Finance Updates Campus-Wide Business Managers Meeting March 21, 2013

Inventory Deadline Deadline to return Inventory Reports to Accounts Payable is March 28 (5 business days)

Contract Issues

Revised Contract Fiscal Policy KEY CHANGES Non-delegation and delegation of contracts has changed significantly. All contracts in excess of $100,000 will require the review and approval of UT General Counsel and VP in Knoxville. UT standard agreements and receivable contracts are no longer excluded. Required contract language as stated in Section 18 of UT Fiscal Policy. This includes language regarding Safety and Environmental Standards and Audit.

Accuracy of Contract Review and Approval Forms Sufficient description of services Vendor name and address is not sufficient When amending contract, along with an adequate description of services, specify what contract is being amended and clarify what the amendment is doing (i.e., extending services, increasing maximum financial liability, adding services, etc.). Ensure amendment question on Contract Review Form is answered Yes. This will prompt you to enter the original contract number being amended and will link the agreements in IRIS.

Accuracy of Contract Review and Approval Forms If mailing address differs from address populated as a result of the vendor number: Provide correct mailing address, include contract name, for both the mailing of the contract and, if applicable, the mailing of the invoice. This should be entered in the Comments area of the Review Form. Description area does not provide adequate space for this information.

Procurement Cards Frequently Asked Questions

Procurement Card Issues FAQs Can we make purchases from Amazon and use the procurement card? Yes, as long as we dont provide any of our bank information. Sometimes some vendors will as that you guarantee purchases by tying a bank account to it. We do not allow this. (Paypal, for instance, will allow certain types of upgraded transactions if the buyer does this.) If we make on-line purchases (from Amazon or other vendors), how do you avoid paying sales tax? When going through the check-out process, you will need to remove the sales tax or see if there is a box to check to show exempt. (Each vendor will be different.) Unless it has changed, Amazon will not start adding sales tax until 2014.

Procurement Card Issues FAQs Are we exempt from paying sales tax in other states or just Tennessee? Some states offer exemptions. Please see the Comptrollers Office website for a list ( Left-hand side – click TAX). Would it be possible to receive multiple cards with the same account number? That would resolve some late night or weekend purchase issues. Yes as long as the cards were in different individuals names. Yes, there is still a primary holder who would be responsible for the card, as well as a verifier and approver who would be associated with each card.

Procurement Card Issues FAQs If this staff person leaves my lab, it is my understanding that Finance will no longer approve procurement cards for anyone else in my lab. No, this is not true. We will assign a card to another appropriate staff person. Is it possible address the concerns of BrainBits, NEB, Antibodies, Inc., and World Procession instruments? Can something be worked out with Research Diets, Inc. since they dont accept POs. Also maybe autoship is a possibility? Absolutely. We will get Laboratory Animal Care and Purchasing together to review and find a solution.

Accounting for Gift / Donations