2009 Salary Restorations, Salary
Increases & TIAA CREF changes
All Employee Meeting
8.12.14
Salary Restorations
• 2009 Salary Reductions will be restored to
employees who have not received any other
adjustments to their salary since the
reductions.
• Restorations are to employees and not
positions.
• Restorations are effective October 1, 2014.
Salary Increases
• All full-time employees who were employed
on October 1, 2013 will receive a 1% increase
to their base salary (after restoration, if
applicable).
• There are no increases to stipends or other
supplemental payroll.
• The 1% increase is effective October 1, 2014.
TIAA CREF
• In 2013, 2.5% of LMC’s contribution to TIAA
CREF was restored for those participating in
the matched retirement plan.
• Effective October 1, 2014, LMC is restoring
another 2.5% (for a total of a 5% match), fully
restoring the match that was removed in
2009.
TIAA CREF
• All full time employees are encouraged to
participate in the matched retirement plan.
• For new employees, there is a one year waiting
period unless they participated in a 403b
retirement plan at their previous employer.
• All employees currently participating are required
to complete a new authorization form prior to
October 1st, which is available in HR or on the
website.
Part II
Budget & P-Cards
All Employee Meeting
8.12.14
Budgets
• ‘Budget to actual’ detail reports prepared first of
the month, beginning in October, and emailed to
the Budget Officer of record.
• If report is not received within the first week of
the month email me so that I may verify we have
the correct Budget Officer listed for the account.
• VP’s will be copied on all budget reports going to
others in their area.
Budgets (cont’d)
• Quick review of Account Codes:
– 1-1- DEPT – EXPENSE (or Revenue)
– Where Dept = 4 digit number identifying “who” is
paying the expense, and
– Where EXPENSE = 5 digit number identifying
“what” the expense was.
• Chart of frequently used expense codes are
available on the Business Affairs web page.
Budget (cont’d)
• Verify all transactions are correct.
• Immediately report questions or errors to
Mary Taylor, Accountant.
• Within 10 days of receiving budget report,
Budget Officer must certify by email that the
reports have been reviewed and are correct.
Budget (cont’d)
• Operating Budget is split between different
expense codes.
• Do not worry about individual accounts; stay
within operating budget as a whole.
• Budget adjustments between expense codes
can be made at the end of the fiscal year.
• Salary and fringe are not reported on
Departmental Operating Budgets.
P-Cards
• Possession and use of a P-Card is a privilege.
• P-Card is to be used for approved Lees-McRae
College business only.
• Card holder’s responsibility to ensure all
purchases are in compliance with allowable
expenditure policies.
• P-Card in the name of the College and the
cardholder but it is not associated with your
personal financial information.
P-Cards (cont’d)
• P-Card log forms must be completed each month,
signed by supervisor and submitted by last day of
the month.
• Per IRS regulations, itemized receipts for all PCard transactions are required; receipt must have
sales tax separated out.
• Credit card payment slip is NOT an acceptable
receipt.
• P-Card transactions without appropriate receipt
will be charged back to the cardholder.
P-Cards (cont’d)
• Watch tipping –
– Meal tips for parties of 6 or less are to be 15%
– Meal tips for parties greater than 6 are to be 18%
• Items purchased on the P-Card and then returned
are to be credited back to the P-Card.
• Prohibited use of P-Card:
–
–
–
–
Cash advances
Charitable or political contributions
Personal expenses
Staff gifts or parties
P-Cards (cont’d)
• Please read the entire P-Card Manual
available on the Business Affairs web page!
• Missy Pyatte is your P-Card contact.
• Questions?