This page is a compilation of NYU finance related resources intended for quick reference for NYU school and business unit Fiscal Officers.
Fiscal Year 2018 News & Announcements
The following communication was sent to Fiscal Officer’s on November 6, 2017.
Background: 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.
It has been brought to our attention that gift cards have been charged to Bank of America Payment Cards. Approximately $99K in gift cards has been purchased FY 2017 at various retailers.
A few examples of retailers and gift card purchases are listed below:
- $ 370.49 Amazon Mktplace
- $ 2,015.95 AMEX Gift Cards
- $ 300.00 Chipotle 2090
- $ 50.00 CVS/Pharmacy
- $ 304.95 Duane Reade
- $ 200.00 Eataly Net USA LLC
- $ 730.26 Giftcards.com LLC
- $ 150.00 McNally
- $ 124.20 National Gift Card
- $ 25.00 Panera Digital Gftcrd
- $ 276.00 Shake Shack 1102
- $ 120.00 Starbucks Store 00847
These purchases are now restricted on the P-Card. We updated the Global Payment Card Policy for this change. A copy of the updated Global Payment Card Policy is attached.
The Accounts Payable (A/P) team administers the existing procedures for gift card purchases. Michael Wallace, Manager, Accounts Payable, can order gift cards for your schools and units, as requests are submitted via FinanceLink. Upon receipt of list of gift card recipients, addresses, and tax ID #s, the A/P team will document the gift card purchases and any income tax implications to specific individuals.
A spreadsheet with your past gift card purchases is enclosed for FY 2017 for your review. Please note that we expect you to provide documentation on future gift cards issued to your staff by Accounts Payable to ensure the inclusion of this income in the W2 forms.
Also, please maintain sufficient budget in your default P-Card / CTA chartfields to avoid any delays when NYU pays Bank of America for the university. If you wish to review the default chartfields for your school or unit, the Global Payment Card team can provide you with the list upon your request.
If you have any questions or concerns, please do not hesitate to contact us.
November 6, 2017
The following communication was sent to Fiscal Officer’s on October 26, 2017.
We are writing to provide clarification on the processes for Standing Orders. Please note the following (and please share with your i-Buy NYU Shoppers/Requestors):
Open FY17 Standing Orders were rolled as part of the overall PO roll into FY18. We apologize for any confusion caused by prior communications stating FY17 Standing Orders were closed.
Effective Monday November 20, 2017 all remaining OPEN FY17 Standing Orders will be closed. If appropriate, please ensure new FY18 Standing Orders are opened to avoid disruptions.
FY18 and Future Fiscal Years:
For all future year-end close processes the following will be initiated:
- Standing Orders that meet the criteria of (a) open balance greater than $250 and (b) activity within the last 120 days will be rolled forward to the new fiscal year.
All other Standing Orders will be closed as per the standard year-end PO close process.
- The Standing Orders rolled forward to the new fiscal year will remain open for a period of six weeks in order for any lagging invoices to be paid.
- Invoices for Standing Orders that were rolled to the new fiscal year will be charged to the new fiscal year. Accruals should be submitted if the goods / services were received prior to 8/31.
- Once the six week period into the new Fiscal Year is met, all prior year Standing Orders will be closed.
PLEASE NOTE: Standing orders are not auto renewed on yearly basis. Each school and unit is responsible for submitting a new Standing Order each year for those they wish to renew.
For questions regarding Standing Orders please contact Financelink at email@example.com or 212-998-1111.
October 26, 2017
Fiscal Year 2017 News & Announcements
A revision has been made to the Signature Authority Policy as it relates to equipment leases. Click here for the policy
Please send requests for approval along with a copy of the lease agreement to the University Treasurer, Janine Wilcox at firstname.lastname@example.org.
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 here.
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.
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”.
For questions about this new process, please contact FinanceLink at email@example.com or 212-998-1111.
May 12, 2017
The following communication was sent to Fiscal Officers and Payment Card Approvers on 12/22/16. Bank of America’s New Procedure for Compromised Payment Cards
Dear Fiscal Officers & Card Approvers,
Please share the attached with your cardholders.
We wish to pass on Bank of America’s new procedures handling compromised cards. Payment cards impacted by stolen card data due to successful hacking of a merchant are considered compromised. Not all compromised cards generate fraudulent transactions.
A large number of payment cards were compromised at merchants in the past few weeks. This is an issue for selected vendors, not specifically an NYU issue. The bank is being proactive in replacing cards before any fraud occurs. As soon as Bank of America identifies cards to be part of a Data Compromise at a particular merchant, the bank re-issues these payment cards. Please be advised, New York University is not made aware of the payment cards impacted by the compromise and/or the merchants involved.
If a payment card is compromised, a replacement card is mailed to the Global Payment Card team at 105 East 17th Street, New York, NY 10003, without advance notification. The team will reach out to the cardholder via email when the replacement card is available for pick up. The cardholder’s current payment card will remain open for another 30 days. Bank of America includes a note within the card envelope disclosing the date of cancelation of the existing card.
The replacement payment card must be activated by the cardholder calling 1-844-861-4373. Re-registration (different than activation) of the card is not necessary. The PIN will remain the same on the replacement card. The compromised cards must be discarded as soon as the replacement cards are activated.
As soon as the cardholder or card approver log in to the GRAM system, both the new and old payment cards will be displayed in a drop down menu on the Home Page.
We apologize for any inconvenience this may have caused. If you have any questions or concerns, please do not hesitate to contact us.
The Global Payment Card Team
December 22, 2016
Fiscal Year 2016 News & Announcements
i-Buy NYU is Live
We are happy to announce that i-Buy NYU is live as of today, June 27. As a reminder, i-Buy NYU replaces eReq, the Business Payment Form (BUS5000), and the Payment to Individuals form (IND4000). Please be sure to share this news with your buying and paying staff.
To Access i-Buy NYU:
- Login to home.nyu.edu using your NYU Net ID and Password
- Click on the Work tab
- Scroll down to the “Buying and Paying” section and click on i-Buy NYU
Please refer to the below list of dates for ordering and paying for goods and services moving forward:
- June 27: i-Buy NYU is live and the Business Payment Form (BUS5000) and Payment to Individuals Form (IND4000A) are retired. AP will resume processing PO-related invoices. eReq will continue to be available for read-only purposes. Any invoices received locally now and going forward should be emailed to firstname.lastname@example.org.
- June 28: Invoice images and approval data from Flextecs can be requested by contacting the FinanceLink Service Center (email@example.com or x81111)
- July 1 & August 1: Recurring payments will be executed via NYU’s legacy method (i-Buy NYU recurring payments will be executed beginning September 1, 2016)
Training & Resources
The i-Buy NYU Resource Portal contains helpful resources and important updates including the following:
- The Q&A Section contains a link to i-Buy NYU Frequently Asked Questions
- The i-Buy NYU Training Materials tab includes links to quick Videos and step-by-step Tip Sheets, illustrating key functionality and features in the i-Buy NYU system
- The Presentation and Resources tab provides links to the Buying & Paying Guide, Change Order Matrix, and Commodity Code-to-Account Code Mapping Document
All videos and step-by-step tip sheets can also be accessed centrally via iLearn. Simply login to NYU iLearn via the Work tab of NYUHome and search for course PUR 007: i-Buy NYU Key Features & Functionality.
To aid in the overall transition of i-Buy NYU, an i-Buy NYU support hotline and email address is now active. Please feel free to contact FinanceLink (212-998-1111 or firstname.lastname@example.org) for all questions and assistance with i-Buy NYU.
June 27, 2016
i-Buy NYU Classroom Training for Power Users
In order to manage the volume of users to train for i-Buy NYU, we have worked with Fiscal Officers and Project Lighthouse Liaisons to identify “power users” from schools and administrative units across the University to attend a 3 hour classroom training session. Power users were identified based on the following criteria:
- Process 10-20 or more requisitions/month
- Handle multiple types of orders (standing orders, payment forms, etc.)
- Process change orders
- Support multiple departments and organizations
Power Users will receive information about registering for a session via iLearn. If you do not receive additional information about Power User training, you were not identified as a participant for classroom training -- please review the paragraph below to read more about additional options for training, or reach out to your Fiscal Officer.
May 17, 2016
The i-Buy NYU Resource Portal was created to provide the NYU Community with one stop to access presentations, training documents and additional project materials about Project Lighthouse and i-Buy NYU.
- View the iBuy NYU Resource Portal (NYU Login Required)
Should you have questions about i-Buy NYU, please feel free to reach out to the project team via email@example.com.
April 29, 2016
Below are important information and dates regarding ordering and payment processes, and the transition of existing eReq orders to the new system as we move closer to i-Buy NYU’s Go-Live date.
For the time period of June 4-17, 2016 only, please use your P-Card to accommodate unplanned and/or emergency purchases. If you need to amend your P-Card limits (during this time period only), please email firstname.lastname@example.org. The limits for each card type are listed on page six of the Payment Card Policy.
- Learn more about the the Legacy POs Transition into i-Buy NYU
LAST DAY for entering FULLY APPROVED requisitions into eReq
LAST DAY to load subaward invoices in Flextecs. Any invoices
eReq will be made available for VIEW ONLY purposes indefinitely.
LAST DAY for Principal Investigators to approve subaward invoices
LAST DAY for processing eReq PO invoices through Accounts
i-Buy NYU Go Live
Recurring payments will be executed with the legacy method
Invoice images and approval data from Flextecs can be
April 15, 2016 (Updated May 11, 2016)
As announced at the last Financial Forum, Project Lighthouse is currently underway. As part of this effort to improve how the NYU community buys goods/services and pays suppliers, we are implementing a new system, i-Buy NYU, to better streamline the requisitioning, invoicing and payment process. i-Buy NYU is targeted to go live in June of this year and will:
- Improve transparency into the ordering and payment processes
- Ensure a user friendly experience with an easy-to-navigate platform
- Adopt a simple and consistent solution, using best-in-class processes and technology
- Automate manual processes to increase efficiency, consistency and timeliness of transaction processing
- Implement simplified, yet effective, controls
System sneak peeks are scheduled in January and March, 2016. To attend a sneak peek, or for more information about the project, please contact email@example.com.
January 21, 2016 (Updated March 25, 2016)
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 firstname.lastname@example.org or 212-998-2900, and also receiving approval from their Dean.
If you have any questions, please contact the FinanceLink Service Center at 212-998-1111 or AskFinanceLink@nyu.edu.
November 19, 2015
Prevent Declined Transactions on Payment Cards
Due to significant increase in fraudulent transactions for all payment card issuers globally, banks have implemented strict preventive controls to mitigate this fraud risk. As a result, payment card transactions may be declined more frequently due to suspicious triggers or activities.
The Global Payment Card team created a memo with information to assist in identifying triggers for declined transactions and steps to avoid them. This was sent out to Fiscal Officers on October 5, 2015.
The new FinanceLink service center for Financial Operations & Treasury (FO&T) is now open to the NYU community. This new integrated service center is a complement to our existing FinanceLink website for all inquiries and requests associated with finance at NYU, including but not limited to: Accounting & Reporting, Buying & Paying (which includes Accounts Payable and Procurement content), Insurance & Enterprise Risk, Tax Guidance & Compliance, and Treasury Management.*
Why are we providing a FinanceLink service center?
FO&T supports thousands of NYU community members and processes literally hundreds of thousands of financial transactions annually. Our community members (YOU) have told us, through the annual Quality of Service survey, and other forums, that it is difficult to know who, or where, to call when you have a question on a finance related matter. In addition, due to improved technology and process improvements, we are now able to answer many commonly asked questions through a centralized process, saving all of us time, and improving the quality and timeliness of our service as a result.
What does the new FinanceLink service center mean for you?
• Only one phone number and email address to remember! Existing email aliases and phone numbers will continue to work and will automatically route to FinanceLink and/or specific FO&T departments
• All inquiries and requests will continue to be tracked and logged in NYU’s ServiceLink tool. All notifications that you receive will now read “FinanceLink” instead of FO&T.
How do I reach the FinanceLink service center?
• Phone: 212-998-1111 from 9:00AM - 5:00PM
• Email: email@example.com
◦ FinanceLink – to search information about our services, forms and latest news
◦ A new and improved ServiceLink, which will allow you to view the status and target resolution of your open requests and search our knowledge base articles
Please share this news with your teams and colleagues who regularly contact FO&T for assistance. We plan to host focus groups in the Fall to gather and share feedback on how we are doing and discuss how we can further improve our services. We are committed to continuous improvement and we welcome your feedback at any time.
*Please note, inquiries for the following areas should continue to route to:
• Non-tax related Payroll inquiries, PeopleSync and myTime: Contact PeopleLink
• Post-Award Administration: Contact Sponsored Programs Administration
• Student Billing: Contact the Office of the Bursar
• UDW+ Financial Reporting: Contact the Decision Support Group
Don’t worry, if a community member does contact FinanceLink for one of these other service areas, the phone system will provide easy routing to these services, or the team will assign and transfer requests to other departments, as required.
August 31, 2015
Fiscal Year 2015 News & Announcements
An interim version of the JEMS application (“JEMS2”) will be available beginning on Thursday, August 6th at 9:00 AM (EST). The JEMS2 Application will be used for the remainder of FY15 and thereafter until a long-term solution is reviewed and validated.
JEMS2 and the original JEMS have the same process and functionality for preparing and submitting a journal entry.
To ensure AP Workflow is on a stable and supported technical platform, an improved version of the application is now available.
- The application is now accessible directly from the Work tab of NYU Home under Additional Services.
- The approval “workflow” uses ServiceLink functionality.
- All email notifications will now come from ServiceLink.
Changes for Approvers
- Ability to approve or reject requests directly from email notifications.
Click here for a brief video
- Delegate approval authority to another employee
Click here for instructions
Changes for Initiators
- New Resubmit Functionality:
- User gets an email of the Rejection
- After making the changes in AP Workflow, a resubmit button will be available on the Preview page
- Option to remit payment to a credit card will only be visible to those with an NYU issued corporate card. Card numbers will not be visible
- All supporting documentation is now required to be attached electronically to the request
Updated July 13, 2015
Payroll Adjustments (formerly retroactive cost allocations) are now available in PeopleSync.
This new functionality replaces the current retro cost allocation form and gives you the ability to submit Payroll Adjustments for review by Payroll and/or SPA directly in PeopleSync.
To learn how to submit a Payroll Adjustment, follow the instructions in the Payroll Adjustment tip sheet available in course HRS 000 in iLearn.
If you need additional support, visit the Payroll Adjustment office hours at 105 E. 17th St., Room 199: Feb. 18th from 3-5pm or Feb. 26th from 9-11am or contact PeopleLink.
February 13, 2015
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
Departmental Purchases at the NYU Bookstore and Computer Store
In an effort to secure and streamline departmental purchases made at the NYU Book and Computer Stores, the paper, approved purchaser “lists” maintained by the Stores will be retired immediately.
Going forward departmental purchases made at the NYU Book and Computer Stores can be made using the following widely utilized and easy to use methods: