February 1, 2009 - February 7, 2009 Archives

Invoices for UM Foundation - Request for Submissions

Transfer requests from Foundation funds are well behind requests from this same period last year. The reasons are likely due to the EFS implementation and the "vacation" from TIP charges. The Foundation asks that we enter invoices into the billing system now for those account strings where we know the FY09 amount needed. This will give the Foundation time to follow up on questions and process payments earlier rather than facing a backlog at the end of the year. You are encouraged to initiate transfer requests in advance of year-end wherever possible. We will be notified of the year-end deadline sometime soon. Based on past years, final transfer requests were required at the Foundation several weeks in advance of the Fiscal Year End. If you have questions related to processing Foundation invoices, please contact Rose Pederson, 6-7611, r-kerb@umn.edu.

University Endowments - December Distributions

December distributions on University endowments have been completed and can now be viewed in EFS.

Crediting Rate Change - UM Foundation

Based on University of Minnesota Foundation's Finance Committee review and in consideration of declining interest rates, the guaranteed annual interest rate for demand funds (crediting rate) has been changed to .1% effective February 1, 2009. If you have questions, please call Gracie Davenport at 612-624-0346.

Note that the crediting rate changed to .5% (from 2%) effective February 1, 2008. The crediting rate is applied to demand funds and also to available balances for endowments and quasi-endowments at the UM Foundation. This does not apply to University (formerly Asset Management) endowments.

What does this mean for UM Foundation funds in your unit? For demand funds, you will see little investment return, similar to what has occurred during the past year. In addition, the cash balance is not at risk due to negative fluctuations in the market. For endowments and quasi-endowments, the "available balance" is not at risk due to negative fluctuations, however the principal remains at risk when investment return is less than the 4.5% payout. When projecting FY10 payouts on endowments and quasi-endowments, you can expect about the same amount of spendable income as received in FY08 and FY09. (Exceptions would be for endowments created during the past two years. Those need to be reviewed on an individual basis by reviewing the monthly spendable transfers found in the fund statement.) If you have questions about how particular funds may be impacted, contact Rose Pederson, 6-7611, r-kerb@umn.edu.

Revised Vendor Authorization From (VAF)

Effective immediately, the forms for establishing vendors or making changes to existing vendors have changed.

The VAF is now one page long. Departments can send it to the vendor to complete or they can take the information over the phone and complete the form themselves. Departments should remember to provide the department contact information at the bottom of the form.

All forms are available in the U-Wide Forms Library. The related procedures have been updated and are available in the U-Wide Policy Library: http://policy.umn.edu/groups/ppd/documents/procedure/accountspayable_proc01.cfm

For new vendors, departments are required to send vendors a W9 (http://www.irs.gov/pub/irs-pdf/fw9.pdf?portlet=3) to complete.

The completed and signed W9 should be submitted along with the VAF: http://policy.umn.edu/groups/ppd/documents/form/um1679.pdf

If the new vendor is a Sole Proprietor or Individual, departments are also required to complete and submit the Independent Contractor Authorization form (http://policy.umn.edu/groups/ppd/documents/form/um1650.pdf) along with the VAF and W9.

For changes to existing vendors, departments complete the appropriate fields on the VAF. Unless there is a vendor name or tax ID change, a W9 is not required. The Independent Contractor Authorization form is not needed for changes.

Please call the University Financial Helpline at 612-624-1617 or email finsys@umn.edu with questions.

Navigating in EFS to find specific information about a transaction can be confusing, especially for the occasional user. A job aid with navigational paths for documents like Requisitions or Purchase Orders can be found at: http://www.oar.umn.edu/CA/documents/Location_Location_Location_Navagation_Liz_Hinske_1_29_09.pdf

The job aid lists, click by click how to pull-up a specific document (main pathway) and how to navigate within the document to retrieve specific information, like chart string or approval history.

Procurement Card Q&A

The Procurement Card reconciliation process that was rolled out with the new financial system, is awkward and cumbersome at best. The good news is that the process is currently being reviewed for ways to improve functionality and streamline procedures. LaCretia Bell, Director of Disbursement Services recently met with certified approvers to clarify Procurement Card processes and get feedback for changes and improvements. She provided written responses to questions about P-Cards which can be found at: http://www.oar.umn.edu/CA/documents/P-CardquestionforJan_29-09CAUserGroupfinal.pdf

While these questions were from certified approvers and may in some cases emphasize sponsored project issues, they are useful for all P-card preparers.

Joint Financial Services / Human Resources Meeting

The February Financial / Human Resources meeting will be held on Thursday, February 26th at 9:00 am in 435 Blegen Hall (West Bank).

Brown Bag Financial Series

With the fluctuations in the current marketplace, the Brown Bag Financial Series offers three seminars designed to help University employees become more savvy investors. The upcoming topics are:

Taking Control of Your Financial Life
Presenter: Vanguard
Wednesday, February 4
12-1 p.m., 215 Donhowe

A Perspective on Today's Economy and Portfolio Diversification
Presenter: Securian
Wednesday, February 11
12-1 p.m., 215 Donhowe

Keeping Your Investment Strategy on Track
Presenter: Fidelity
Wednesday, February 25
12-1 p.m., 215 Donhowe

Attached you will find the first of three 8.5x11 posters in pdf format with more details about the presentations. Because of the file sizes, I will send the next two posters in separate e-mails. I would appreciate if you would print these posters and post them in your area, work units, or departments. Of if you have an e-mail listserv for your department, please forward the posters. Because space is limited, please register to attend these sessions at http://www.umn.edu/ohr/benefits/events/index.html.

This year, for faculty and staff who would like to participate but are unable to attend in person, each of these seminars will be broadcast as a live Webinar through UM Connect. To ensure that your system is set up and connected before the actual presentation, go to http://www.umn.edu/ohr/benefits/events/index.html, and check the system requirements and follow the diagnostic procedures.

If you have any questions or would like more information about the Brown Bag Financial Services, feel free to contact:
Deborah Stull Kinsley
Communication Project Manager
Office of Human Resources
319 15th Avenue SE
Minneapolis, MN 55455

Minneapolis I Know I Can

College Awareness Day

On Wednesday, February 11, 2009, 2,700 third graders attending Minneapolis public schools will participate in the Minneapolis I Know I Can College Awareness Day. The event will bring over 200 volunteers into classrooms to share the significance of making college attendance an aspiration.


See attachment for additional information on how you can get involved. (DOC)

REMINDER: Upcoming Deadlines in CLA HR & Faculty

Friday, January 23 - Annual appraisals of probationary faculty are due in the Office of the Associate Dean for Faculty.

Information about these reviews may be found on the Appraisals of Probationary Faculty page of the Faculty website, along with links to the governing documents and forms.

Computers - Buying, Selling, Supporting

  1. Purchase all computers through CLA-OIT (this includes computers for all needs and funding sources). We can assist in configurations either adhering to CLA-OIT standards or custom needs. Jenny Szymanski (szym0010@umn.edu, 6-4652) is CLA-OIT's purchaser.
  2. CLA no longer sells computers to individuals. The process to properly sell a computer puts an undue burden on both CLA-OIT and Financial Service Team personnel due to securing private data, EFS, and other university regulations. As the computers are of questionable value without support (something technicians cannot provide), it is not worth the additional work (e.g. erasing all software and data from the hard drives, creating an invoice in EFS, etc.) to sell them. This policy is applies to ALL computers purchased by university funds.
  3. Every computer used for University business requires professional support. CLA-OIT provides support for computers up to 4 years old (contact your tech for more details). Beyond that, alternative support must be identified or the computer must be sent to CLA-OIT for proper disposal/recycling.

Questions? Contact Jamey Hansen, CLA-OIT's Director of InfoTech Services (hansenj@umn.edu, 6-3666).

Soft funds for staffing

Currently, postings for CLA staff positions are on hold as the college waits for more detailed information about the budget outlook. For staff positions on hold that had received a soft funding commitment from the college, those funds are also on hold until final decisions are made. If a position is subsequently not approved due to the financial situation, those dollars would be treated as part of any FY10 budget reduction your department or unit may be asked to model.

If you have questions about the funding, please contact Karen Dewanz.

Quick Link on the CLA HR website

A new Quick Link has been added to the CLA Office of Human Resources intranet website:


Click on "Department Assignments by HR Consultant/Personnel Specialist" to see a list of which departments and units are assigned to which HR Team.

Mark Your Calendar

February 6
CLA Payroll cutoff for the 02/02/2009 - 02/15/2009 pay period, 4:30 pm

February 20
CLA Payroll cutoff for the 02/16/2009 - 03/01/2009 pay period, 4:30 pm

February 26
Joint Financial Services / Human Resources meeting, Room 435 Blegen Hall, 9:00 am

About this Archive

This page is an archive of entries from February 2009 listed from newest to oldest.

January 25, 2009 - January 31, 2009 is the previous archive.

February 8, 2009 - February 14, 2009 is the next archive.

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