FAQ

You can view your paystub, update your home or office address, change your tax withholdings, update your direct deposit, update your education data and view and print a copy of your W2 (beginning with Calendar Year 2012). More job aids for PeopleSoft can be accessed here.

You can review the University’s object code list which is available online at: http://hwpi.harvard.edu/os_fast/files/resources/coa-naming-conventions.pdf to choose an appropriate code for your need.  If after reviewing the list you are still uncertain about the proper code to use you should contact your tub central finance office for help.

Object 0375 “Due to/Due from” represents a Tub’s working capital.  Since most cash isn’t on a Tub’s balance sheet, the activity in this account represents the inflows of revenues/cash items (receivables collected, funds transferred, Misc. income collected, etc.) and outflows of expense/cash items (invoice payments, salary payments, etc.). 

Harvard archives the last 10 years of financial reports at: http://finance.harvard.edu/annual-report

All gifts coming into the endowment are unitized proportionally over a three-month period (i.e. each new gift will “purchase” endowment units equal to one-third of the historic dollar value each month for three months), beginning in the month following the receipt of the gift.  This methodology is applied consistently across all gifts intended for the endowment, regardless of value (i.e., non minimum threshold). This process mitigates the fact that unit values assigned to new gifts may not reflect up-to-date valuations of certain, less liquid asset classes.

 New gifts do not receive an endowment distribution in the fiscal year when they are first received.  In the following fiscal year, the income distribution is based on the fund’s prior fiscal year average principal units (APUs).  APUs factored into the distribution are calculated from June 30th through May 31st of the previous fiscal year.

 The distribution will be funded in part through earnings (i.e., cash interest and dividends) and to a much larger degree through available market value.  All funds with APUs are eligible to receive a distribution.  A fund is eligible to receive a higher-than earnings distribution to the extent its market value, inclusive of the distribution exceeds 80% of historic dollar value (fund’s corpus balance). There may be exceptions to this rule due to donor restraints.

 Other components related to this distribution include assessments used to support central and local costs.  These would only happen if the fund terms allow for these overhead assessments.  Funds recapping 100% of treasurer’s distribution income will not be bear any centrally-processed assessments.

If there are questions concerning the above or any other gift/ investment questions, please contact Lisa Talacci at lisa_talacci@harvard.edu or at 6-3041.

The elements of a good flux explanation are:

•       What changed
•       Why it changed
•       Quantify the elements of the change
•       Written such that a 3^rd party with accounting knowledge can understand the explanation

Fluxes are important because:

•       They help identify and account for significant and/or unusual changes from the prior period
•       They help ensure accounting and reporting data is complete and accurate
•       They assist management in monitoring and analyzing financial information, including providing insight into future budgets
•       They help detect errors and allow for corrective action to be taken, if necessary
•       They are required by our auditors

On a quarterly basis, all tubs follow interim reporting guidelines for booking accruals, deferrals, and prepaids, and process any significant internal transfers with other tubs.  For specific questions on these guidelines, please contact your local Tub Finance Office. Your Tub Finance Office can also reach out to the Tub Analyst with any specific questions.

Subsequent to the close, the Tub Finance Office is responsible for completing the quarterly review checklist and the interim reporting template flux analysis (both CINA and BS). Further information on the reporting requirements can be found at:

https://wiki.harvard.edu/confluence/display/FSSHUBS/Interim+Reporting+Resources

Any questions should be directed to your Tub Analyst.

The Tub Analysts are as follows:

Emily Zasowski – Team Leader

Tom Halevy – HMS, SPH, SEAS, HSDM, Wyss, HUIT, UHS, Benefits

Kerri Natale – FAS, HBS, HBSP, HKS, HLS, GSE, RAD

Rebecca Ferber – GSD, DIV, Campus Services, CADM, Allieds, UIFI, President’s Initiative, Allston, Harvard Global 

Since local units are assessed these fees they should instruct their foreign customers to have their checks drawn on US bank in US$ to avoid processing fees or drawn on a foreign bank in foreign currency.

Checks drawn on a foreign bank are costly to process due to the fact that both Bank of America (BOA) and the foreign bank charge fees that may exceed the value of the check.

Bank of America does not accept checks drawn on foreign banks in US dollars (USD) for amounts less than $250 USD. Checks drawn on a foreign bank are costly to process due to the fact that both Bank of America (BOA) and the foreign bank charge fees that may exceed the value of the check. Since local units are assessed these fees they should instruct their foreign customers to have their checks drawn on US bank in USD to avoid processing fees or drawn on a foreign bank in foreign currency.

Depending on where the check is drawn on will dictate how long the collection process will take. It can take anywhere from next day upwards of 4 - 6 months.  The University receives provisional credit for most common foreign currencies drawn on foreign banks and will post the income to the local unit the same day as the item is deposited at the bank.   For all other collection items the Cash Receipts Office will process the CV and post the income net of collection fees upon receiving the credit notification from the bank.