Upcoming Policy Updates
Effective 01/01/2025
PCard Manual
Purpose: The PCard program is designed to create an easy, flexible, and effective process for purchasing and paying for transactions under $2,500 or otherwise allowed by the Procurement Policy. This manual provides essential information to successfully utilize the PCard program.
Summary of Key Updates
To increase transparency around PCard and Policy compliance, a new point-based system will be used to track infractions and enhanced communications will be used by the PCard Administrator.
To ensure cardholders understand updates to related policies and procedures, PCard forms and agreements will be revised. The revised ‘Cardholder Agreement’ needs to be signed electronically in Workday before Jan. 1, 2025.
To ensure we meet dispute resolution timelines with banking partners and IRS documentation submission guidelines, the number of days to submit expense documentation will be reduced from 60 days to 30 days or 14 days from the return of the trip, whichever is later. Transactions submitted outside the 30/14 day period may have tax implications for the Cardholder.
Effective 01/01/2025
Accounts Payable Disbursement Procedure
Purpose: The purpose of this Policy is to provide faculty, staff, students and University affiliates direction to ensure business-related expenditures are disbursed in accordance with the University’s mission and adhere to federal and state regulations.
Summary of Key Updates
In an effort to streamline how information is provided to the campus community, the roles and responsibilities sections of previous policies and procedures will be consolidated. This section will now provides additional detail describing expectations for those who hold financial roles across campus (e.g., Cardholders, Cost Center Managers, Delegates, and Payment Services).
To enhance clarity and transparency, revised definitions and guidance around the University’s approved payment methods and payment terms will be included.
Effective 01/01/2025
Travel, Entertainment, and Business Expenses Policy and Procedure
Purpose: The purpose of this Policy and Procedure is to establish guidelines for the reasonable and appropriate use of Wake Forest funds for travel, entertainment, and other business expenses and to define the process for documenting and accounting for these expenditures.
Summary of Key Updates
To eliminate redundancy and improve readability, the former Travel Procedure, and the Meals and Entertainment Procedure, have been combined with the Business Expense Policy.
To reduce the documentation required for small expenses, the no-receipt required threshold for certain business-related travel expenses will increase from $50 to $75.
To allow flexibility for travelers, a per diem method for meals and incidentals will be used for expenses while traveling domestically. Workday will be set up with domestic per diem functionality and a new expense item named Meals-Domestic Travel (Per Diem). The University will only pay domestic per diems based on the GSA Standard Rate (currently $68 per day).
To simplify mileage reimbursements, new Workday functionality using Google Maps for business mileage calculations will be introduced.
Calculating personal versus business travel on international trips will no longer be required.
A new spend category and expense item related to service provider travel will be introduced for easier transactional and 1099 processing named Travel Expenses for Service Providers.
To ensure we meet dispute resolution timelines with banking partners and IRS documentation submission guidelines, the number of days to submit expense documentation will be reduced from 60 days to 30 days or 14 days from the return of the trip, whichever is later. Transactions submitted outside the 30/14 day period may have tax implications for the Cardholder.
In order to ensure appropriate support processes are in place for international travelers through the Center for Global Programs and Studies, it will be required that international airfare is purchased using the University PCard. Individuals who have not been issued a PCard should request assistance from other departmental personnel with a PCard. As a reminder, Cardholders cannot give their card information to another employee or student for use.
To comply with IRS guidelines for business expense documentation, conference agendas will be required to support conference registration expenses.