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Importance of Internal Controls

Finance Division Communications

A cloud chart with the word COMPLIANCE in the middle, which is surrounded by related terms and icons.

Aug 21, 2023

PCard Compliance: Split Transactions

Written by Paislee Thomas. Split transactions occur when a cardholder intentionally splits a transaction into multiple payments or on multiple PCards to avoid spending limits. However, the practice of splitting transitions is never allowed!  Whenever the need arises to purchase goods or services that have a cost greater than $5,000, cardholders can simply submit a…
A desktop computer monitor with the words "SALES TAX" displayed on a blue background showing a world map and a group of people.

Aug 21, 2023

Associated Entities Not Exempt from Sales Tax

Written by Erin Delehanty. Did you know that while the university is exempt from paying sales tax on most purchases, the associated entities are not?  Under current NC law, charitable nonprofits are required to pay sales and use tax on their purchases and can apply for a semi-annual refund of the taxes paid. What does…
A desktop with a keyboard, paper clips, and sticky notes. On a clipboard is an IRS form 990-W.

Aug 21, 2023

Unrelated Business Income

Written by Andrew Coats. The IRS defines Unrelated Business Income (UBI) as the “income from a trade or business, regularly carried on, that is not substantially related to the charitable, educational, or other purpose that is the basis of the organization’s exemption”. Organizations subject to the tax on unrelated business income are taxable at corporate…
A cell phone and a tablet, both displaying the Finance Division Knowledge Base

Aug 21, 2023

Contracts and Grants in Foreign Currency

Written by Justo Torres, Director, Contracts and Grants This month’s Finance Division Knowledge Base spotlight is on sponsored projects awarded in foreign currency Accepting contracts and/or grants that stipulate that payments will be made in foreign currency is inherently risky, and we avoid doing so whenever possible. As you can easily imagine, the volatility of…
A book, pen and magnifying glass on top of financial documents. The book is labeled "Your Fiscal Manager."

Aug 21, 2023

The Role of a Fiscal Manager

Written by Justo Torres, Director, Contracts and Grants. The most common role in Contracts and Grants is that of a fiscal manager. With 16 fiscal managers and senior fiscal managers, do you know who they are and what they do? Fiscal Managers in the Office of Contracts and Grants are experts in various aspects related…
Janet Zevallos completing a triathalon

Aug 21, 2023

Finding Community in Service

Written by Mia Pollard. Janet Zevallos started running as a way to clear her mind. After losing her father to prostate cancer on Memorial Day in 2011, she picked up the hobby as a healthy way to process the changes happening in her life. Janet started the Couch to 5k challenge, completed a race and…
A group of employees joining hands in the backgorund with the NC State Finance Division logo in the foreground

Aug 21, 2023

Kathleen Bradley-Lockhart

Written by Justo Torres, Director, Contracts and Grants This month, the Contracts and Grants team would like to shine the spotlight on one special member: Kathleen Bradley-Lockhart.   Kathleen has been serving the State of North Carolina for the past 30 years. She began her service at the NC Department of Revenue, Travel Audit unit. After…
Six vintage microphones, all different styles, sitting on a wooden table

Jul 20, 2023

Meet Erin Delehanty

Written by Tabitha Groelle. In our current edition of our Chatting With series, I spoke with Erin Delehanty, senior director for  Foundations Accounting & Investments. Foundations Accounting & Investments, better known as FAI, provides accounting, investment and treasurer support services to the University’s Associated Entities and Endowment Fund. As senior director, Erin is responsible for…
A tablet displaying a graph with other 3-D images of graphs emerging from it.

Jul 19, 2023

Have You Overspent?

Written by Erin Delehanty. Have you spent too much? A foundation project is considered to be spent into deficit if expenditures of the project exceed your funds available at year end. The responsible party for each foundation project is required to ensure that projects do not get spent into deficit. Foundations Accounting & Investments (FAI)…
A person completing a puzzle holding two pieces that combine to spell out "INTERNAL CONTROL."

Jul 18, 2023

Importance of Internal Controls

Written by Fran Lawrence. Are you aware of the importance of internal controls? Internal controls are essential to providing reliable financial reporting for management decisions. That means information creating the university’s financial statements have checks and balances in place to provide reasonable assurance that information is reliable, accurate and timely. Ensuring internal controls best practices…