Viewing: Financial Focus

Financial and HR reminders for the closing of the fiscal year

By on June 7, 2018

During the month of June, departments throughout campus are preparing for the fiscal year closing.

Office Depot Savings Program for faculty and staff

By on June 7, 2018

UF faculty, staff and students are eligible for discounts on personal purchases with Office Depot as well as other suppliers.

Thinking about retirement? FLARE illuminates the journey to financial security

By on March 7, 2018

FLARE offers retirement resources, such as retirement and education planning courses, to help UF employees find the balance between making ends meet today and a comfortable future.

Be sure to watch your mail for important tax reporting documents

By on February 6, 2018

In addition to filing your W-2, the IRS requires reporting of health insurance coverage information for the 2017 federal income tax reporting year.

Decrease in sales tax for real property rentals, effective Jan. 1

By on December 6, 2017

Effective Jan. 1, the state sales tax rate imposed under section 212.031, Florida Statutes, on the total rent charged for renting, leasing, letting or granting a license to use real property will decrease from 6.0 percent to 5.8 percent.

Social Security taxable wage base revised for 2018

By on December 6, 2017

The 2018 Social Security wage base increases to $128,400 (up $1,200 from the 2017 wage base).

Did you participate in the Employee Education Program during 2017?

By on October 4, 2017

Per IRS regulations, only the first $5,250 of the tuition waiver provided by the Employee Education Program benefit is non-taxable.  Any amount in excess of $5,250 is taxable income to the employee and must be taxed and included on the employee’s W-2 for the year.

Change in tax method for faculty and staff recognition programs introduced

By on September 7, 2017

Effective Aug. 11, the way employees are taxed for awards (earnings code AWD) was changed to the supplemental tax rate set by the IRS, currently 25 percent for federal withholding.

Annual training program addresses university-generated “unrelated business income”

By on August 2, 2017

Does your department sell goods or advertising, provide services, and/or rent equipment or space to students, alumni or the public? These are some of the most common activities that can generate unrelated business income for UF.   Conducting these activities may require annual reporting and potential taxation of the income generated.

Procurement process demystified

By on June 7, 2017

What do cadavers, an equine treadmill and a telescope that now lives in the Canary Islands have in common? UF Procurement Services played a large part in acquiring all of the above items for the university—but its role and the benefits it provides to the community go beyond purchasing.

PrintSmart Convenience Fee Reduction for Xerox 8900

By on April 5, 2017

In response to your feedback regarding the cost of the convenience fee for the 8900, UF Procurement and Xerox have mutually agreed to amend the convenience fee on the model 8900 to match that of the 6605.

IRS Form W-4 “exempt” status expires Feb. 15

By on February 1, 2017

If you claimed “exempt” from withholding tax on your W-4 for 2016 and want to renew your exemption claim for calendar year 2017, you must update your W-4.

Self-move mileage reimbursements decrease slightly this month

By on January 11, 2017

Beginning January 1, the standard mileage rate for moving purposes decreased two cents to 17 cents per mile.

Help protect UF from fraud

By on December 7, 2016

As UF employees, we are all responsible for safeguarding the University’s valuable financial resources. Every member of the University community has the responsibility to report any actions or activities of concern.

Social Security taxable wage base announced for 2017

By on November 2, 2016

In 2017, the Social Security wage base will increase to $127,200, up $8,700 from the 2016 wage base. The maximum Social Security tax employees and employers will each pay in 2017 is $7,886.40 ($127,200 x 6.2%).

UF Procurement Services honored for third consecutive year

By on September 6, 2016

UF Procurement Services has been awarded the prestigious 21st annual Achievement of Excellence in Procurement Award (AEP) for 2016 from the National Procurement Institute (NPI). This is the third consecutive win for Procurement Services.

UFIRST to host Open Lab Tuesdays

By on September 6, 2016

UFIRST Open Labs provide an opportunity to get one-on-one help and answers to your questions about the UF Integrated Research Support Tool. In order to best meet the needs of the campus community, UFIRST open labs will now be offered at a variety of locations and times. No registration is required. Review the schedule to find a session that’s convenient for you!

Recently enacted bill changes travel cost maximums for certain travel

By on September 6, 2016

The 2016 Florida Legislature recently enacted House Bill 5003, which mandates that costs for lodging associated with a meeting, conference, or convention organized or sponsored in whole or in part by a state agency or the judicial branch may not exceed $150 per day.

Tuition Exchange Scholarship Program offers possibility of more affordable higher education

By on September 6, 2016

The Tuition Exchange Scholarship Program (TEP) provides the opportunity for dependent children of the University of Florida’s full-time employees (excluding OPS employees) to attend a participating Tuition Exchange college or university at a significantly reduced tuition rate.

Applications to participate in UF’s Research Administration & Financials Training (RAFT) Level One Cohort due Aug. 19

By on August 2, 2016

UF’s Division of Sponsored Programs and Contracts & Grants will once again offer a professional development series that provides research administrators throughout the university with “a lifeline” to the research community. Designed for research administrators with one year or less

Does your department sell goods or advertising, provide services, or rent equipment/space to customers?

By on August 2, 2016

If so, you may be generating unrelated business income (UBI) and be subject to an annual reporting requirement and potential taxes. This year’s Unrelated Business Income Training will be held at 1:30 p.m. on Thursday, Aug. 18, in the L. Vernon Voyles Room, 201 Criser Hall.

Procure2Pay Workshop illuminates UF purchase order and invoice processes

By on August 2, 2016

Don’t miss this opportunity to ask the questions you’ve always wanted to ask about how purchase orders in myUF Market and invoices in myUF Payments work together. Presented by core office staff from both UF Procurement Services and Disbursement Services,

UFIRST Awards system now available

By on July 6, 2016

The UFIRST Awards system is now live. All active awards have been converted and are now available for viewing and management. All new awards as well as modifications to awards requested (including no-cost extensions, supplements, PI changes, incremental funding, etc.) must now be processed in UFIRST.

Cost-per-print increase among changes coming to PrintSmart in August

By on July 6, 2016

Beginning Aug. 1, the cost-per-print under the PrintSmart program will increase 5 percent, from .0137 to .0144 for black and white and from .0470 to .0494 for color. However, UF will continue to realize significant savings even with this increase, with costs remaining below benchmarked costs for similar programs.

New catering protocols, improved system began July 1

By on July 6, 2016

A new streamlined system is making it easier than ever for campus units to secure catering services, and offers units a wider variety of caterers from which to choose. The University of Florida’s Approved Caterer Program went into effect on July 1 and impacts all caterers providing food services (including alcoholic beverages, when applicable) for events on campus.