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Contract and Grants Record Retention

Finance Division Communications

Save the Date promotional image for the 13th Annual MarketPlace Expo

Jul 27, 2024

Save The Date! MarketPlace Expo

Written by Procurement Services. We are excited to announce the 13th Annual MarketPlace Expo! We are hosting both an in-person and virtual event because of the popularity of the expo. Join us Thursday, November 14 at the McKimmon Conference and Training Center from 1 p.m. to 3:30 p.m. During the in-person event at the McKimmon…
A man rolling a red disc witha dollar sign on it up an incline that is shaped like an upward arrow

Jul 27, 2024

Year-End Foundation and Endowment Fund Project Balances

Written by Erin Delehanty. Did you know that Balances in Foundation (Ledger 6) and the Endowment Fund (subset of Ledger 7) projects roll forward annually? The process of rolling these balances forward at fiscal year end is different from other fund sources at the university.  The beginning balance roll forward is a manual process completed…
A cell phone and a tablet, both displaying the Finance Division Knowledge Base

Jul 27, 2024

Why does a supplier need to complete a W-8 form?

Written by Andrew Coats. This month’s Finance Division Knowledge Base spotlight is on the following article: Why does a supplier need to complete a W-8 form? NC State’s Controller’s Office requires an Internal Revenue Service (IRS) W-8 form to be completed for payments to nonresidents of the U.S., individuals and entities (AKA nonresident aliens), for…
A pen, cash, a wallet, and a calculator sitting on top of an IRS tax form

Jul 27, 2024

Introducing Sprintax Calculus Software

Written by Joshua Lagunas. The North Carolina Office of the State Controller negotiated a contract with Sprintax Calculus (Sprintax) for all state agencies, universities, and community colleges to replace International Tax Navigator as the foreign-national tax compliance management software. NC State’s conversion took place on August 1, 2024.  International individuals receiving any payment from NC…
Five employees examinining and adding components to a life-size line graph

Jul 27, 2024

Using Pre-Award Project IDs

Written by Justo Torres, Director, Contracts and Grants. Let’s say you know your contract or grant is going to be awarded. You have a draft of the award.  You have a very good idea of the value of the award and its start date. Then, you ask yourself, “Do I really have to wait to…
A group of employees joining hands in the backgorund with the NC State Finance Division logo in the foreground

Jul 27, 2024

What does Accounts Payable do?

Written by Arianna Williams. The Accounts Payable (AP) team, a unit within the University Controller’s Office, consists of dedicated and professional staff who ensure university expenditures comply with state, federal and university policies and procedures. The AP team also strives to assist the campus community with navigating the basics of the university financial system. The…
A desk workspace with a monitor showing the Fleet Card Center

Jun 24, 2024

New Fleet Card Center

Written by Vicky Bradshaw and Sharon Loosman. NC State has partnered with Wright Express (WEX) to provide a limited credit card program called the Fleet Card. NC State employees whose department or college has given authority to purchase fuel and minor vehicle repairs for NC State-owned vehicles are eligible to apply. Fleet Card transactions are…
Hands holding out a gift box wrapped with a red ribbon tied into a bow

Jun 24, 2024

Can we accept gifts of personal property?

Written by Erin Delehanty. NC State receives dozens of gifts of tangible and intangible property each year. Tangible property includes items like books, artwork, automobiles and livestock. Intangible property includes items like software, patents and copyrights. These gifts of property can be valuable to the university. While the university and the university associated entities are…
A person touching a digital screen showing icons and text for credit card protection, data protection, fraud prevention, cybersecurity, awareness, and identity protection.

Jun 24, 2024

Red Flag and Identity Theft Prevention Program

Written by Fran Lawrence. The Federal Trade Commission (FTC) has mandated regulation that requires universities to develop and implement a written “identity theft detection, prevention and mitigation program” in response to certain modifications to the Fair and Accurate Credit Transactions Act of 2003. For this program, identity theft is defined as an act of fraud…
A cell phone and a tablet, both displaying the Finance Division Knowledge Base

Jun 24, 2024

Contract and Grants Record Retention

Written by Justo Torres, Director, Contracts and Grants. This month’s Finance Division Knowledge Base spotlight is on “How long should I keep contracts and grants records?”  The determination of how long to keep contract and grants records is a critical one. Errors in record retention could lead to significant audit findings, both for not retaining…