This newsletter is intended to share information related to Division of Business Services activities. Please feel free to share this information with your colleagues.
We welcome your feedback! Please send questions, comments and/or suggestions to firstname.lastname@example.org.
FY20 and FY21 Physical Inventory Update
The FY21 Physical Inventory schedule is now available on the Property Control Webpage. Under the guidance of UW System policy 300-Interim 02, an extension was granted to all FY20 inventories in progress allowing for completion of the inventory by June 30, 2021. The FY20 Physical Inventory schedule located on the Property Control website has also been updated to offer insight towards the FY20 inventories carried over to FY21.
Due to the extenuating circumstances of FY21, the selection of departments was limited to the minimal level necessary to adequately respond to compliance and risk requirements for the University. This resulted in 12 departments newly selected for FY21, and a carryover of 33 departments from the FY20 selection. The departments selected were offered the ability to advise their top three months for this task. Property Control was able to accept the first choice of each department that offered feedback.
As a reminder, annual reviews should be completed by all DPAs to demonstrate proper stewardship of assets under their custodial responsibilities. We recognize that resources are limited for campus as many continue to work remotely and efforts are being prioritized for those remaining on campus. The health and safety of our campus partners remains our top priority. At the department’s earliest convenience, an assessment of updates to their custodial reports should be completed.
The Property Control team is available to assist with capital equipment guidance. Please contact us via email at email@example.com.
COMING SOON: Improvements to Shop@UW, Direct Payments (DPs) and Payments to Individuals (PIRs)
In mid-April we will transition to ShopUW+. It will be your single point of entry for requisitions, purchase orders, contracts, and invoices. The cloud-based platform will let you:
- See the status of orders and payment requests
- Work more efficiently with electronic approvals
- Easily access supporting documentation
- Submit direct payments (DPs) and payments to individuals (PIRs) electronically
GASB 87: Financial Lease Recognition Requirements Effective FY22
The Government Accounting Standards Board will institute a new reporting requirement for leases on 7/01/2021 (FY22). The new statement (GASB 87) will look to recognize the future revenues and liabilities associated with both lessor and lessee agreements.
All campus units should have received a communication requesting a review of lease agreements where the University is either a lessee or lessor. An excel spreadsheet has been offered to support a summary of information to be submitted to central office. The following college/schools/divisions have selected a representative to support questions from departments of their specific units.
|Business Services||Amy Rognsvoogfirstname.lastname@example.org|
|DoIT||Sarah Hart McGuinnisemail@example.com|
See the GASB 87 FAQs to assist with general questions associated with the new guidance. The Excel, supporting information on known lessor and lessee agreements was to be submitted by February 15, 2021. If your department does not have a delegated representative listed above, you may submit your questions or concerns to Tony Helmke.
Business Services Training
As many of us are still working remotely, Division of Business Services training sessions are still available to you and your staff in a variety of platforms.
The entire list of Business Services trainings can be viewed in the OHRD catalog at https://www.talent.wisc.edu/Catalog/Default.aspx?tabid=29&SeriesKey=202.