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Finance Forum Notes
April 2012

                                                                                  Spring Finance Forum Presentation

Fiscal Year-End

Tish Leeth highlighted reminders and cut-off dates for Fiscal Year-End 2012 items per John Knight’s year-end memo.  The detailed memo is available for review under the “Finance Announcements” link on the Finance System log-in page.  (http://www.jmu.edu/financeoffice/announce.shtml)  Cash & Investments staff have also prepared a Quick Reference Guide checklist to assist you in completing fiscal year-end tasks within the required time frame. 

Staff Updates

Sara Price, UBO Cashiering Manager, introduced Elizabeth Dove who is the new Compliance Officer in UBO.  Elizabeth was previously a cashier, and Wes Howdyshell has moved into the cashier’s position.  Wes will continue to make daily departmental deposit pickups until his previous position has been filled.  If ever someone you do not recognize comes to pick up your departmental deposits, you can call Sara’s office (8-1606) to confirm who was sent on the bank run that day.  

Amanda Sherman has been with Cash & Investments as the new banking accountant since January 25.  Her duties include checkwrite, bank reconciliations and responding to requests in the IIS.Finance mailbox.  

Departmental Deposits

Remember that checks for deposit are to be made payable to “JMU” or “James Madison University” or either of these along with a program/department name.  Checks should never be made payable to an individual.  

Perfect Receivables

JMU is implementing Perfect Receivables, a bank product designed for secure receipt of electronic payments to JMU from others.  Perfect Receivables utilizes unique identifying codes that will be provided to payers instead of JMU’s bank account numbers.  Those departments affected by this change will be contacted by Tish Leeth or UBO and provided the unique codes and procedures to be used. 

Payments to Students and Participants

Amanda Hughes, Manager of Accounting Technology, reviewed requirements for:

  • Payments to students for reimbursements and for services. 
    • The address on the Accounting Voucher or Travel Reimbursement Request must be the same as the student’s home address in the Student System.
    • Student ID numbers should be used on Accounting Vouchers instead of Social Security Numbers.
    • Students making updates in the PeopleSoft Student Administration to their home or local addresses do have this information updated in real-time.
    • With regard to payment for services, first contact HR for a determination of whether the student should be classified as an employee or as a 1099-Misc vendor.
    • W-9s are required for payments for services.  W-9s are not required for reimbursements.
    • During the summer a push will be underway to require direct deposit for student payments instead of issuing paper checks.  Direct deposit is more secure and students will receive their payments faster.  Departments will not have to take any action with regard to direct deposit. 
  • Participant payments:
    • These are non-monetary recognition awards, research participant payments, etc. (See the Financial Procedures Manual, Section 4205.390, .391 and .392)
    • A Participant Worksheet is required
    • A W-9 is required

Training

  • Local/Agency Departments   - Cash & Investments staff have prepared a summary of procedures for Local/Agency Departments (Dept. IDs beginning with “8”).  This information is available for review in Blackboard under JMU Training & Development, Finance Training.  It will be incorporated into the Finance 101 Classes for fiscal year 2012­-2013.
  • FACT Training - If there is enough interest, Cash & Investments will once again offer FACT (Finance and Administration Certificate Training) which is an in-depth series of courses on the workings of the JMU finance system.  There would be eight or nine classes scheduled over a like number of weeks, and a prerequisite for these courses is completion of the on-line series of Finance 101 Courses.  Updates on FACT availability and scheduling will be given via the Finance Forum listserv and webpage, most likely in early summer or late spring.
  • Finance Mentor Program – Contact Tish Leeth (leethtc@jmu.edu) if you are interested in participating in the Finance Mentoring program, in which JMU employees with Finance System experience are matched with staff members who are new to the roles on campus. 

Leave Liability

  • Leave liability was not addressed as an agenda item for the April Forum as previously planned