FSO News

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 

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.

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:

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.

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.

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 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.  

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