Financial Services news
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").
The Accounting Department is proud to announce the launch of another new course offered through HR Organizational and Staff Development. To complement the existing Financial Administration curriculum, this new companion course has been designed to delve deeper into the topic of financial reporting.
Sent on behalf of Morty Yalovsky, Vice-Principal (Administration and Finance). Dear Colleagues, I am pleased to circulate the new "Employees vs. Self-Employed & Independent Contractors" policy and guidelines. This document highlights the issues related to determining the status of individuals providing personal services to the University as either employees or independent contractors.
The Accounting Department is working towards having a comprehensive set of financial policies, guidelines and procedures. We recognize that a sound control environment requires a strong and clear policy framework to guide it. It is also our hope that your responsibilities as financial administrators will be simplified by having understandable reference material at your disposal.
Sent on behalf of Morty Yalovsky, Vice-Principal (Administration and Finance). Dear Colleagues, I am pleased to circulate the revised "Reimbursement of Expenses" policy and guidelines, formerly known as "Travel & Other Personal Reimbursements." It is my hope that the improved format will provide a comprehensive and easy-to-read reference.
The Accounting Department is pleased to announce that the next Financial Administrators' Forum (FAF) will be held on Thursday, December 7, 10 am to 12:00 pm, in the Leacock Building, room 132.
The University fiscal year 06 (2005/06) is officially closed. The carry forward balances are now posted to June of fiscal year 07 (2006/07). For more information, please read the Carry Forward bulletin on the Accounting Department site. For those of you who receive monthly Financial Statements via Minerva, the May reports are now available for "pick up."
Please be advised that the Accounting Department is in the process of closing two major internal revenue accounts: 700022 - internal cost recovery, and 700435 - internal sales. To replace these generic account codes, we have created a series of new internal sales account codes starting with "77".
This communication is for those who process taxable sales using Banner Deposit Form FGADCSR. As stated in our May 30 bulletin, the GST rate is reduced from 7% to 6%, effective July 1, 2006. Banner has now been updated to reflect this new rate.
Following our communication on May 30 about the GST rate change which will take effect on July 1, 2006, we have received several requests about the impact of this rate change on the tax rate net of rebates paid by the University on our purchases. It is important to note that the GST rebate rates have not changed. It is only the GST tax rate that has changed from 7% to 6%.
In its budget tabled on May 2, 2006, the federal government announced that the GST rate will be reduced to 6% from the current rate of 7% effective July 1, 2006. The rate for HST will also be reduced, to 14% from the current rate of 15%.
The University's fiscal year-end of May 31, 2006, is rapidly approaching and once again we ask your co-operation to ensure that all charges pertaining to the current fiscal year 2005-2006 are included in this year's results. Please note that there is no guarantee that documents or requests received after the deadlines listed below will be processed against the current fiscal year.