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Inventory Best Practices

Finance News

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May 18, 2023

Setoff Debt Collection Act (SODCA)

Written by Lorraine De Lois. Pursuant to General Statute 105A, the Setoff Debt Collection Act (SODCA) program allows state and local agencies to file claims with the Department of Revenue for taxpayers’ individual income tax refunds. A debt owed to the university has no statute of limitations. What does this mean for former students?   Although…
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May 18, 2023

FAI Fiscal Year End Reminders

Written by Emily Lowman. FAI has a few friendly reminders as fiscal year end approaches: Audit Request Letters Audit request letters were sent via email by Jessica Hoff, Foundations Assistant Controller, to appropriate parties on June 1st. These letters contain a listing of various documents and information that are required to be submitted in order…
A desktop computer showing a Google Sheet called 2023 WebPage Suspense

May 18, 2023

Wire Application and Unclaimed Funds

Written by Misty Wilson. Did you know that NC State receives wire payments daily? The Cash Management team reviews a Daily Wire Report and determines how to apply the wired payments. When payment information accompanies the wire payment, it is applied directly to an outstanding invoice within two business days. If no payment information is…
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May 18, 2023

Meet the Cashier’s Office and Student Accounts Team

Written by Maria Brown. The Cashier’s Office & Student Accounts team processes departmental deposits and services the accounts of our over 38,000 students. We also manage and process the Faculty/Staff Tuition Waiver benefit for employees. All staff are responsible for answering student questions, which can vary tremendously! We have different sections of our department: Cashiers…
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Apr 22, 2023

Chatting with Interim University Controller, Heidi Kozlowski

Written by Tabitha Groelle. In our third edition of our “Chatting With” series, I spoke with Heidi Kozlowski, Interim University Controller. The University Controller’s Office has been a part of the Finance Division since July of 2016. Heidi is that team player you can always count on, and her experience here at NC State has…
A decorative image of a desk with a clock, coffee mug, and other items on it, with the text "Perkins Loan" in the center.

Apr 22, 2023

Federal Perkins Loan

Written by Martha Neal. Did you know that the University Cashier’s Office is responsible for the administration of the country’s oldest student loan program? The Federal Perkins Loan was established in 1957 as a campus-based student loan program to serve college students in financial need.  First known as the National Defense Loan, the program was…
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Apr 22, 2023

New Convenience Contract

Written by Maria Fister. Procurement Services has established a new convenience contract for audio, staging, lighting rental equipment and production services. Through this contract, departments can now conveniently rent production equipment and services that include audio, sound, stages, lights and other miscellaneous equipment items. This contract is effective from March 6, 2023 through March 5,…
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Apr 22, 2023

2022 Study of Endowments Results

Written by Emily Lowman. NC State participates annually in the NACUBO-TIAA Study of Endowments. This study includes institutions from across the nation and provides a basis for benchmarking endowment performance across institutions. The results from the 2022 Study of Endowments were recently released. A summary of NC State’s performance benchmarked against other study participants is…
A cell phone and a tablet, both displaying the Finance Division Knowledge Base

Apr 22, 2023

Taxable Awards and Gift Cards

Written by Andrew Coats. Employees who are given cash and non-cash items such as gifts, prizes and awards that are paid with university funds (i.e. state funds, grant funds, contract funds or gift funds) are subject to federal and state income tax and the Federal Insurance Contributions Act (FICA) tax.  Examples of taxable gifts include…
A decorative image showing two people working on a laptop computer, which has the text INVENTORY and related icons popping out for effect

Apr 22, 2023

Inventory Best Practices

Written by Jonathan Ehlers. Are you aware of the University of North Carolina System’s Capital Asset Standards? According to these standards, an annual physical inventory of equipment is required to verify that all assets can be physically located and that they are recorded properly regarding their location and identifiable traits. The inventory certification is conducted in…