Financial Services news
The MIP unit rate for Fiscal 2012 has been calculated using a 4.25% distribution rate based on a three-year rolling average of Endowment Fund market values for the three-years ending at May 31, 2010. This calculation is consistent with past calculations, with the exception of Fiscal 2010.
As you are undoubtedly aware, the University has been focusing on ensuring that income from endowment funds gets spent in order to ensure maximum benefit for our students, staff and researchers. To support finance users in ensuring effective management of their endowment funds, we are pleased to introduce two new reports – Endowment Planning Report and Endowment Monitoring Report.
In an attempt to tackle its growing budget deficit, the Quebec government announced an increase to the Quebec sales tax rate (QST) from 7.5% to 8.5% effective Jan. 1st, 2011.
The scheduled upgrade of Banner/Minerva is completed and related systems are now open. Note that when logging into Banner, instead of simply entering “BANNER” as the database name, you will need to specify “BANNER.MCGILL.CA”. Please see the full announcement for important details.
Currently the Professional Development Fund requires eligible academic staff to complete the “Professional Development Fund for Eligible Academics Reimbursement Form” and forward it to the Travel Desk for manual input. We have partnered with Financial Services to simplify this process. The Minerva expense report process will replace the current manual form.
Banner, the enterprise system used at McGill to store all student, applicant, employee and finance data, will undergo a major upgrade from version 7 to version 8. Banner, Minerva, the portal and other systems will be unavailable from 5:00 pm Thursday, November 18 to 6:00 pm Monday, November 22. See the full announcement for a list of other systems that will be affected during this period.
Effective July 1, 2010, Ontario and British Columbia join the Maritime Provinces in adopting a single value-added Harmonized Sales Tax (HST) which contains both a federal and provincial portion. Read the full announcement for more information on how this impacts issuing taxable invoices to external customers, payment of invoices from vendors, submitting personal reimbursements via expense report.
The official launch in early June 2010 of the new Service Point Office, bringing together services currently offered in 6 different locations (in 4 different buildings) to McLennan Library, will result in Student Accounts vacating the James Administration Building. As a result, the services offered at the Petty Cash Wicket will be suspended until a new process can be arranged.
Dear Members of the McGill Community, The McGill University Budget for fiscal year 2010-2011 marks a series of transitions – a new accounting methodology, a new fiscal year end, and the closing of our first multi-year allocation plan linked to clearly articulated strategic academic priorities, which include sustaining strength in core fields across the board.
Dear McGill staff, Please be informed that Procurement Services has forwarded to all its active suppliers the following document on May 3, 2010. This communication is aligned with the University’s effort to align its processes and ensure efficient commercial transactions. Regards Erick Legros Director, Procurement Services
Dear members of the McGill community, I am writing to you to describe McGill’s financial challenges in a time of unprecedented economic uncertainty and our approach for facing this challenge. I ask for your ongoing support as we remain committed to our great University and its powerful and worthy mission during an unpredictable time.
To all fund financial managers and FIS users: Please be advised that the Accounting Department, in collaboration with Human Resources and the Academic Management Office, is introducing an improved structure for salary accounts (this refers to the third FOAPAL element where "salary & wages" expenditures are represented with codes starting with "6").