FSO News

Unrelated Business Income Tax (UBIT) Reminder

Submitted by ejv on Wed, 07/31/2019 - 11:24 am

Financial Services is gathering information for the FY 2019 Unrelated Business Income Tax (UBIT) filing. The University is exempt from federal income tax as an integral part of the state of Arizona when revenue is generated from activities substantially related to its exempt purposes, which include research and discovery, teaching and learning and outreach and public service. 
However, revenue generating activity may be subject to federal UBIT when these conditions exist: 
•    Activity is a trade or business 
•    Activity is regularly carried on, and 

FY 2019 UAccess Student Write-off

Submitted by ejv on Tue, 06/18/2019 - 10:13 am

Based on the Arizona Auditor General’s recommendation, we recently wrote off outstanding UAccess Student balances that were 3 years and older if the student was no longer registered, charges that were less than $100, and accounts that were requested to be written off or determined to be non-collectable. This process is conducted annually prior to the beginning of a new fiscal year.

A report containing all the debts that were written off is located in UAccess Analytics > Student > Financial Accounting > Write Offs.

Accounts Payable Fiscal Year End 2019 Training Tutorial

Submitted by ejv on Wed, 06/12/2019 - 9:28 am

The updated Accounts Payable Fiscal Year End online training is now available! It includes critical details on timely and effective payment processing for FY 2019.

This valuable tool is an excellent resource if this is your first time performing fiscal year reporting or if you want to be sure your year-end skills are up-to-date. The training covers:

Unclaimed ACH and Wire Payments

Submitted by ejv on Wed, 05/29/2019 - 7:04 am

The University of Arizona receives ACH and wire payments that post in the UAccess Financials Electronic Payment Claim area.  The 59 payments in the attached document, dating back to August 2018, remain unclaimed and require review.  Please review this list for any payments that belong to your department.  If a payment(s) belongs to your department, claim the ACH or wire payment via the Electronic Payment Claim screen in UAccess Financials.

2019 Fiscal Year-End

Submitted by ejv on Mon, 04/15/2019 - 10:00 am

It is once again time to prepare for the closing of the fiscal year.  The information in this memo and referenced materials will help ensure the University successfully closes the fiscal year and has an accurate record of all financial activity.  This important process ensures the University is prepared for its annual audit and can provided accurate financial statements and reporting. The coordinated efforts across campus and your hard work and dedication during this busy time of year are instrumental to a successful year-end close.

Mid-year UBIT Reminder

Submitted by ejv on Tue, 03/26/2019 - 7:30 am

As Financial Services reviews current year unrelated business income (UBI) activity, we want to take a moment to remind departments to notify Tax Services of any potential UBI activities.

Revenue generating activity may be subject to federal unrelated business income tax (UBIT) when the following conditions exist:

Accounts Payable Secure Upload

Submitted by ejv on Tue, 03/12/2019 - 9:33 am

Accounts Payable is excited to announce a new secure upload feature available for users to submit forms that contain information considered to be regulated data such as social security numbers, credit card numbers or financial banking information. This secure method follows guidance set forth by the International Standards Organization regarding protection of personally identifiable information.  

Approved ERE Rates for Fiscal Year 2020

Submitted by ejv on Fri, 03/08/2019 - 3:48 pm

The Employee Related Expense (ERE) rates used by the University must be negotiated through the United States Department of Health and Human Services, Cost Allocation Services; this negotiation has been successfully completed. The ERE rates for fiscal year 2020 commencing on July 1, 2019 have been approved and are posted at:

https://www.fso.arizona.edu/financial-management/ere-rates