This issue of the Financial Management Office Newsletter includes information about the following:
- Wages-In-Kind (WIK) Processing Deadline
- Change Funds – Shortage or Overage
- Cash Collection Receipt Books
- What’s New in Financial Management Newsletter Past Issues Archived
- Case Study: Scholarship/Fellowship or Prize/Award/ Gift?
- Resources
The FMO Newsletter is distributed monthly. Should you have any questions about this newsletter, contact Amy Kunz via email at amykunz@hawaii.edu.
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2021 Wages-In-Kind (WIK) Processing Deadline
Target Audience: Fiscal Administrators
The Wages-In-Kind (WIK) processing deadline for Tax Year 2021 is December 3, 2021. All DVs turned into the Disbursing Office on or prior to that date will be processed for Tax Year 2021. Payments subject to this deadline include:
- Same Day Travel Per Diem – $20 (Object Code 4352)
- Mileage (Object Code 4152)
- Auto Allowance (Object Code 4192)
- Transportation Allowance (Object Code 4251 & 4252)
- Cash Awards (Object Code 7244 & 7245)
- Housing Allowance (Object Code 7248)
- Relocation Allowance (Object Code 4891 & 4892)
- Uniform Allowance (Object Code 7246)
DV & PNFs received after the deadline will be processed in Tax Year 2022. If there are any questions, please contact J.R. Kashiwamura at jkashiwa@hawaii.edu.
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Change Funds – Shortage or Overage
Target Audience: All
In accordance with AP 8.750, Establishment and Maintenance of Change Funds, any cash shortage and/or overage shall be reported on Form CF-3, Change Fund Cash Overage/Shortage Report.
- Form CF-3 must be completed immediately for any cash overage or shortage of $25.00 or more from a single incident.
- For all other incidents less than $25.00, the cumulative net cash shortage or overage shall be reported on From CF-3 at a minimum on a monthly basis.
As a reminder, any KFS edoc related to a cash fund shortage or overage shall be adhoc routed to the Treasury Officer (KFS username jyama) for approval.
See AP 8.750, Appendix A – Change Fund Procedures – Tasks and Responsibilities (http://www.hawaii.edu/policy/docs/temp/Appendix_A_-_Change_Fund_Activity_Procedures.pdf ) for procedures related to maintaining change funds, including reporting a cash fund shortage or overage.
With the return of all staff to the campus, it would be a good time to evaluate if the Change Funds are still necessary and review the overall procedures. If there are any questions, please contact Joanne Yama at jyama@hawaii.edu.
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Cash Collection Receipt Books
Target Audience: All
In accordance with AP 8.701, Receipting and Depositing Funds Received by the University, a pre-numbered receipt shall be issued for all cash receipts and shall be maintained for supporting documentation. A system that generates a receipt (i.e. Banner or cash register system) is deemed to meet this requirement.
The Treasury Office has a limited, one-time supply of pre-numbered, duplicate-copy cash receipt books. Please email uh-treasury@lists.hawaii.edu to request for your department.
As a reminder, receipt books are available for purchase through the State’s price list or from any office supply store.
If you have any questions, please contact Joanne Yama at jyama@hawaii.edu.
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What’s New in Financial Management Newsletter Past Issues Archived
Target Audience: All
Beginning December 2021, the “What’s New in Financial Management” newsletter issues for the current year and 2 prior years (e.g., 2019-2021) will be available on the Financial Management website. Older issues will be archived as they are not ADA compliant per Federal Rehabilitation Act Section 508.
If you should have any questions or would like information from an archived newsletter issue, please contact the Financial Management Office at (808) 956-7161.
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Case Study: Scholarship/Fellowship or Prize/Award/Gift?
Target Audience: Fiscal Administrators and Staff
Case Info:
In a hypothetical situation, a cohort of students will participate in multi-disciplinary research and networking opportunities focused on indigenous innovation. Payments will be made to students participating in this cohort, participation is not a classroom requirement, and will not earn any college credits toward a degree.
Recipients of these funds can use it toward their educational expenses (i.e. tuition, books, dormitory fees etc.) or personal living expenses. There are no obligations from the recipients in receiving these funds and no requirement to report on how the funds are used.
Analysis:
As there are no obligations in receiving these funds, and recipients will use it toward their educational expenses primarily, the payment will qualify as scholarship or fellowship using object code 6500.
For recipients of these funds who are U.S. citizens or resident aliens for tax purposes, it is each recipient’s responsibility to report non-qualified scholarship/fellowship onto his or her own tax return. For recipients of these funds who are nonresident aliens (i.e. international students), UH will apply the pertinent tax reporting procedures.
For definition of “non-qualified scholarship/fellowship”, please click onto the following weblink to see AP 8.561: http://www.hawaii.edu/policy/?action=viewPolicy&policySection=ap&policyChapter=8&policyNumber=561&menuView=closed
Should you have any questions on this topic, please contact Kenneth Lum at kenlum@hawaii.edu.