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2018

  • December

    • FY20 Proposed Fringe Benefit Rates for Sponsored Projects

      December 20, 2018

      Drexel University has submitted the fringe benefit proposal to the U.S. Department of Health and Human Services (DHHS) to establish the fiscal year 2020 fringe benefit rates for sponsored projects. These rates are not final until we receive the official rate letter from DHHS, however, we do not expect any significant changes when they are finalized. It is anticipated that the University will not receive the approved, final rate letter for at least three to six months. Therefore, you should begin to utilize these proposed rates on any proposal submissions that will have salary and wages after July 1, 2019, to ensure that you have budgeted adequate funding. Coeus has been updated to reflect the new rates.

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  • September

    • P-Card Purchases on Grants - Updated Procedure

      September 24, 2018

      P-Card cardholders will NOT have to run the SAM database search for their P-Card suppliers as a part of their reconciliation process. Journal entries from non-grant funds to grant funds will also NOT require a SAM database search.  While cardholders may manually reconcile their monthly P-Card transactions to grant funds where appropriate, transactions will not be allowed to automatically default to a grant fund.

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    • P-Card-Purchases-On-Grants

      September 17, 2018

      Drexel University and the Academy of Natural Sciences are required in their roles as federal government contractors to abide by the Executive Orders 12549 and 12689, 2 CFR part 180.  This regulation restricts awards, sub-awards, and contracts with certain parties that are debarred, suspended, or otherwise excluded from or ineligible for participation in federal assistance activities.

      To prevent unknowingly doing business with a vendor that may be suspended or debarred, Procurement Card (P-Card) transactions are not allowed to automatically default to a grant fund.

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  • July

    • Fiscal Year 2019 Approved Fringe Benefit Rates for Sponsored Agreements

      July 18, 2018

      Drexel University and the Academy of Natural Sciences have finalized the negotiations of the fiscal year 2019 fringe benefits rates for sponsored projects with the U.S. Department of Health and Human Services (DHHS). The finalized rates are lower for all categories than the proposed rates. Coeus and Banner have both been updated to reflect the new rates.

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  • June

  • May

    • Fiscal Year 2018 Accrual and Deferral Process

      May 05, 2018

      The handling of pre-paid expense deferrals and expense accruals will be consistent with the last two fiscal years.  General Accounting processes all prepaid expense deferrals and accruals for all of Drexel University and its subsidiaries, except for Drexel University Online (DUO).  Accruals and deferrals for DUO will be handled by DUO Finance.

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    • Fiscal Year 2018 Year-End Closing Schedule

      May 05, 2018

      In preparation for the 2018 fiscal year-end close, the following guidelines and calendar outline the standard closing requirements. Please review and circulate this information so that everyone is familiar with the guidelines and important deadlines. This will assist in making the year-end closing process more efficient.  Procurement Services' year-end information will soon be posted on their website.

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  • April

    • Coming Soon: Journal Entry Workflow 2.0

      April 28, 2018

      On Monday, June 11, 2018, Journal Entry Workflow 2.0 will be introduced to the University community.  The new upgraded application has the same look and feel to the end user, but comes equipped with many new features.  In addition, this migration will allow us to house the application on a larger server and prepare for its permanent home as a link in the DrexelOne portal.  If you log into the old application after June 11, you will be presented with a link to the new tool. As of this date, General Accounting and Research Accounting Services will no longer accept paper Transaction Correction Forms or Funding Transfer Forms.  All Journal Entries must be submitted through the Journal Entry Workflow.

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  • March

    • IRS Issues Form W-4 and Withholding Calculator for 2018-Check Your Federal Tax Withholding

      March 02, 2018

      The IRS recently issued a new Form W-4, Employee’s Withholding Allowance Certificate, for use in tax year 2018.

      Due to the tax reform law that was enacted in December, the IRS is encouraging all employees to use the online withholding calculator to perform a “paycheck checkup” to make sure they have the right amount of income tax withheld from their paychecks, according to the news release announcing the new form.

      The Payroll Department cannot advise you on the number of exemptions to claim or calculate “what-if” scenarios.  Ultimately, it is the taxpayer's responsibility to understand the tax system and ensure their tax withholding is correct.

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  • February

    • New Chart of Accounts Elements for American Academic Health System Transactions

      February 03, 2018

      As you are already aware, on midnight January 11, 2018, Hahnemann University Hospital (HUH) and St. Christopher’s Hospital for Children (SCHC) were sold by Tenet Healthcare Corporation to American Academic Health System (AAHS).  As such, it is necessary to delineate any transactions related to AAHS from Tenet for our consolidated financial statements.  Any activity related to HUH or SCHC on Chart D should be recorded using the new accounts described below for activities occurring on or after January 1, 2018.  Revenue and expenditure activity that was not accrued as of December 31, 2017, in the general ledger will have to be recorded using the new AAHS accounts, except for the December 2017 salary and fringe entry related to SCHC.  Also, in trying to continuously improve our chart of accounts, these accounts have been assigned new roll-ups for financial reporting.

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  • January

    • FY 2019 Fringe Benefit Rates for Sponsored Projects

      January 03, 2018

      The University and the Academy of Natural Sciences recently submitted the fringe benefit proposal to the U.S. Department of Health and Human Services (DHHS) to establish the fiscal year 2019 fringe benefit rates for sponsored projects.  These rates are not final until we receive the official rate letter from DHHS, however, we do not expect any significant changes when they are finalized.  It is anticipated that the University will not receive the approved, final rate letter for at least 3 to 6 months.  Therefore, you should begin to utilize these proposed rates on any proposal submissions that will have salary and wages after July 1, 2018 to ensure that you have budgeted adequate funding.  Coeus has been updated to reflect the new rates.

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