Financial Services news
This communication is directed to those who process taxable sales using Banner Deposit Form FGADCSR. The QST rate is increasing from 8.5% to 9.5% effective January 1, 2012. Banner is now updated to reflect this new rate. When processing sales during the transition period, it is important to make a conscious decision about which tax rate should apply.
As part of the Quebec government’s measures previously announced to tackle its growing budget deficit, the Quebec sales tax rate (QST) will be increasing another 1%, from 8.5% to 9.5% effective Jan. 1st, 2012.
Financial Services strives to continue to serve the University in light of the current work disruptions. Our priority continues to be the reimbursement of expense reports and processing of vendor invoices. We are unable to commit to the usual turnaround time and are establishing the following deadlines for Transaction Services prior to the Holidays.
To all Faculty Financial Officers and Administrative Officers, “Petty cash” disbursements of expenses continue to be available via advances and are proving to be effective and efficient, especially during the current labour disruptions. We remind you that expenses incurred should represent eligible business expenses where cash is the only method of transacting.
Dear Colleagues, Please find attached a memo from Anthony C. Masi and Michael Di Grappa announcing the Fiscal Year 2013 MIP Unit Income Distribution Rate. Should you have any questions regarding this matter; please do not hesitate to contact me (ext 2310) or Leah Trineer, Senior Financial Officer (ext 1839). Best regards, Cristiane Tinmouth, CA Controller Financial Services
Further to the Memorandum on uPrint, issued by Jim Nicell, Associate Vice-Principal University Services on June 21, 2011, below you will find steps you should follow upon receiving this Memorandum to ensure uPrint information is accurate and up-to-date.
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.
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.