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Foreign Currency Payments

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Planes with American flag tail graphics lined up at the airport

Nov 26, 2024

What Should I Know About the Fly America Act?

Written by Justo Torres, Director, Contracts and Grants. The Fly America Act (FAA) is a U.S. federal law that requires passengers traveling on government-funded flights to use U.S. flag carriers — airlines registered in the United States — for air travel. Enacted in 1974, the FAA promotes and supports U.S. aviation companies by mandating that…
A metal wolf statue on campus with the words "Business Connections" and an NC State brick logo in the foreground

Nov 26, 2024

Business Connections Corner

The University Controller’s Office held its monthly Business Connections meeting on November 14. Discussion Topics University Controller’s Office University Budget Office The University Budget Office provided information on new program code 992 for Hurricane Helene Expense Tracking, which was established by the NC Office of State Budget and Management and the UNC System Office. Isolating…
A person typing on a keyboard with data analysis graphics above it

Nov 26, 2024

Announcing the New Vouchers and Travel Queries

Written by Ruthie Fairbanks. Accounts Payable would like to introduce the new Voucher and Travel monitoring queries located under the Queries and Reports tile in the Financial System. These queries will allow you to enter two-, four- or six-digit organization unit codes (OUC). Please note that when entering either two or four digits, the percent…
Three people standing on a large magnifying glass while reading a large report

Oct 28, 2024

Cost Accounting Standards for Contracts and Grants

Written by Justo Torres, Director for Contracts and Grants. Cost Accounting Standards (CAS) are a uniform set of accounting principles issued by the U.S. government through the Cost Accounting Standards Board (CASB), an independent board within the U.S. federal government. Their goal is to achieve uniformity and consistency in the cost accounting practices governing the…
A world map with coins and currency symbols

Oct 28, 2024

Handling Foreign National Payments

Written by Dwaine Cook. As NC State University’s international population continues to grow, both the university and the global community feel its impact. In this article, we will talk about processing payments for foreign individuals, which involves additional considerations compared to payments for U.S. citizens or entities. Here’s what’s important to know. Payments to Foreign…
A metal wolf statue on campus with the words "Business Connections" and an NC State brick logo in the foreground

Oct 28, 2024

Business Connections Corner

The University Controller’s Office held its monthly Business Connections meeting on October 10.  Discussion Topics University Controller’s Office Updates University Budget Office Procurement and Business Services Procurement and Business Services highlighted staff changes, upcoming annual procurement meeting, the updated Procurement Dashboard, the 13th Annual MarketPlace Expo, upcoming surplus sales events, contacting the Materials Support Warehouse…
A screenshot of the Online Monthly Activitiy Recon, or OMAR, tool in the MyPack Portal.

Sep 23, 2024

OMAR as a Reconciliation Tool

Written by Stefanie Keto, Assistant Director Post Award (CNR). Recent discussions about the importance of account reconciliation within the realm of contracts and grants highlight the Online Monthly Activity Reconciliation (OMAR) tool. As an avid user of OMAR for over a decade, I can attest that this tool offers transparency and efficiency to the reconciliation process.…
A screenshot of the MyPack Portal with an arrow pointing to the W-2/W-2c Consent link.

Sep 23, 2024

Electronic W-2 Consent

Written by Regina House. As an active NC State employee, you have the opportunity to receive your W-2 electronically without having to keep up with a paper copy. In January 2024, University Payroll processed 27,453 W-2s. Of the total, 11,796 or 43% were electronic W-2s.  Why opt in for the electronic W-2?  You will get…
A metal wolf statue on campus with the words "Business Connections" and an NC State brick logo in the foreground

Sep 23, 2024

Business Connections Corner

The University Controller’s Office held its monthly Business Connection meeting on September 12.  Discussion Topics University Controller’s Office Updates Procurement & Business Services Procurement & Business Services highlighted staff changes, annual procurement meetings, the updated Procurement Dashboard, the 13th Annual MarketPlace Expo, upcoming surplus sales events, contacting the Materials Support Warehouse to pick up surplus…
A person's hand using a calculator that is resting on a desk covered in various bills in various currencies

Aug 22, 2024

Foreign Currency Payments

Written by Justo Torres, Director, Contracts and Grants. When a sponsor declines to award funds in U.S. dollars (USD), a budget proposed in a foreign currency may not have the same value when awarded funds are paid in that currency and converted to USD.  How currency conversion rates are used during the project life cycle: