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2019

  • July

    • FY20 Approved Fringe Benefit Rates for Sponsored Projects

      July 08, 2019

      Drexel University has finalized the negotiations of the fiscal year 2020 fringe benefits rates for sponsored projects with the U.S. Department of Health and Human Services (DHHS). The finalized rates are for full-time employees have decreased from 31.9% to 31.7% from the proposed rate. Part-time and DUCOM Highly Compensated Faculty rates remain the same as the proposed rates. Coeus and Banner have both been updated to reflect the new rates effective July 1, 2019.

      For fiscal year 2020, the Academy of Natural Sciences (ANS) will revert to using their non-sponsored fringe benefit rates which are listed below. Proposal submissions for ANS should utilize these rates for any salary and wages after July 1, 2019. Coeus and Banner have also been updated to reflect this change.

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  • June

  • May

  • April

    • Lease Accounting Changes for Fiscal Year 2020

      April 29, 2019

      The University must adopt a new accounting standard (Accounting Standards Codification 842 – Lease Accounting) for leases in FY20.  The new lease accounting standard requires all operating leases (building and equipment) to be recorded as a right of use asset and right of use liability.

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    • Fiscal Year 2019 Accrual and Deferral Process

      April 24, 2019

      The handling of pre-paid expense deferrals and expense accruals will be consistent with the last three 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 2019 Year-End Closing Schedule

      April 23, 2019

      In preparation for the 2019 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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    • Fiscal Year 2020 - 120000 Series Fund Migration to 110001

      April 22, 2019

      Over the past several fiscal years, the Office of the Comptroller has worked with various University departments to transition funds that have an unrestricted categorization but do not use fund 110001.  The intent is to eliminate cases (other than fund 110001) were one fund is being used with more than one org or program code combination.  The final wave of this migration is being put in place now so that in FY20 we will have one universal unrestricted fund code.

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    • Journal Entry Workflow 2.0 Live Training

      April 20, 2019

      The Office of the Comptroller will be hosting three live training sessions on the Journal Entry Workflow 2.0 on the following dates and times in the months of June and July just in time for fiscal year-end close.

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  • March

    • New Grant Portfolio Assignments by Organization/Department

      March 04, 2019

      Effective immediately, Research Accounting Services (RAS) has reassigned its grant portfolio assignments to each manager and research accountant that is part of the Post-Award Operations team. The new assignments are organization/department based. The entire list of the new assignments by organization is available on our website along with a downloadable file. The reassignment is due to the expansion of the Post-Award Operations team with four new positions that will allow us to better support the research community by more evenly distributing the grant portfolios.

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  • February

    • Updates to Web*Financials

      February 25, 2019

      Drexel University Information Technology, the Comptroller’s Office, and Human Resources Information Systems have collaborated on some changes to improve the information provided in the Web*Financials applications.

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  • January

    • Account Code Hierarchy and Classification Changes in Banner and WebFinance

      January 11, 2019

      On Sunday, January 27, 2019, during the normal maintenance window for Banner and Web Finance, the account code hierarchy in Banner will be releveled for revenue, expense and transfer accounts.  This enhancement is being implemented to 1) ensure consistency between all charts of accounts, 2) provide an equal number of account levels for all revenue, expense and transfer accounts and, 3) enable the University to automate its financial statements.  The account hierarchy changes in Banner will only impact account roll-ups and will not impact any data enterable account currently being used in any chart.  Please refer to the Comptroller’s Office website for a visual depiction of the new hierarchy.

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