Fiscal Year 2016 Financial Services Announcement

June 1st, 2016

Loyola’s fiscal year-end of June 30, 2016 is rapidly approaching! To close out FY16 please review the following deadlines.

Fiscal Year-End Expenses

Departments should ensure that all invoices for goods received or services rendered during FY16 are reflected in the FY16 financials.

Check Requisitions and Expense Reimbursements

  1. Must be received electronically by Accounts Payable (accounts-payables@luc.edu) by no later than Monday, June 27, 2016 for all expenses needing Sponsored Program Accounting approval (Gift/Grant AUs).
  2. All other requests must be received by Thursday June 30, 2016. Requests received after June 30, 2016 will be paid against the FY 2017

Expenses not received in Accounts Payable by June 30, 2016:

  1. Expenses incurred prior to June 30th must be accrued and charged to your FY 2016 budget with supporting documentation from an external party.
  2. Requests to accrue must be received by AP in writing by Wednesday, July 6, 2016.
  3. Every effort should be made to notify Accounts Payable or General Accounting in a timely manner regarding FY16 invoices received after June 30th so that all expenses are appropriately accrued for.
  4. If there is a significant invoice greater than $25,000 that you are aware of after July 6 that pertains to FY16, contact Maria Araque (maraque@luc.edu) or Accounts Payable (accounts-payables@luc.edu).
  5. Appropriate and valid accounting unit-account code pairs must be on the requests.

Purchase Orders: Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.

  1. Purchase orders that have not been paid but have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30 will be accrued as an expense in FY 2016.
  2. To ensure accuracy please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30.

Procurement Card transactions should be made no later than Thursday, June 30, 2016 to be applied to the FY16 budget.

Payroll adjustments

  1. Sponsored Program Accounting payroll adjustments: Personnel Action Forms (PAF’s) or Employee Information Forms (EIF’s) that include corrections to grant accounting units for salary line items must be received by Friday, June 10, 2016. Requests received after Friday, June 10, 2016 will be processed for FY 2017
  2. General Accounting payroll adjustments: (corrections between accounting units for salary line items) must be received by General Accounting (send to cfraczkowski@luc.edu) by Wednesday, June 22, 2016

Treasury: 

Repetitive EFT’s/ACH’s

  1. If you have any repetitive EFT’s/ACH’s that need to be processed in Fiscal Year 2016, the Repetitive EFT forms need to be sent electronically to the Treasurer’s Office at Cashmgmt@luc.edu by 12 pm on June 29, 2016. These transactions will be processed on June 29th and clear Loyola’s bank account on June 30, 2016.
  2. Any repetitive EFT’s/ACH’s that come in after 12 pm on June 29, 2016 will be processed on June 30th and clear Loyola’s bank account on July 1, 2016 and these transactions will be recorded in Fiscal Year 2017.

Non-Repetitive Wire Transfers

  1. If you have any Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2016, the Non-Repetitive form with all supporting documentation must be sent to the Treasurer’s Office at Cashmgmt@luc.edu by 12 pm June 27, 2016. If any documentation is missing or has incomplete banking information, it will not be processed and it will be returned to you for additional information and will then be processed in Fiscal Year 2017.

Fiscal Year-End Revenue

  1. Revenue Deferral: Revenue received prior to June 30 for programs being held in FY 2017 must be deferred to the new fiscal year.
  2. Revenue Receivable: Any revenues not received by June 30th that relate to services provided by the University in Fiscal Year 2016 should have a proper receivable set up.
  3. All University deposits for FY16 should be taken to the Bursar’s office by no later than June 29th, 2016 by 2pm.
  4. Contact Maria Araque at maraque@luc.edu or Andrea Sabitsana at asabits@luc.edu by Wednesday, July 6, 2016 to ensure the proper accounting for revenue deferrals or receivables.

Budget Transfers

  1. The last day to submit budget transfers for FY2016 is Wednesday July 6, 2016.

If you have questions regarding these procedures, please feel free to contact Maria Araque at maraque@luc.edu or Andrea Sabitsana at asabits@luc.edu.

The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!

The Fiscal Year 2016 Financial Services Deadlines can be found at: http://blogs.luc.edu/finance/2016/06/01/fiscal-year-2016-financial-services-deadlines/

Fiscal Year 2016 Financial Services Deadlines

June 1st, 2016

Loyola’s Fiscal Year-end of June 30, 2016 is rapidly approaching. In order to ensure a timely and efficient year end close, please adhere to the following deadlines:

Year-End Task Due Date Department Responsible Departmental Contact for Questions
Payroll Adjustments for SPA: PAFs or EIFs that include Grant and/or Gift Accounting Units Friday, June 10, 2016 Sponsored Program Accounting mscalero@luc.edu rthomas16@luc.edu
All Other Payroll Adjustments Wednesday, June 22, 2016 General Accounting cfraczkowski@luc.edu
Check Requisitions/ Expense Reimbursements that include Grant and/or Gift Accounting Units Monday, June 27, 2016 Accounts Payable Accounts-payables@luc.edu
All Other Check Requisitions/Expense Reimbursements Thursday, June 30, 2016 Accounts Payable Accounts-payables@luc.edu
Non-Repetitive Wire Transfer Request (one time payments) Monday, June 27, 2016 by 12pm Treasury Cashmgmt@luc.edu
Repetitive Wire Transfer Request Thursday, June 30, 2016 by 12pm Treasury Cashmgmt@luc.edu
Procurement Card Transaction Date to be included in FY2016 Thursday, June 30, 2016 Procurement Card ProCard-Admin@luc.edu
Notify Purchasing of Purchase Orders Received Thursday, June 30, 2016 Purchasing Purchlsc@luc.edu
Expense Accruals for goods received or services rendered by June 30, 2016* Wednesday, July 6, 2016 Accounts Payable/General Accounting Accounts-payables@luc.edu
Journal Entry/Expense Transfer Requests (including deferrals & receivables) Wednesday, July 6, 2016 General Accounting Accounting@luc.edu mfriedberg@luc.edu

*Please inform Accounts Payable of any invoices >$25,000 received after July 6th that would need to be accrued for FY16

 

Important Announcement: Lawson Upgrade

May 3rd, 2016

Lawson, the University’s human resources and financial system, will be unavailable Friday, May 6, beginning at 5 p.m. through 8 a.m. on Monday, May 9, for a planned application upgrade. During this time, users will not be able to access Lawson to view paycheck stubs, make benefit elections, view general ledger account balances, or enter requisitions.

The upgraded version of Lawson will feature an updated user interface and will be compatible with all browsers, including Internet Explorer, Chrome, Firefox, and Safari. In order to access the system, users will need to be connected to Loyola’s network, either on campus or via Loyola Secure Access (LSA). Updated documentation and manuals are available here.

Expense Reimbursement Policy Change – Reports Submitted after 90 days

February 26th, 2016

Loyola Faculty and Staff,

 The purpose of this message is to notify you of a change regarding the processing of Expense Reimbursements.  All Expense Reimbursements submitted more than 90 days following the date of the expense or the last date of travel will now be considered taxable income to the employee and subject to income and withholding taxes.  The effective date of this change is April 1, 2016.

BACKGROUND ON THE CHANGE:

During a recent internal audit at the University, it was noted that the IRS requires an employer to require its employees to submit business and travel expenses for reimbursement by the employer within a reasonable period of time following the incurrence of the expenses. Otherwise, the reimbursement is taxable to the employee.

The IRS has indicated that requiring an employee to submit an expense for reimbursement within 60 – 90 days of the incurrence of the expense meets the reasonable period of time test.

After considering relevant factors, including benchmarking of peer institutions, IRS related information and the frequency of faculty and staff travel, Loyola University Chicago has determined that, to comply with IRS requirements, it would be appropriate and within IRS requirements to require employees to submit business and travel expenses for reimbursement by the University within 90 days of the incurring the expense or completing the travel. As a result, any request for reimbursement of an expense submitted more than 90 days following the date the expense was incurred or the travel was completed will be treated as taxable to the employee and subject to income and withholding taxes.

ADDITIONAL GUIDANCE:

It is recommended that all expenses be submitted for reimbursement within 30 days after the travel is completed or the expense is incurred to allow time for processing and approvals.

Please note that the date used to determine whether or not a report is submitted after 90 days is the date the documentation is submitted to Accounts Payable. 

Please do not hesitate to contact LaShonda Smith, Accounts Payable Manager, at the e-mail or phone number below with any questions regarding this change.

Kind Regards,
LaShonda Smith
Accounts Payable Manager
Lsmit17@luc.edu
312-915-8752

 

2015 W-2 Update

January 28th, 2016

Money

2015 W-2 Update

Paper W-2’s

  1. Paper W-2’s were mailed out on Wednesday, January 27, 2016 to those who did not opt-in for the electronic version of the W-2 or who are no longer active employees.  Please allow 1-2 weeks for delivery via the USPS.
  2.  We will not be processing any W-2 reprints until February 15, 2016.
  3. If you do not receive your W-2 by February 15th, you may fill out, sign, and email back a completed W-2 request form available here: http://www.luc.edu/media/lucedu/finance/pdfs/W-2_request_form.pdf.  Once we have the form, we will work on processing a W-2 reprint within 5-7 business days.

Electronic W-2 Option

  1. If you are still an active employee, you can view and print a copy of your W-2 electronically on the Loyola network using Internet Explorer as your browser.  All you need to do is give your consent to receive the W-2 electronically by following the steps found here: http://www.luc.edu/media/lucedu/finance/pdfs/electronic_W-2_instructions_opting-in.pdf
  2.  Opting in will give you access to your 2015 W-2 immediately, as well as recent year W-2’s.  Additional information regarding electronic W-2’s may be found here: http://www.luc.edu/finance/w-2consent/#d.en.296649.
  3. If you opted in to have your W-2 submitted electronically to Turbo Tax, your W-2 was sent to Turbo Tax on Thursday, January 28th.
  4. PLEASE NOTE: If you are no longer an active Loyola employee and you previously signed up for electronic delivery, a paper copy of your W-2 has been mailed to the address on file with Human Resources.

For further information, please visit our website at http://www.luc.edu/finance/payroll.shtml

Best Wishes,

Kronos Help Desk / Payroll Services

 

Purchasing News Flash: New Loyola Printing Services/Copy Center Provider

November 20th, 2015

We are pleased to announce that Loyola University Chicago has partnered with Printing Arts to provide the university community with a full service copy and print solution. Printing Arts was selected after an extensive Request for Proposal (RFP) process.

Printing Arts main offices are located at 2001 W. 21st in Broadview, Illinois 60155. They are a full service, G7 Master Printer, with the capacity to accommodate all types of copy and print service requests or projects and will work closely with their customers for any level of specialization or customization. They are a 24/7 operation that will be able to provide timely deliverables and support. In addition to providing business cards, letterhead, and envelopes, they can provide the following capabilities/services including, but not limited to:

  • G7 Commercial Printing Certification
  • Pre-Press and Color Management (Multiple color project requests)
  • Structural Design
  • In-House Ink and Coatings Lab
  • Folding and Gluing
  • Tipping and Fixing
  • Hand Assembly
  • Die Cutting, Foil Stamping, and Embossing
  • Managed Inventory Programs
  • Conventional Bindery
  • Mailing and Distribution
  • Copyright Clearance (Course Pack Production)

Printing Arts will maintain an on-site presence to accommodate walk up requests. They will be located in the current Copy Center on the Lake Shore Campus, Centennial Forum Student Union (CFSU), 1125 W. Loyola Avenue, Main Level. The telephone numbers will remain the same – 773-508-2042; 773-508-2041; 773-508-7741. The email address for the Copy Center is printingservices@luc.edu.

Additionally, the new Copy Center contacts can be reached at the following numbers:

  • Christine Ciarrachi (Account Representative): 708-938-1550 (Office) 773-203-5241 (Cell) or cciarrachi@luc.edu
  • Alex Erickson (VP of Sales): 708-938-1536 (Office) 847-830-4894 (Cell) or aerickson5@luc.edu

Printing Arts will transition to their new role effective Tuesday, December 1, 2015. The Copy Center will be closed on Monday, November 30, 2015 for the transition. Please visit the Printing Services website for additional information at:

www.luc.edu/purchasing/printing.shtml

We would like to welcome Printing Arts to Loyola University and look forward to our partnership with them! We would also like to thank Canon Solutions America for their many years of service to the University.

Please direct any questions to Sam Perry, Purchasing Manager at 312-915-8781 or sperry@luc.edu.

Loyola Gives & Payroll $ervices Stuffed Animals Donation

November 12th, 2015

Loyola Gives 2015 Flyer

Fiscal Year 2015 Financial Services Deadlines

May 29th, 2015

Loyola’s fiscal year-end of June 30, 2015 is rapidly approaching! To close out FY15 please review the below deadlines.

• Check Requisitions and/or Expense Reimbursements must be received electronically by Accounts Payable (accounts-payables@luc.edu) no later than Tuesday, June 30, 2015. Requests received after June 30, 2015 will be paid against the FY 2016 budget.

• Expenses not received in AP by June 30, 2015.
o Expenses incurred prior to June 30 not received by AP by June 30 must be accrued and charged to your FY 2015 budget with supporting documentation from an external party.
o Goods must have been received or services rendered prior to June 30.
o Requests to accrue must be received by AP in writing by Monday, July 6, 2015. If there is a significant invoice ($25,000 or more) that you are aware of after July 6 that pertains to FY15, contact Maria Araque (maraque@luc.edu), Melissa Townsend (mmiranda2@luc.edu) or Accounts Payable (accounts-payables@luc.edu).
o Appropriate and valid accounting unit-account code pairs must be on the requests.

• Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing
o Purchase orders that have not been paid but have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30 will be accrued as an expense in FY 2015.
o To ensure accuracy please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30.

• Procurement Card transactions should be made no later than Tuesday, June 30, 2015 to be applied to the FY 15 budget.

• Payroll adjustments
o General Accounting payroll adjustments: (corrections between accounting units for salary line items) must be received by General Accounting (send to cfraczkowski@luc.edu) by Thursday, June 25, 2015.
o Sponsored Program Accounting payroll adjustments: Personnel Action Forms (PAF’s) or Employee Information Forms (EIF’s) that include corrections to grant accounting units for salary line items must be received by Friday, June 12, 2015. Requests received after Friday, June 12, 2015 will be processed for FY 2016.

• Revenue received prior to June 30 for programs being held in FY 2016 will be deferred to the new fiscal year. Contact Maria Araque (maraque@luc.edu), Melissa Townsend (mmiranda2@luc.edu) or Andrea Sabitsana at asabits@luc.edu by Monday, July 6, 2015 to ensure the proper accounting for the deferral of revenue.

If you have questions regarding these procedures, please feel free to contact Maria Araque (maraque@luc.edu), Melissa Townsend (mmiranda2@luc.edu)or Andrea Sabitsana at asabits@luc.edu.

The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!

Top 5 Payroll Reminders for 2015

April 30th, 2015

1) FLOATING HOLIDAY ASSIGNED IN 2015
Reminder: The Floating Holiday is assigned in 2015. The university has assigned the 12th holiday this year on December 31st. With that in mind, please do not attempt to enter or approve Floating Holidays outside of this date in Kronos in 2015.

2) ALWAYS CHECK LEAVE BALANCES IN KRONOS
Before trying to enter any leave time in Kronos (i.e. vacation, sick, personal, etc), always make sure to check your leave balances under the “Accruals” tab at the bottom of your Kronos timecard. Managers, please make sure you are checking the balances as well when your direct reports enter leave time. Using time-off policies without checking first can lead to negative balances and pay that is not processed correctly.

3) YOU CAN STILL SIGN UP TO RECEIVE YOUR W-2 ELECTRONICALLY
Good news! If you missed the initial January deadline to sign-up to access your W-2 electronically, you have another chance. The W-2 portal has been re-opened, and you can once again give your authorization for electronic delivery. Read about the benefits of receiving your W-2 electronically and find step-by-step instructions for how to sign-up by following the link below: http://www.luc.edu/finance/w-2consent/#d.en.296649

4) ALWAYS APPROVE YOUR OWN KRONOS TIMECARD – BOTH HOURLY AND SALARIED EMPLOYEES
This probably seems like old news, but just a reminder that all employees must approve their own timecard each and every pay period. Unapproved timecards can lead to pay not being correctly processed (or hours not paid at all). If you are unsure how to approve your timecard, please talk to your Kronos supervisor or refer to the Kronos instructions below: http://www.luc.edu/media/lucedu/finance/pdfs/kronos.pdf

5) MAKE SURE YOU ARE ENTERING YOUR HOURS IN THE CORRECT PAY PERIOD
Please remember that if you enter hours after the Pay Period ends (e.g. on the Monday before the Kronos noon deadline) you must select the “Previous Pay Period” time period in Kronos. If the hours are entered in the wrong pay period, they will not be processed with that Friday’s payroll.

For further information about Kronos, the recent Google Chrome work-around, transferring hours, and a new FAQ’s section, please visit our webpage:

http://www.luc.edu/finance/payroll.shtml

If you have any questions, feel free to give us a call at x57444.

All the Best,
Kronos Help Desk

Finance Division Information Exchange

April 16th, 2015

To access the live stream of the event, please click on this link on the day of the event. The stream will begin at 8:45 a.m. on May 28:  https://connect.luc.edu/fininfoexchange2015/

The Finance Division invites you to the first ever Finance Division Information Exchange.

Please join staff members from the below areas to learn more about important topics in Accounting and Finance.  Members of each of the above teams will be providing in-depth training and information that will be of special interest to you and your department and operations.  A tentative agenda for the event is as follows and will be updated from time to time up until the event.

9:00-9:10  Welcome (Brian Slavinskas)
9:10-9:15  Capital Expenditures (Bryana Deak)
9:15-9:25  Budgeting and Financial Analysis
(Cathy Carlson and Arlene Rodriguez)
9:25-9:35  Campus Card (John Campbell)
9:35-9:50  Bursar (John Campbell)
9:50-10:05  General Accounting (Melissa Townsend)
10:05-10:35  Taxes (Maria Araque)
10:35-10:45  Break
10:45-11:15  Financial Systems (Rebecca Gomez)
11:15-11:45  Payroll (Rosann Lorenz and Eric Heath)
11:45-12:00  Treasury – Cash Management (Cory O’Brien)
12:00-1:00  Lunch
1:00-1:15  Treasury – Endowment Administration
(Eric Grimshaw)
1:15-1:45  Treasury – Risk Management and Insurance
(Sue Bodin and Tara Riley)
1:45-2:15  Purchasing and Receiving
(Brian Slavinskas and Sam Perry)
2:15-2:25  Furnishing and Interior Design (Susan Yanek)
2:25-2:40  Break
2:40-3:10  Accounts Payable (Alex Kormos)
3:10-3:25  Procurement Card (Martin Rivera)
3:25-3:45  Sponsored Program Accounting (Melissa Alich)
3:45-4:00  Questions

The event will take place on Thursday, May 28, 2015 from 9:00 a.m. to 4:00 p.m. at the Water Tower Campus, Corboy Law Center, 15th Floor Kasbeer Hall.  A Boxed Lunch will be provided.

For those of you unable to attend, the event will be streamed live, and a recording will be added to the Finance Division website after the event. To access the event remotely, please click on this link on the day of the event:  https://connect.luc.edu/fininfoexchange2015/

Please RSVP to by Friday, May 22, 2015 to Mary Jo Johnson at extension 58789 or mjohns5@luc.edu.  Space in Corboy Law Center will be limited so please RSVP at your earliest convenience.  Dietary considerations will be confirmed at the time of your RSVP.

Please forward this to anyone else that you feel might benefit from this event and check back frequently for more information and updates to the program and agenda.

Should you have any questions please contact Brian Slavinskas at the information below.  Thank you and hope to see you on May 28th!

Brian R Slavinskas
Director of Special Projects
Purchasing Department
Loyola University Chicago
820 North Michigan Avenue
Suite 703
Chicago, Illinois 60611

p – 312/915-8787
e- bslavin@luc.edu