Archive for the ‘News’ Category

Signature Authority & Financial Application Access Update

Wednesday, February 1st, 2023

In an effort to streamline the way in which we capture and maintain signature authority and financial application security, Finance has been working to consolidate multiple sources into a single online source of truth.  Over the last few months, we have worked with various University departments to gather and audit the current Signature Authority and Financial Reporting BI access.

Now that the information has been consolidated into the new online application, we are excited to announce the development of new streamlined forms for requesting or updating Signature Authority, BI Financial Reports access, and/or Lawson Requisition Center access.

Effective February 1st, 2023 we will no longer be sending out Signature Card forms when new AUs are created. This information will now be collected using the AU/Level Access Form and wet signed Signature Card forms will no longer be required or accepted.

How do I use the new forms?

  1. Choose the appropriate form:
    AU/Level Access Form  (Instructions)
    Additional or revised signature authority or access to financial applications
    For multiple existing users and a single AU or level

    System Access Form 
    (Instructions)
    New signature authority or access to financial applications
    For a single existing or new user and multiple AUs or levels
  1. Choose the required authority or system access for each user
  2. Obtain approval and email fillable form for processing:

    Sponsored Program AUs (103x, 104x, 107x, 2x, 5x, 9x)

    Access Type: Signature authority requests
    Approval Requirement: Principal Investigator
    Submit form to: FinancialSystems@luc.edu and Grntcon@luc.edu

    All other AUs

    Access Type: Any
    Approval Requirement: Business Manager or Finance liaison for the school or area
    Submit form to: FinancialSystems@luc.edu

What are the benefits of the new process?

  • Combining multiple security tables into a single online source will help Finance maintain consistent reporting, accessibility across departments, and it will streamline maintenance
  • Ability to proactively update information when an employee terminates or changes positions, thus ensuring that Accounts Payable and other Finance departments will be able to access the most up to date information
  • Having one central location for security for financial applications, including BI security, Signature Authority, Electronic Payment Application approvals, Lawson Requisition Center, etc. some of which will be rolled out in future phases
  • Eases some of the challenges in searching for and maintaining wet signatures in DocFinity
  • Business Managers will have access to new reporting tools to review financial application security for their areas

Please email FinancialSystems@luc.edu with any questions.

Planning University Sponsored Travel?

Monday, July 18th, 2022

Check out Loyola’s Travel Resources SharePoint for regularly updated information on how you can book travel for yourself, your colleagues, or guests of the University. This is where Loyola employees can find all travel-related information and communications.

We are happy to announce Egencia as a new service for LUC faculty and staff. Egencia is our University-wide booking tool to assist faculty and staff in making University travel arrangements, as well as provide a centralized travel management platform.

Having a centralized booking tool for travel management offers numerous benefits including, but not limited to:

  • Personalized travel profile including your frequent flyer numbers, loyalty programs, travel preferences (i.e. Aisle/Window), and your known traveler number (TSA PreCheck).
  • Mobile App to book travel, view alerts/delays, communicate with agents, etc.
  • Competitive fares, hotel rates, and promotions utilizing Egencia’s pricing power to maximize the amount of travel activity for your department’s available travel budget.
  • Increased compliance with University travel policies.

Booking Travel via Egencia
Use of Egencia is highly encouraged (but not required) to book University sponsored travel because of the enhanced benefits, customer support, and overall travel assistance provided.

Egencia is intended for University-sponsored travel only and is not for personal travel.

Faculty and staff can book flights, hotels, train fares, and car rentals. Faculty and staff can pay with either a University issued ProCard or a personal card and submit an Expense Reimbursement Form to Accounts Payable.

Faculty and staff can designate Travel Arrangers to book travel on behalf of others. Arrangers can edit profiles, manage bookings and reservations, as well as have full visibility of past/present/future trips for their designated Travelers. Guests of the University can also have their travel booked through an Arranger. For more information on this, please visit the Travel Arrangements page on SharePoint.

Egencia Training
Please join us for a virtual training session to demonstrate how to use Egencia on Wednesday, September 14th at 2pm CST. We encourage you to explore the site prior to training, but it is not required in order to attend. Please register here. Topics will include:

  • Updating and managing Egencia profile details, including frequent flyer information and travel documents
  • Best practices for booking a flight
  • Hotel bookings and different rates available on Egencia
  • Egencia Customer Service team
  • Egencia Mobile App
  • Additional Resources

Current Promotion with Southwest Airlines
We are happy to offer the opportunity for faculty and staff to earn an extra 50% in Rapid Rewards on Southwest Airlines flights booked and flown from April 1, 2022 through September 30, 2022. Further details can be found here.

More Travel Resources
Please check out the new Travel Resources page as well and review the Travel & Business Expense Policy. Be sure to let us know if you have any questions or concerns. You can also find the Office of Sustainability’s Air Travel Resources linked here.

We’re excited to have these tools available to Loyola Faculty and Staff! Should you have any questions, please email travel@luc.edu.

Thank you!

FY22 Financial Services Year End Deadlines

Wednesday, June 1st, 2022

Loyola Community,

Loyola’s Fiscal Year-end of June 30, 2022 is rapidly approaching! Please review the important year-end deadlines below.

Why is the Fiscal Year-end so important?

The University is required to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP). The financial statements provide an overview of the financial position of LUC as of June 30th, therefore it is critical that all revenues and expenses that relate to the fiscal year (July 1 – June 30) are captured accurately.

Year-End Procedure and Deadline Presentations

The Financial Services Division Fiscal year end presentations can be found at the following link: https://www.luc.edu/finance/fiscalyear-endinformation/

Accounts Payable

Departments should ensure that all invoices for goods received or services rendered during FY2022 are reflected in the FY2022 financials.

  • June 3, 2022 (Extended deadline): All requests, including Expense Reimbursements, for May 2022 and prior are due to AP.
  • June 16, 2022: Invoices with Sponsored Program Accounting Units (2XXXXX, 5XXXXX, etc.) are due to AP to ensure they are processed in FY2022.
  • July 1, 2022:  All requests, including Expense Reimbursements, for FY2022 are due to AP.
    • Requests must be received by Friday, July 1, 2022 at 5 p.m to ensure they are posted in FY2022.
  • Please contact your vendors for electronic invoices if paper invoices are on campus and not accessible.
  • Please indicate on the payment requisition form if the request is for FY2022 or FY2023 to ensure the request is posted in the appropriate fiscal year.
  • July 6, 2022:  Expense Transfer forms for AP transactions are due to AP.
  • July 8, 2022: FY2022 Expenses NOT posted by July 8th may be accrued by the AP department.

Expense Accruals

  • Please continue to send payment requests to Accounts Payable after July 8th. AP will make the determination if the request qualifies for an accrual.
  • Service POs must be accrued manually for services June 30th and prior. If you do not have an invoice for services rendered in FY2022, please send an expense accrual to the General Accounting department.

If you DO NOT have an FY2022 invoice to submit a payment requisition by July 8, 2022, submit an expense accrual form to General Accounting (accounting@luc.edu) to set up an expense accrual, documentation to support the accrual will be needed. Use the Year End Expense Accrual Form found under the General Accounting Forms. 

 

Purchasing: Purchase Orders

  • Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.
  • Purchase orders that have not been paid, but have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30th will be accrued as an expense in FY 2022.
  • Please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30th.
  • Health Science Campus: Orders must be physically received on Dock 8 by 4:00pm on Thursday, June 30, 2022.
  • Lakeside and Water Tower Campus: items received by a department must be substantiated with the packing list (or signed PO, if necessary) to purchasing by no later than 4:00pm on Thursday, June 30, 2022.
  • There will be no exceptions made for items in transit or back ordered even if the order has been placed prior to June 30th, therefore, please plan accordingly and place all orders as soon as possible.

Procurement Card

  • Procard transactions must be posted to PNC Active Pay by no later than Monday, June 27, 2022 to be applied to the FY2022 budget as this is the end of the June billing cycle. The “posted” date is not the transaction date, so please plan on making all FY2022 transactions as soon as possible.
  • Please use account code 1810 (Prepaid expenses) in active Pay for any purchases on your Procard that relate to FY2023 services/expenses if made prior to June 30th. (Examples include: Hotel deposits, conference registrations, etc.)

Payroll Adjustments

  • General Accounting Payroll Adjustments: To transfer salary expenses between Operating or Endowment Accounting Units (excluding Gift or Grant AU’s), please submit a completed Salary Transfer Request Form to General Accounting (send to cfraczkowski@luc.edu) by no later than Wednesday, June 15, 2022. No salary corrections will be processed for FY2022 after this date.
  • Sponsored Program Accounting Payroll Adjustments

For Salary transfers involving Gift, Grant, or 103XXX/104XXX AU’s, please refer to Sponsored Program Accounting section below.  

Outstanding Gift Card Logs

  • Gift cards purchased on or before March 31, 2022 should have been distributed and a completed gift card log returned. If you have an outstanding gift card log, it must be sent in by no later than Friday, June 17, 2022, prior to the end of Fiscal Year 2022. It is University policy for the purchaser to complete a gift card log found at: http://www.luc.edu/finance/giftcardpolicy/.
  • If any gift cards have been outstanding longer than this 3-month period, please reach out to accounting@luc.edu (For AUs that begin with 1XXXXX, 4XXXXX, 6XXXXX) or grntcon@luc.edu (For AUs that begin with 2XXXXX, 5XXXXX, 103XXX, 104XXX) to confirm the cards are still in your possession and notify Accounting of when they are to be distributed.

Cash Management      

Repetitive EFT’s/ACH’s

  • Repetitive EFT’s/ACH’s that need to be processed in Fiscal Year 2022, must be sent electronically to the Treasurer’s Office at CashMgmt@luc.edu by Tuesday June 29, 2022 at 12pm. These transactions will be processed on June 29th and clear Loyola’s bank account on June 30, 2022.
  • Any repetitive EFT’s/ACH’s that come in after 12 pm on June 29, 2022 will be processed on June 30th and clear Loyola’s bank account on July 1, 2022.

Non-Repetitive Wire Transfers

  • Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2022, must be sent in with all supporting documentation to the Treasurer’s Office at CashMgmt@luc.edu by Friday June 17, 2022 at 12pm.  If any documentation is missing or has incomplete banking information, the request will not be processed and will be returned to you for additional information to be processed in Fiscal Year 2023.

Credit Card Deposits/Checks/Cash

  • Please reference the Cash Management presentation for updated banking information to receive electronic payments or Lockbox mailing instructions for checks.
  • Credit Card deposits should be sent to the Bursar’s office (cashier@luc.edu) by June 3, 2022 for any activity that relates to May and prior. Please do NOT combine deposits for different months.
  • Credit card deposits for June activity should be sent to the Bursar’s office (cashier@luc.edu) as soon as possible after the transaction has been processed. Final deposits are due by 3 pm Thursday, June 30, 2022.
  • Negative deposits should be sent to General Accounting to accounting@luc.edu with the supporting documentation showing the refunds processed. Refunds related to COVID-19 cancellations should reflect that in the notes section.
  • All University deposits for FY2022 should be sent to the Bursar’s office by no later than Thursday, June 30, 2022 by 3pm to ensure they are recorded for FY2022.
  • The Year-End Revenue Deferral/Receivable forms and instructions can be found under the General Accounting Forms under “Year End Accrual Form

Fiscal Year-End Revenue

  • Revenue Deferral: Revenue received/deposited prior to June 30th for programs or services taking place in FY2023 must be deferred to the new fiscal year.
  • Revenue Receivable: Any revenues not received by June 30th that relate to services provided by the University in Fiscal Year 2022 should have a revenue receivable set up.
  • Please refer to the General Accounting Fiscal Year End Presentation for more details on how to defer revenue to FY2023 or set up a receivable for FY2022.

Sponsored Program Accounting

  • All LUMC-P salary adjustments in FY2022 will need to be received by SPA with all necessary approvals by Wednesday, May 25, 2022.  Please remember that LUMC-P PAFs may take longer to reach SPA than other EIFs/PAFs, sometimes up to a full two to six weeks in processing “lead time” to reach Sponsored Program Accounting.

  • All PAFs and EIFs (excluding LUMC-P) for salary adjustments in FY2022 will need to be received by SPA with all necessary approvals by Friday, June 3, 2022 to ensure they are processed with the final payroll of the fiscal year. 
  • Lakeside and SON: All supplemental salaries to be paid by Tuesday, June 14, 2022 must be completed and submitted to SPA by Friday, May 27, 2022. All requests will be evaluated on a case by case basis due to return to campus protocols.
  • All non-salary journal entries/expense transfer requests for FY2022 should be submitted to your SPA GA with all necessary approvals by Monday, June 20, 2022.

  • Advances in account code 1271 & 1273 opened prior to December 31, 2021 should be substantiated & reconciled by Monday, June 20, 2022. For SPA related accounts, send completed logs & supporting documentation to GRNTCON@luc.edu
  • Overdraft incurred in May or earlier will need to be resolved by the end of May.  Overdraft occurring in June needs to be resolved by Friday, June 24, 2022.  Overdraft cannot be carried forward into the next fiscal year.
  • Any budget appropriations for FY2022 must be submitted to SPA by Friday, June 24, 2022.
  • Pro-card transactions for FY2022 must be posted in PNC Active Pay by Monday, June 27 to be included in FY2022 budgets.  Pro-card transactions not meeting the deadlines will be included in FY2023 budgets.  Note: if items are backordered, for example, and the vendor does not ‘run the card’ in time the charge will likely post in FY2023.
  • For any grants with a 6/30/2022 or earlier end date that are expected to continue into the next fiscal year SPA will need one of the following provided by Friday, June 10, 2022: (a) an Advanced Account Form with appropriate back-up to guarantee expense past the end date in the absence of a fully executed agreement/extension OR (b) the fully executed agreement/extension.  Find the Advanced Account Authorization Policy and form online at http://www.luc.edu/spa/policies.shtml.
  • Please contact your Sponsored Program Accounting representative for additional information and resources

Note: FY2022 budgets will be carried forward to FY2023 in July.  In mid-July budgets on sponsored program reports may appear to be $0.00 and your AU may appear to be overdrawn during the reconciliation/carry-forward process but you may continue to spend on your sponsored AUs normally during this time.  Budgets will be viewable again on reports run toward the end of July.  Please contact GRNTCON@luc.edu if you have questions about the annual budget reconciliation and carry forward process for the University’s sponsored programs.

 

If you have any questions regarding the above procedures, please contact the appropriate department   (see Finance Key Contacts). The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!

The Financial Services Division

https://www.luc.edu/finance/

New Electronic Payment Request Form Now Live!

Wednesday, November 17th, 2021

We are excited to announce the launch of the new Electronic Payment Request Form. The new web based form will replace the existing PDF form and will allow authorized users to:

  • Complete a payment request electronically
  • Attach backup documentation
  • Electronically route form for approval
  • View the status of the payment request

Some of the major benefits and enhancements of the new form include vendor lookup/validation. Users are now able to search by vendor name or number. The address and payment method will default from vendor selection.

Users will now be able to select the AU/Account or Capital Activity/Account Category from a drop down menu. The Capital Activity & Account Categories no longer require a separate AU/Account on the form.

A dashboard will display all payment requests that have been created or routed to a particular user, as well as the current status of the request. Additionally, users may utilize “copy” features to “Start a similar form” to copy the vendor data from a previously submitted request or “Start a form with the same distribution” to copy the distribution lines from a previously submitted request

Once the payment request has been fully approved, the form will be automatically sent to DocFinity for AP processing. The Payment Requisition Status will update dynamically in application dashboard as it goes through the AP review process.

The application is live now and available to all Faculty and Staff. The form can be accessed online at https://forms.luc.edu/checkreq/login.htm with your Loyola UVID and password. Documentation, including FAQs and Instructions can be found on the Accounts Payable website.

This form will replace the existing pdf form as of February 1st, 2022.

If you are interested in attending an upcoming training session, please email Patty Woods (pwoods2@luc.edu) to be added to the list of attendees.

FY21 Financial Services Year End Deadlines

Wednesday, June 9th, 2021

Loyola Community,

Loyola’s Fiscal Year-end of June 30, 2021 is rapidly approaching! Please review the important year-end deadlines below.

Why is the Fiscal Year-end so important?

The University is required to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP). The financial statements provide an overview of the financial position of LUC as of June 30th, therefore it is critical that all revenues and expenses that relate to the fiscal year (July 1 – June 30) are captured accurately.

Year-End Procedure and Deadline Presentations

The Financial Services Division Fiscal year end presentations can be found at the following link: https://www.luc.edu/finance/fiscalyear-endinformation/

 Accounts Payable

Departments should ensure that all invoices for goods received or services rendered during FY2021 are reflected in the FY2021 financials.

  • June 4, 2021 (Extended deadline): All requests, including Expense Reimbursements, for May 2021 and prior are due to AP.
  • June 18, 2021: Invoices with Sponsored Program Accounting Units (2XXXXX, 5XXXXX, etc.) are due to AP to ensure they are processed in FY21.
  • June 30, 2021:  All requests, including Expense Reimbursements, for FY21 are due to AP.
    • Requests must be received by Wednesday, June 30, 2021 at 5 p.m to ensure they are posted in FY21.
  • Please contact your vendors for electronic invoices if paper invoices are on campus and not accessible.
  • Please indicate on the payment requisition form if the request is for FY21 or FY22 to ensure the request is posted in the appropriate fiscal year.
  • July 6, 2021:  Expense Transfer forms for AP transactions are due to AP.
  • July 8, 2021: FY21 Expenses NOT posted by July 8th may be accrued by the AP department.

 Expense Accruals

  • Please continue to send payment requests to Accounts Payable after July 8th. AP will make the determination if the request qualifies for an accrual.
  • Service POs must be accrued manually for services June 30th and prior. If you do not have an invoice for services rendered in FY21, please send an expense accrual to the General Accounting department.

If you DO NOT have a FY21 invoice to submit a payment requisition by July 6th, 2021, submit an expense accrual form to General Accounting (accounting@luc.edu) to set up an expense accrual, documentation to support the accrual will be needed. Use the “Year End Accrual Form/Expense Accrual” found under the General Accounting Forms:  https://www.luc.edu/finance/forms.shtml#d.en.103630

Purchasing: Purchase Orders

  • Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.
  • Purchase orders that have not been paid, but have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30th will be accrued as an expense in FY 2021.
  • Please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30th.
  • Health Science Campus: Orders must be physically received on Dock 8 by 4:30pm on Wednesday, June 30, 2021.
  • Lakeside and Water Tower Campus: items received by a department must be substantiated with the packing list (or signed PO, if necessary) to purchasing by no later than 4:30pm, Wednesday, June 30, 2021.
  • There will be no exceptions made for items in transit or back ordered even if the order has been placed prior to June 30th, therefore, please plan accordingly and place all orders as soon as possible.

Procurement Card

  • Procard transactions must be posted to PNC Active Pay by no later than Monday, June 28, 2021 to be applied to the FY21 budget as this is the end of the June billing cycle. The “posted” date is not the transaction date, so please plan on making all FY21 transactions as soon as possible.
  • Please use account code 1810 (Prepaid expenses) in active Pay for any purchases on your Procard that relate to FY22 services/expenses if made prior to June 30th. (Examples include: Hotel deposits, conference registrations, etc.)

Outstanding Gift Card Logs

  • Gift cards purchased on or before March 31st, 2021 should have been distributed and a completed gift card log returned. If you have an outstanding gift card log, it must be sent in by no later than Friday, June 18th, 2021, prior to the end of Fiscal Year 2021. It is University policy for the purchaser to complete a gift card log found at: http://www.luc.edu/finance/giftcardpolicy/.
  • If any gift cards have been outstanding longer than this 3-month period, please reach out to accounting@luc.edu (For AUs that begin with 1XXXXX, 4XXXXX, 6XXXXX) or grntcon@luc.edu (For AUs that begin with 2XXXXX, 5XXXXX, 103XXX, 104XXX) to confirm the cards are still in your possession and notify Accounting of when they are to be distributed.

Payroll Adjustments

  • General Accounting Payroll Adjustments: To transfer salary expenses between Operating or Endowment Accounting Units (excluding Gift or Grant AU’s), please submit a completed Salary Transfer Request Form to General Accounting (send to cfraczkowski@luc.edu) by no later than Wednesday, June 16, 2021. No salary corrections will be processed for FY21 after this date.
  • Sponsored Program Accounting Payroll Adjustments

For Salary transfers involving Gift, Grant, or 103XXX/104XXX AU’s, please refer to Sponsored Program Accounting’s Year-End deadlines here:

https://www.luc.edu/finance/fiscalyear-endinformation/

Cash Management

Repetitive EFT’s/ACH’s

  • Repetitive EFT’s/ACH’s that need to be processed in Fiscal Year 2021, must be sent electronically to the Treasurer’s Office at CashMgmt@luc.edu by Tuesday June 29, 2021 at 12pm. These transactions will be processed on June 29th and clear Loyola’s bank account on June 30, 2021.
    • Any repetitive EFT’s/ACH’s that come in after 12 pm on June 29, 2021 will be processed on June 30th and clear Loyola’s bank account on July 1, 2021.

Non-Repetitive Wire Transfers

  • Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2021, must be sent in with all supporting documentation to the Treasurer’s Office at CashMgmt@luc.edu by Wednesday June 23, 2021 at 12pm.  If any documentation is missing or has incomplete banking information, the request will not be processed and will be returned to you for additional information to be processed in Fiscal Year 2022.

Fiscal Year-End Revenue

  • Revenue Deferral: Revenue received/deposited prior to June 30th for programs or services taking place in FY2022 must be deferred to the new fiscal year.
  • Revenue Receivable: Any revenues not received by June 30th that relate to services provided by the University in Fiscal Year 2021 should have a revenue receivable set up.
  • Please refer to the General Accounting Fiscal Year End Presentation for more details on how to defer revenue to FY22 or set up a receivable for FY21.

Credit Card Deposits/Checks

  • A reminder that physical checks should no longer be mailed to individual departments during the remaining work from home period. Please reference the Cash Management presentation for updated banking information to receive electronic payments or Lockbox mailing instructions for checks.
  • Credit Card transactions should be sent to the Bursar’s office (cashier@luc.edu) as soon as possible for any activity that relates to May and June. Please do NOT combine May and June deposits together.
  • Credit card refunds should be sent to General Accounting to accounting@luc.edu with the supporting documentation showing the initial charge to the credit card and then the refund processed. Refunds related to COVID-19 cancellations should reflect that in the notes section.
  • All University deposits for FY21 should be sent to the Bursar’s office by no later than June 29th, 2021 by 3pm to ensure they are recorded for FY21.
  • The Year-End Revenue Deferral/Receivable forms and instructions can be found under the General Accounting Forms under “Year End Accrual Form” https://www.luc.edu/finance/forms.shtml#d.en.103630

 

If you have any questions regarding these procedures, please contact the appropriate department. The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!

 

The Financial Services Division

https://www.luc.edu/finance/

 

2020 Year End Tax Documents – W-2 and 1042-S

Monday, February 1st, 2021

Paper W-2s

  1. W-2 statements were mailed on Friday, January 29th to employees 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 begin processing W-2 reprints on Monday, February 8th. If you do not receive your W-2 by February 8h, you may fill out, sign, and email a completed W-2 request form to Payroll@luc.edu. The form is available on the Payroll Services webpage.  Once we have the form, we will work on processing a W-2 reprint within 5-7 business days
  3.  If you are a foreign national employee who claimed an income tax treaty during the calendar year, please see the Form 1042-S information below.

Electronic W-2s

  1. Electronic W-2’s were published online on Wednesday, January 27th. If you are still an active employee, you can log into the Employee Self-Service (ESS) Portal to view and print a copy of your W-2 electronically.  All you need to do is give your consent to receive the W-2 electronically by following the steps found here.
  2. Opting in will give you access to your 2020 W-2 electronically immediately.  It will also give you access to other recent year W-2’s.  Additional information regarding electronic W-2’s may be found here.
  3. If you opted in to have your W-2 submitted electronically to Turbo Tax, your W-2 was sent to Turbo Tax on Monday, February 1st.
  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 help understanding your W-2, please visit https://www.luc.edu/finance/understandingyourw-2/

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

Form 1042-S

All foreign nationals who were eligible to receive a 2020 Form 1042-S should have received two emails on Monday February 1st, 2021. One email from mailto:nra-processing@luc.edunotifying them that the Form 1042-S was now available and that they would receive an email notification form Glacier Online Tax Compliance. The second email notification came from Glacier Online Tax Compliance (support@online-tax.net) with the instructions on how to download your form 1042-S. Former employees of LUC will still be able to access Glacier to download their Form 1042-S. To access Glacier, follow the link below and select “Login”

https://www.online-tax.net

If you have forgotten your access information, simply go to the link above and select “Forgot Login” and enter the email address associated with the Individual Record; an email with access instructions will be sent to you. If after trying this step you cannot access your form, please contact nra-processing@luc.edu.

 

Best Wishes,

Payroll Services

 

 

2019 Year End Tax Documents – W-2 & 1042-S

Thursday, January 30th, 2020

Paper W-2’s

  • W-2 statements were mailed on Friday, January 31st to employees 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.
  • We will begin processing W-2 reprints on Monday, February 10th.
  • If you do not receive your W-2 by February 10th, you may fill out, sign, and email back a completed W-2 request form, which is available on our webpage. Once we have the form, we will work on processing a W-2 reprint within 5-7 business days.
  • If you are a foreign national employee who claimed an income tax treaty during the calendar year, please see the Form 1042-S information below.

Electronic W-2 Option

  • Electronic W-2’s were published online on Friday, January 31st. If you are still an active employee, you can view and print a copy of your W-2 electronically while connected to the Loyola network.  All you need to do is give your consent to receive the W-2 electronically by following the steps found here.
  • Opting in will give you access to your 2019 W-2 electronically immediately.  It will also give you access to other recent year W-2’s.  Additional information regarding electronic W-2’s may be found here.
  • If you opted in to have your W-2 submitted electronically to Turbo Tax, your W-2 will be sent to Turbo Tax on Monday, February 3rd.
  • Employee Self-Service should only be accessed using Google Chrome or Safari. Microsoft Edge & Firefox are not compatible.
  • 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 help understanding your W-2, please visit https://www.luc.edu/finance/understandingyourw-2

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

Form 1042-S

All foreign nationals who were eligible to receive a 2019 Form 1042-S should have received two emails on January 31, 2019. One email from nra-processing@luc.edu notifying them that the Form 1042-S was now available and that they would receive an email notification form Glacier Online Tax Compliance. The second email notification came from Glacier Online Tax Compliance (support@online-tax.net) with the instructions on how to download your form 1042-S. Former employees of LUC will still be able to access Glacier to download their Form 1042-S. If you remember your previous access information, you may follow the below link to Glacier, and select “Login”

https://www.online-tax.net

If you have forgotten your access information, simply go to the link above and select “Forgot Login” and enter the email address associated with the Individual Record; an email with access instructions will be sent to you.  If after trying this step you cannot access your form, please contact nra-processing@luc.edu.

Please reference the year-end payroll reminder for additional information on when a foreign national can receive both a Form W-2 and a Form 1042-S.

Best Wishes,

Payroll Services

2019 Payroll Year End Reminder

Wednesday, December 11th, 2019

As the 2019 calendar year ends, please keep in mind the following important reminders.

Personal Information Review

Don’t forget to double check your personal information for your W-2! Using your most recent pay stub in Employee Self Service, please review the spelling of your name, address and last 4 digits of your SSN. If anything needs to be updated, please use the following forms.

New Federal W-4 Information

Due to the Tax Cuts and Jobs Act of 2017, the Internal Revenue Service (IRS) recently released a new version of the Federal Form W-4 (Employee Withholding Certificate) for 2020. It is recommended that employees perform a “paycheck checkup” to see if adjustments are needed to current withholdings. Please refer to the Human Resources webpage for more information.

Form W-2 Information

Forms W-2 are issued to all employees of Loyola University Chicago who are U.S. Citizens, permanent residents or residents for tax purposes. If you are a foreign national employee who was not eligible for an income tax treaty or exceeded the treaty maximum, you will also receive a Form W-2.

If you are a foreign national who claimed an income tax treaty during the calendar year, see Form 1042-S information below.

If you haven’t already done so, you can sign up to receive your W-2 electronically. 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:

http://www.luc.edu/finance/w-2consent/#d.en.296649

2019 W-2’s will be issued by the IRS deadline of January 31, 2020. If you do not elect to receive your W-2 electronically, or you are no longer an active employees, your W-2 will be mailed to the address on file with Human Resources. Please allow 1-2 weeks for delivery via the USPS.

We will not be processing any W-2 reprints until Monday, February 10th. If you do not receive your W-2 by February 10th, you may fill out, sign, and email back a completed W-2 request form, which is available on our webpage. Once we have the form, we will work on processing a W-2 reprint within 5-7 business days.

Form 1042-S Information

Forms 1042-S are issued to foreign national employees who are claiming an income tax treaty during the calendar year. The Form 1042-S reports the earnings that were exempt based on the income tax treaty.

Forms 1042-S will be distributed electronically via the Glacier Online Tax Compliance system. You will receive an email notification from Glacier (support@online-tax.net) notifying you that your Form 1042-S is available. Forms will be available by no later than January 31, 2020. The email will contain the steps on how to access, save, and print your form.

You may access Glacier directly at: https://www.online-tax.net/glogin.asp

Please note that if you exceeded the treaty maximum during the calendar year, you will receive BOTH a Form W-2 which reports your non-treaty earnings, and a Form 1042-S which reports your treaty earnings.

For example, if your gross earnings were $5,000 and your income tax treaty had a maximum of $2,000, you will receive a Form W-2 reporting the non-treaty earnings of $3,000 and a Form 1042-S reporting your treaty earnings of $2,000. Please do not file your income tax return until you have both forms, if applicable.

Electronic W9/W8 Submission Form

Monday, October 14th, 2019

Accounts Payable is pleased to announce a new Electronic W9/W8 form. Loyola will be asking all new (or inactive) vendors and payees to complete the Electronic W9/W8 Form via our new web form portal (https://forms.luc.edu/w9/) beginning October 15, 2019.

Some of the enhancements of this new form are:

• Acceptance of electronic signature

• LUC Faculty & Staff are able to send a unique link to vendors to complete the form

• The LUC contact receives an email once the vendor submits the form to AP

• Secure submission of sensitive information

• Automatic integration into DocFinity

• No longer need to submit W-9’s via secure transfer to Accounts Payable

• Enhanced ability to track expiration dates & proactively work with vendors for recertification

This comprehensive web form provides all of the common elements of the basic IRS Form W-9 while also providing important demographic information for each vendor or payee. This new form will replace the standard issue IRS W-9 form, as well as the previously available “Vendor Information and Substitute W-9 Form”.

All information collected via our new web form will be securely stored and will not be shared with any entity outside of the source department unless required by law. We recommend that you save a link to the web form on the browser of your choice. Vendors will be able to login to our new system directly and securely transmit their information to us via the online form. Anytime there is a change to a vendor’s address or banking information, they should complete a new Electronic W9/W8 form.

Detailed instructions on completing the new form are available on our website at https://www.luc.edu/finance/w9w8instructions/ We appreciate your continued efforts to achieve consistency and compliance across the university.

Finance Website Security Initiative

Monday, June 10th, 2019

The Human Resources and Financial Systems departments have been working with ITS to secure high risk documents on our website to avert fraudulent activity. Currently, our website has forms and instructions that specifically deal with sensitive information and the goal to reduce university risk is to secure those forms on our website via Sharepoint, so anyone with a Loyola login (UVID) and password are able to access those documents.

In the coming weeks, some of the HR and Finance forms will be updated to SharePoint URLs. At that time we will also establish redirect links to ensure that the original forms are not accessible without login credentials.

If there are any questions or concerns, please contact Financial Systems at FinancialSystems@luc.edu.