt staff, and will continue to enter their hours in NOVAtime as they do today. After the December hours are paid in January, the system will change to the biweekly cycle. Instead of a monthly timesheet view in NOVAtime, students will view weeks per pay period. When approving timesheets in NOVAtime, supervisors will need to change the pay cycle from monthly to biweekly.
We are pleased to make this change for the benefit of our student employees, and are also committed to supporting departments through this transition. We encourage you to contact us if you need training or support.
January 2nd, 2013 | News
Our new gateway into Financial Services is an audience-driven website that we hope will be very useful and a valuable tool for faculty and staff, students and parents, suppliers, and other audiences. This new website is a great contribution toward achieving a trained campus community on how to do business at Wake Forest. We encourage you to explore the site and look forward to your feedback. To get you started, we’ve created a quick guide for navigating the site to easily find what you need.
December 11th, 2012 | News
Employees may choose to receive W-2’s electronically this year. If you would like to receive your W-2 electronically, you may select this option through WF@Work. Log in to WIN and click the WF@Work link. Under the Tax Forms heading, click the “Electronic W-2 Consent” option. Check the box under “My Choice” and click submit.