Spring Finance Forum..

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SPRING FINANCE FORUM NOTES April 18 and 26, 2013

PARTICIPANT PAYMENTS:

When participant payments or incentives are to be paid to a student, those payments must be evaluated to determine if there could be an effect on the student’s financial aid package. Steven Cox from the Financial Aid & Scholarships Office reviewed the Award/Scholarship Disclosure Questionnaire located on the Scholarships webpage under the Departments Only tab. http://www.jmu.edu/scholarships/instfunds.shtml

. The form is to be completed and returned to the Office of Financial Aid and Scholarships. Recent revisions in the policy regarding participant payments and incentives provide that     Departments storing $200 or more in cash must have a safe. Single accounting vouchers payable to faculty/staff to access bulk cash for distribution to subjects are limited to a maximum of $500 or one month’s worth of research subject payment total, whichever is LESS. Flex has been added as an approved monetary payment method for amounts less than $25. It is the required method for JAC cardholders W-9, Participant Payment Worksheets, and PR reporting requirements are no longer needed for non-monetary incentives and recognition awards.

FORM DISCONTINUANCE:

The Revenue Refund Voucher (in the Forms Index of the Financial Procedures Manual) will no longer be accepted as of July 1, 2013. Departments will use the Accounting Voucher form instead.

GENERIC PAYMENT COLLECTION ACTIVITIES:

There is a new procedure for generic payment collection activities – the Request for Authorization Collection of Funds form available in the Forms Index of the Financial Procedures Manual. This applies to Departments not engaged in the sale of goods or services but still regularly collecting funds for any reason. (An example would be conference registration fees.) The Form must be submitted to Cash & Investments prior to collecting any funds. If a new Dept.ID is being requested to which these funds will be deposited, submit both forms together at the same time.

HIGHER ONE IMPLEMENTATION:

Brandon Cline-Taskey, Assistant Bursar, provided an overview of JMU’s new contract with HigherOne to offer refunding, ePayment and eBilling to students. Eventually this will also improve the way departmental deposits are processed and transmitted to Financial reporting so that deposits are recorded in the General Ledger faster. JMU is making these changes for (1) increased security of student financial/banking information; (2) decreased refunding time; and (3) the State mandate to reduce the number of paper checks being written. These processes will be implemented in phases. The first that will occur is Refunding to students – HigherOne cards were mailed to students around April 19, and the first refunds via HigherOne will occur in mid-May. The next phases will be (1) Parking interfaces; (2) Cashiering (student payments and departmental deposits) and E-Commerce; and (3) Student ePayments & eBilling and Monthly Payment Plan.

       Direct impact to departments: o If you currently have credit card terminals, you will receive new equipment to replace those terminals. These replacements will be free to your department. o Have students contact the University Business Office if they want to make changes to their current Direct Deposit information. If students ask you about the HigherOne debit MasterCard they receive in the mail, tell them that it is a legitimate mailing and to KEEP THE BLACK CARD. Have them contact UBO with any questions. o The card uniquely identifies the student o The card becomes a DEBIT MasterCard if (and only if) the student selects the OneAccount o The card was mailed to the student’s home and SHOULD BE KEPT! There will be three student refund methods: o The HigherOne “OneAccount” – same day funding o Direct Deposit (ACH) – 2-3 business days o Paper Check – 5-7 business days Who gets a card? o Undergraduates o Graduate students o Doctoral students Who does not get a card? o Continuing education students o Parents o Faculty/Staff Reasons students may want to choose the OneAccount: o Faster refund o No monthly fees o Transfer money to other OneAccounts o Request money from Mom/Dad o Mobile alerts o Mobile check deposit What about reimbursements to students? o Paperwork will still go through Accounts Payable (department continues to submit o o documents using same process as currently used) Payment to student will be through HigherOne Payment method will be the same as the student’s refund selection  Direct deposit  OneAccount  Check The above information is being provided so that you will be aware of the change to HigherOne and its effect on students. You are not expected to explain any of this to students. Just tell them to “Look for the

Green

envelope,” “Keep the

Black

card,” and call UBO with any questions.

FISCAL YEAR END:

John Knight’s Fiscal Year-End June 30, 2013 – Closing Calendar of Activities memorandum is available online at http://www.jmu.edu/financeoffice/announce.shtml.

PLEASE REFER TO THIS MEMORANDUM FOR IMPORTANT FINANCIAL CUT-OFF DATES AND DEADLINES.

Note regarding SPCCs: The statement cut off is June 15 but cardholders will want to make sure the vendor charges their card before then. Most vendors post charges within a few days of the purchase, so we usually tell cardholders to make the charge by June 10. Of course every vendor is different so there are no guarantees the charge will post in time, so the sooner the better.

ANNOUNCEMENTS:

All staff are reminded that UserIDs and passwords are not to be shared. Refer to University Policy #1207, “Appropriate Use of Information Technology Resources.” http://www.jmu.edu/JMUpolicy/1207.shtml

Please be aware that due to the Modified 2013 Summer Schedule in effect from May 6 – August 16, 2013, Accounts Payable will not process on Fridays during that time period. Diana Dalrymple has joined JMU as Administrative Assistant to John Knight. Diana replaces Judy Powell who retired on April 25, 2013. Any correspondence or forms you would have sent to Judy should now be sent to Diana, whose email address is [email protected]

.

FINANCE TRAINING FOR FY 2013-14

Finance Forums for fiscal year 2013-14 are scheduled as follows: TRANSITIONS: ALLEGHENY ROOM: Wednesdays – October 2, January 29, and April 23 Thursdays – October 3, January 23, and April 24 One cohort of FACT (Finance & Administrative Certificate Training) will be held during the upcoming fiscal year – five consecutive Tuesdays, November 5 through December 3, 2013, from 1:30-4:00pm. Intent to Enroll forms will be available online. (An email will be sent via the Finance Forum ListServ when the form is available.) Submit the completed Intent to Enroll form along with training summary to [email protected]

or to MSC 5711 via campus mail. You cannot enroll in FACT through MyMadison; enrollment is done for you upon completion of the series.

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