Finance News

Feb 23, 2024

What is a Fixed Price Award?

Written by Justo Torres, Director for Contracts and Grants Fixed price awards play a critical role in research on campus. Sponsors will typically issue fixed-price awards when they are more interested in the outcome and deliverables of a project rather than costs.   What is a fixed-price agreement? A fixed-price agreement is one in which the…

Feb 23, 2024

Meet the University Payroll Team

Written by Regina House. University Payroll is a section within the University Controller’s Office. The University Payroll Team is responsible for paying over 10,000 permanent employees and over 6,500 temporary, student and graduate students. The University Payroll Team processes: University Payroll uses the information entered into the HR and WolfTime systems by the departments or…

Jan 24, 2024

Year End Planning Guide

Written by Blain Woods. The P&BS Year End Planning Guide gives departmental business officers direct access to guidelines and instructions designed to empower them to make informed and timely year-end fiscal decisions.  In this guide, you will find an explanation of the business practices for each purchasing and payment area. Included are the compliance reasons…

Jan 24, 2024

New FAI and Donor Services Office Hours

Written by Erin Delehanty. Foundations Accounting and Investments (FAI) and Donor Services are excited to introduce joint office hours beginning in 2024. These office hours will allow you to pop into a Zoom meeting with a quick question for either or both offices. It could be a quick question about a project balance, confirming the…

Jan 24, 2024

Annual Tax Information: Reporting and Withholding

Written by Andrew Coats. NC State University is required by the IRS to provide information returns to vendors, individuals, etc. who have received payments from the university for the following: Who receives a 1099, and who receives a 1042-S form? Information returns can take the form of a 1099 or a 1042-S, depending on the…

Jan 24, 2024

Is It Allowed On My Contract or Grant?

Written by Justo Torres, Director for Contracts and Grants. This month’s Finance Division Knowledge Base spotlight is on What is an allowable cost versus an unallowable cost? One of the most basic and fundamental knowledge bases for a contract or grant manager is an understanding of what is and what is not an allowable cost…

Jan 24, 2024

Contracts vs. Grants vs. Cooperative Agreements

Written by Justo Torres, Director for Contracts and Grants. Are all contracts or grants the same, regardless of what they are called? The short answer is no.   NC State receives multiple types of funding awards under many different names. For purposes of this article, we will focus on the differences and distinctions of the three…

Jan 24, 2024

Donations and Volunteers Needed: Interfaith Food Drive

Written by Mia Pollard. The Cashier’s Office is proud to participate in the 2024 Interfaith Food Drive supporting the Food Bank of Central & Eastern NC, organized by the Light House Project of Cary, NC.  The Light House Project is a local nonprofit organization that was established in response to a brutal hate crime that…

Jan 24, 2024

Campus Partners in Research Administration

Written by Justo Torres, Director for Contracts and Grants. In this issue of the Finance Division Newsletter, I would like to highlight a team that is not directly part of Contracts and Grants but without whom Contracts and Grants cannot do its job: campus research administrators. They are the unsung heroes of research administration in…

Dec 11, 2023

Unused Endowment Spending

Written by Erin Delehanty. Foundations Accounting & Investments (FAI) requests that colleges and units review unused endowment spending balances and return budgets that will not be needed within the next year to the endowment principal. Funds may be returned to the endowment principal at any time during the fiscal year.  The balances in endowment income…