Fiscal Policy Updates
Effective October 17, 2016, Fiscal Policy FI0530 - Procurement Cards was revised. This policy includes the following changes:
- Section 4 of the policy clarifies how to enroll in the University's Amazon business account. Using the Amazon business account should help card holders comply with other policy requirements.
- Section 16 no longer includes a requirement that deliveries to be made to a card holder's University address, which was impractical for card holders purchasing for several departments.
Effective October 1, 2016, Fiscal Policy FI0705 - Travel was revised. This policy includes the following changes:
- When coach airfare isn't available, tickets should be purchased through World Travel, who will document the lowest available fare allowing employees to be reimbursed for economy plus or similar fare. If such fares are purchased through World Travel, they do need to be treated as an exception. First and Business class tickets are still prohibited. (Section 18)
- Upgraded coach airfare, but not business or first class, is allowed for international travel for any flight leg of five hours or greater. (Section 67)
- The requirement of getting reimbursed through the motor pool for gasoline purchased for UT vehicles has been removed. When the credit card provided in UT vehicles can't be used, reimbursement of gasoline expenses should be requested through a travel expense report. (Section 27)
- Travelers are encouraged to return rental cars with a full tank of gas, but they can be reimbursed for the REFUELING OPTION if the car is rented through the UT contract with National/Enterprise. (Under our contract, they are charged the market rate plus .25 per gallon.) Travelers are NOT permitted to purchase the PREPAID FUEL OPTION because we are charged for a full tank of gas regardless of the amount used. Travelers are also NOT permitted to purchase fuel options from other rental car services. (Section 32)
- Effective July 1, 2016, Fiscal Policy FI0120 - Records Management Policy was revised. This policy includes the following changes:
- The policy encourages employees to store records in centrally managed university computer systems such as IRIS, Taleo, and Banner. Documents stored in these systems are considered original documents for purposes of this policy.
- These systems are backed-up, reviewed by security personnel and limit access to authorized users. Thus, storing records in these systems reduces the filing and storage requirements at the departmental level and allows remote access.
- Once expenditure documents such as invoices, travel, miscellaneous reimbursements and similar documents have been properly stored in IRIS, the departments may dispose of these after the completion of their ledger reconciliation.
- The new policy also just requires ledger reconciliations to be retained for one year.
- Documents related to sponsored projects should be retained in accordance with the sponsor's requirements unless the university's retention period is greater
- Effective June 1, 2016, Fiscal Policy FI0450 - Moving Allowance was revised. This policy includes the following changes:
- Establishment of a deadline for moving allowance requests that are intended to be paid in December of each year. The deadline will allow for the proper tax treatment of these payments.
- Update to the process for requesting the allowances so that it reflects the current IRIS process.
- Effective June 1, 2016, Fiscal Policy FI0930 - Payroll was revised. This policy includes the following changes:
- The recogination that individual campuses may have earlier deadlines for payroll processing.
- Changes to make the requirement for printing and reconciling payroll distribution reports an optional task.
- Updates to the list of payroll deductions that would reduce withholding to remove medical and dependent care reimbursements and add Health Savings Account Deductions.
- Effective March 15, 2016, Fiscal Policy FI0420 - Contracts was revised. This policy was changed to streamline the policy, better define delegated versus non-delegated contracts, and better define the contract officer's role and the review process. Pleas visit and review.
- Effective January 15, 2016, Fiscal Policy FI0405 - Procurement was revised. This policy replaces the four previous policies and combines everything into one policy. The bid limits are the same and the policy changes are intended to assist department heads in understanding the procurement process. Any questions should be directed to Blake Regan, Director of Procurement Services for System Administration (email@example.com). Please visit and review.
- Effective November 1, 2015, Fiscal Policy FI0207 - Sponsored Projects - Salary Policy was revised. A section was added at the beginning of the policy concerning reasonableness, as all charges to sponsored projects must be reasonable. A sentence was added to section 1d) concerning sabbatical pay and a paragraph was added at the end of section 3 to remind employees to disclose outside interests. Please visit and review.
- Effective November 1, 2015, Fiscal Policy FI0520 - Internal Transfers was revised. Please visit and review.
- Effective September 1, 2015, Fiscal Policy FI0725 - Use of University Vehicles was revised. The revisions were form changes.
- Effective September 1, 2015, Fiscal Policy FI0705 - Travel Policy was revised. The revisions prohibit the rental of luxury vehicles, allow rental insurance if it is procured through the University's agreement with National car rental, clarify the meal per diem policy during conferences and do not require travel authorizations for same day trips on the UT or charted aircraft.
- Effective August 1, 2015, Fiscal Policy FI0715 - Entertainment, Group Arranged Events, Food and Housing Purchases for UT Sponsored Conferences and Seminars was revised. Section 6 was revised to clarify the kinds of charges allowed.
- Effective July 13, 2015, Fiscal Policy FI0435 - Memberships and Subscriptions was revised. Please visit and review.
- Effective July 1, 2015, Fiscal Policy FI0145 - Service and Recharge Centers was revised. Please visit and review.
- Effective June 1, 2015, the University will increase its bidding requirements to the following:
As a result of the above changes to the bidding requirements, the following policies have been updated:
- Purchases less than $10,000 may be made by departments without bidding. Departments may no split orders to avoid this bid threshold.
- Purchases between $10,000 and $50,000 must follow the policies governing informal bids.
- Purchases of $50,000 and higher must be awarded through a formal bid process.
- FI0715 - Entertainment - The procurement card can be used to purchase entertainment items costing less than $10,000 that have been preapproved in accordance with the enterainment policy.
- FI0420 - Contracts - Payable contracts must comply with purchasing policy and must be obtained competitively unless the goods or services cost less than $10,000. NOTE: ANY CONTRACT, REGARDLESS OF THE DOLLAR AMOUNT, MUST STILL BE PROCESSED THROUGH THE CONTRACT REVIEW PROCESS.
- FI0530 - Procurement Cards - Procurement cards can be used to purchase items costing less than $10,000. They must be for business use and payments may not be split to avoid the bid limit. Assets costing $5,000 or more may not be purchased with the procurement card.
- FI0525 - Petty Cash - Petty cash purchases may be made up to $9,999.99 for a single-item purchase in accordance with the petty cash policy.
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