Below is a selection of financial operations and related news at NYU. View the links and related pages to find forms, resources, newsletters, training, and more news in detail.

A Selection of News by the Calendar Year

i-Buy NYU Supplier On-Boarding Notice

The following communication was sent to Fiscal Officers on October 8, 2018.

As part of our continued efforts to maintain and exhibit best business practices, the University will be reaching out to suppliers who have not yet registered in the i-Buy NYU Supplier Portal.

The i-Buy NYU Supplier Portal provides self-service for NYU’s suppliers to:

  1. Access and upload invoices
  2. View purchase orders
  3. Obtain payment status on uploaded invoices
  4. Maintain and update address, contact, payment, tax and insurance information

Individuals reimbursed for guest travel will not be asked to register.

Effective immediately, suppliers will only be able to update their address, contact, payment, tax and insurance information through the i-Buy NYU Supplier Portal.

Please review the Supplier On-Boarding Policy for more information.

Registration in the i-Buy NYU Supplier Portal is essential for the accurate, timely issuance of purchase orders and payment of invoices.

For information on how NYU conducts business with Suppliers please see How to do Business With NYU on the Supplier Information page.

Direct link for the suppliers that have already registered: i-Buy NYU Supplier Registration Portal

Please contact askfinancelink@nyu.edu if you have any questions. 

October 8, 2018

Federal Work Study Students Payroll Time Sheet Approval Notification

The following message was sent to myTime Time Sheet Approvers. Please direct any questions to PeopleLink at askpeoplelink@nyu.edu.

Dear Time Sheet Approver,

You are receiving this message because of an important change to the way unapproved student hours will be charged to your budget. 

All unapproved hours a student works will automatically be charged to a non-federal work study salary account (default chartfield) in PeopleSync for the appropriate school or unit, instead of being charged to the FWS program chartfield. 

Federal guidelines require that all FWS hours be certified, reconciled, and approved by the student’s supervisor in order to use the federal funds.

As part of our continued effort to review process and policy, we have identified an opportunity to clarify and strengthen our practice in regards to Federal Work Study (FWS) administration.

The following change will be effective beginning with the 10/1/2018 MyTime (payroll) deadline for the pay period ending 09/30/2018:

  • In the event that a FWS student’s time sheet is not approved in myTime before the payroll deadline (XLS)all unapproved hours worked will automatically be charged to a non-federal work study salary account (default chartfield) in PeopleSync for the appropriate school or unit, instead of being charged to the FWS program chartfield.
  • Approvers will have the ability to go back two pay periods to amend/approve unapproved time sheets to correct the chartfield.
  • Unapproved time sheets that go back further than two pay periods will require a retro amendment/approval by your Human Resources Officer (HRO).
    • Fiscal Officers will then be required to create a Payroll Accounting Adjustment to correct the hours erroneously charged to default chartfield.

If you have any questions, please contact PeopleLink at askpeoplelink@nyu.edu or 212-992-5465.

Thank you in advance for your cooperation.

For more information, refer to the:
— NYU myTime FAQs for Approvers (PDF)
— NYU myTime Quick Steps for Approvers (PDF)

September 28, 2018

FAME 9.2 is Here

The following communication was sent to all FAME and UDW+ users on June 11, 2018.

The FAME upgrade from version 9.0 to version 9.2 is complete. You may now access all FAME dependent applications and continue processing June financial transactions.

Systems Now Available:

  • AP Workflow
  • BudMod
  • CAYUSE integration
  • Chartfield Access Requests
  • CPACS & WIMSY (Chartfield Validation / i-Buy transactions)
  • ERS (Maximus)
  • Hyperion
  • i-Buy NYU
  • JEMS

UDW+ Reminder:
UDW+ June financial information will not be reflected until end of day on Wednesday, June 13.

Support:
Please contact AskFinanceLink@nyu.edu or 212-998-1111 with any questions.

June 11, 2018

FAME 9.2 is Coming Soon

The following communication was sent to all FAME and UDW+ users on May 29, 2018.

Dear Colleagues,

As discussed at the April 18th Financial Forum, the PeopleSoft Financials application (FAME) is being upgraded from version 9.0 to version 9.2. This is primarily a "technical upgrade" in which the application and supporting software are upgraded to the more recent version of PeopleSoft and PeopleTools.

Please note important dates and information that will impact when transactions are posted in FAME and available in UDW+.

FAME and UDW+ Availability
The upgrade activities will commence upon the conclusion of the month-end close activities for May 2018 (June 7, 2018). All May transactions will be reflected in UDW+.

UDW+: During the FAME upgrade period you may continue to access and run reports; however, June financial information will not be reflected until end of day on Wednesday, June 13.

  • Start: Friday, June 1 at 8:00 am ET
  • Finish: Wednesday, June 13 at 5:00 pm ET

FAME: The application and associated financial transactions will be unavailable during the upgrade.

  • Start: Thursday, June 7 at 5:00 pm ET
  • Finish: Monday, June 11 at 8:00 am ET

Systems Impacted
The following FAME dependent applications will be unavailable Thursday, June 7 at 5:00 pm ET until Monday, June 11 at 8:00 am ET:

  • AP Workflow
  • BudMod
  • CAYUSE integration
  • Chartfield Access Requests
  • CPACS & WIMSY (Chartfield Validation / i-Buy transactions)
  • ERS (Maximus)
  • Hyperion
  • i-Buy NYU
  • JEMS

Support: Please contact AskFinanceLink@nyu.edu or 212-998-1111 with any questions.

May 29, 2018

How to Do Business with NYU

The Supplier Information page has been updated with information on how to do business with NYU. It offers helpful information on subjects such as registering as an NYU supplier, new supplier requests, the University’s Procure to Pay process, payment terms and more.

May 24, 2018

IRS Withholding Calculator Released

The following communication was sent to all employees on April 18, 2018.

To Help Taxpayers Determine Appropriate Tax Withholding and Complete Form W-4

Following passage of the Tax Cuts and Jobs Act in December 2017, the IRS released new versions of Form W-4 (Employee’s Withholding Allowance Certificate) and the Withholding Calculator. The IRS recommends taxpayers utilize the withholding calculator to ensure the appropriate amount of 2018 income tax is withheld from their pay.

The new tax law made several changes to taxes on individuals, including adjustments to tax rates and brackets, increasing the standard deduction, removing personal exemptions, increasing the child credit and limiting or eliminating certain deductions.

The withholding changes do not affect 2017 tax returns; however in order to effectively use the withholding calculator you should have a completed 2017 return nearby to reference. You should also have your year to date pay stubs for reference when you complete the calculator. You can locate your pay stubs in PeopleSync by clicking on the “Pay” icon and selecting “View Payslips”.

Withholding Calculator FAQ on the IRS website offers additional information and resources. Additionally, the IRS has created a Paycheck Checkup video to assist taxpayers.

Please consult with your financial or tax advisor if you have additional questions about your personal tax situation.

Should you wish to update your current W4 elections please see the following link for instructions on how to update your W- 4 in PeopleSync: Complete Your W-4 Form (Federal Tax Withholding Elections).

Please contact PeopleLink at: askpeoplelink@nyu.edu or call 212 992-5465 for more information.

Sincerely, 
NYU Payroll

2018 Employee Payroll Tax Withholding

Dear NYU Employees,

We are writing you as a follow up to our previous communication regarding the Tax Cuts and Jobs Act.

The IRS updated the 2018 income tax withholding tables and issued related guidance on January 11th. The new tax withholding tables have been designed to work with the current Form W-4 (Employee's Withholding Allowance Certificate). The changes in employees' payroll tax withholdings will be reflected in paychecks beginning January 26th. Please consult your tax advisor with questions about your personal tax situation and how the new federal tax rates impact your with-holding and annual tax obligations. You may also refer to the information published by the IRS at: https://www.irs.gov/pub/irs-pdf/n1036.pdf.

The IRS has issued guidance that the Form W-4 will be redesigned for tax year 2019 to reflect the suspension of the personal exemption deduction. The University will alert you when the new Form W-4 is available so you can update your information for 2019.

Please contact PeopleLink at: askpeoplelink@nyu.edu or call 212 992-5465 for more information.

Sincerely,
NYU Payroll

Electronic 2017 Form W-2's are now Available in PeopleSync

To access your 2017 Form W-2 online, please follow the instructions Accessing Electronic Form W-2 Quick Step Guide (PDF).

A kiosk is available at 105 East 17th Street, 3rd floor, for employees who wish to use this service. You will be able to view and print your 2017 Form W-2’s from this private kiosk workstation. There will be step by step instructions at the kiosk for those that need assistance.

Employees who have elected to receive a paper 2017 Form W-2 should receive it via the US Postal Service, the week of January 29th. To consent to receive an electronic copy only of future Form W-2’s, please follow the instructions Opt Out of Paper Form W-2 (PDF).

If you have questions, please contact PeopleLink at AskPeopleLink@nyu.edu or 212-992-LINK (5465).

i-Buy NYU Enhanced Notifications Available

Enhanced notifications in i-Buy NYU for supplier registrations are now available. The notifications are intended to update requestors of new suppliers of progress that invited suppliers are making in their registration in i-Buy NYU. Notifications are now available when a supplier is invited, when they begin their registration, and when they complete their registration.

Learn How to Enable Notifications

Restriction of Gift Card Purchases on Bank of America Payment Cards

The IRS considers all gift cards cash and cash equivalents subject to tax regardless of the amount of the gift card (e.g. a $1 gift card is subject to tax).  Bank of America Payment Cards cannot track and break out gift card purchases; they just track the merchant, e.g., CVS.

Read More about the Examples of Restricted Purchases

A Revised Version of the Signature Authority Policy is Now Available.

A revision has been made to the Signature Authority Policy as it relates to equipment leases. Signature Authority Policy 

Please send requests for approval along with a copy of the lease agreement to the University Treasurer, Janine Wilcox at janine.wilcox@nyu.edu.

June 12, 2017

Bid Waiver Guidelines

Procurement has created helpful Bid Waiver Form Guidelines to assist in clarifying for the University when and how the Bid Waiver Form should be used. The Guidelines are easily accessible on the i-Buy NYU Resources Portal (PDF).

June 15, 2017

A Revised Version of the Business Expenses Policy is Now Available.

The revisions include:

  1. Sales Tax (Page 7)
  2. Travel Insurance (Page 10)
  3. Extended Travel (Page 13) 

Business Expenses Policy

June 15, 2017

New Supplier Request Form for Guest Reimbursements

The new Supplier Request Form for Guest Reimbursements will be available in i-Buy NYU effective June 12. 2017. The Supplier Request Form for Guest Reimbursements should be used only when NYU has agreed to reimburse an individual for costs they incur for coming to the University for an engagement.

Read More about the New Supplier Request Form

New Legal Requirements for Honoraria Payments 

The following communication regarding "New Legal Requirements for Honoraria Payments" was sent to FOs, HROs and all i-Buy NYU Advanced Requestors on May 12, 2017.  

Dear Colleagues:

In order to comply with the new NYC Freelance Worker Protection Law, beginning May 15, 2017, the following process must be followed for all honorariums:

  • The honorarium recipient and a representative of the University (with signatory authority) must sign a new “honorarium agreement” before the honorarium activity may commence (Note: A link to the agreement will be available in i-Buy NYU, the HRO Blog and on nyu.edu/financelink beginning May 15, 2017). This is the only form acceptable to ensure NYU’s compliance with new regulations. Individual contracts and agreements from schools or units may not be used.
  • Once the honorarium activity is completed, the Requestor must invite the recipient to complete the supplier registration process in i-Buy NYU. This process remains unchanged.
  • Once the recipient is a registered supplier in i-Buy NYU, the Requestor must submit the existing Honoraria/Limited Engagement Form in i-Buy NYU to initiate payment and attach the signed Honorarium Agreement at the “Internal Attachments”.

Questions:

For questions about this new process, please contact FinanceLink at askfinancelink@nyu.edu or 212-998-1111.

May 12, 2017

Requesting Access to UDW+ University Departmental Metrics (UDM)

The Chartfield Access Authorization Form now includes a section to request access to the reporting departments for UDW+ Departmental Metrics Dashboard (UDM) and the proposals tabs on the D03. Grants Management Dashboard.

When an individual from your department requests chartfield access to either one of these reporting departments, you will receive an email asking to approve or deny their request.

Please note that in addition to chartfield access for UDW+ Departmental Metrics Dashboard (UDM), users will need to request UDM reporting access by contacting the Decision Support Group at askdsg@nyu.edu or 212-998-2900, and also receiving approval from their Dean.

Click here for instructions.

If you have any questions, please contact the FinanceLink Service Center at 212-998-1111 or AskFinanceLink@nyu.edu.

November 19, 2015

Are you a PI or Dept Admin with a Subaward Project?

Use the subaward invoicing system to manage payments to your subawardees! Click here for more information. A quick reference guide and training video are also available to help you navigate the system.

Questions? Contact the SPA Team Analyst for your school.

February 10, 2015

Gifts to Employees

Per IRS Regulations, Cash gifts (including gift cards, gift certificates charge card, credit card, etc.), no matter how little, are considered taxable income and are subject to withholding tax.

IRS Publication 15-B - Cash and cash equivalent fringe benefits (for example, use of gift card, charge card, or credit card), no matter how little, are never excludable as a de minimis benefit, except for occasional meal money or transportation fare.

November 18, 2014