2019/20 Faculty Salary Savings Instructions and Cost Share Accounts
TO: Department Administrators
FROM: Jim Henry, Chief Financial Officer
Blake Grenier, Associate Director of Finance
SUBJECT: 2019/20 Faculty Salary Savings Instructions and Cost Share Accounts
DATE: August 17, 2020
This is a reminder about the process for the 2019/2020 fiscal year-end faculty salary savings transfers for eligible grants and contracts charges. This year’s process is the same as last year. Please use the Faculty Salary G&C Savings report to review the projected savings amounts for your faculty and provide information to your finance liaison by Wednesday, August 26th. This report is available on the H&S Financial Dashboard as a link from the H&S Finance Website. Scroll to the Quick Links at the bottom of the page for the Dashboard and other helpful links.
- After reviewing the YTD data in the reports, department administrators should project any academic salary charges or changes that will post before year-end, calculate eligible savings and inform your finance liaison to include these amounts into the savings calculation.
- FYE close instructions, including any adjustments to savings amounts, PTAs for transfers and pertinent comments, should be input into a Detail report downloaded to Excel (right-hand columns). Upload the completed Report/FYE Close instructions to your Finance Repository WIP folder.
- Department administrators should also inform their Finance Liaison if no adjustments are needed.
Faculty salary G&C savings will be transferred to faculty and/or department accounts before year-end close.
A few things to note:
- This report contains only academic salaries for the purpose of determining G&C savings. The Faculty Salary Actuals and Variance report contains all faculty compensation categories.
- If the drop-down menu to select your Position Org Name is slow to load when initially opening the report, you can type your department name into that field and select Apply to run the report.
- The fringe benefit rate used in the report defaults to the current year’s rate. If you need to run a report for a prior year, please type in the fringe benefit rate for that year to get correct results.
- Core journals created by OSR to close out grants and contracts or created by SLAC to move salaries from SLAC grants to H&S are not included in these reports and should also be a part of any adjustments made by departments.
The H&S faculty grants and contracts salary savings policy is available as a link from the Faculty Salary G&C Savings report and that link is also noted below for your reference:
Cost Share Accounts:
- Funding transfers for cost share accounts are made by H&S, rather than by OSR.
- H&S Finance has taken a first pass by funding applicable faculty salary charges through July close. Please review all of your cost share awards for remaining deficits. You may do so by utilizing the Non-OB report from the H&S Finance Dashboard, a link to which is located on the H&S Finance Website. Hopefully, use of this report and earlier funding of faculty academic salaries will simplify the process and make cost-share awards a little easier to clear this year than in past years.
- Funding instructions for the department’s portion of cost shares should be submitted to your H&S Finance liaison by Wednesday, August 26th.
Associate Director of Finance
The School of Humanities and Sciences