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Summary of Changes to OUS Fiscal Policy Manual

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SUMMARY OF CHANGES TO OUS FISCAL POLICY MANUAL
FY 2008

 

ACCOUNTING & FINANCIAL REPORTING

05.271 Inter-institutional and Inter-fund Loans

05/06/08 - The following clarifications were made to this policy:

Section .150 Definitions – Loan:

  1. From FY2008 Closing of Books meeting, we have clarified the definition of an interfund loan by removing the phrase “or fund types” from the following sentence:
    1. “For the purposes of this policy, a loan is defined as a movement of funds between institutions or between funds or fund types within an institution with a definite plan to repay the money within a specified period of time.“
    2. We have separated the paragraph regarding definition of inter-institutional and inter-fund loans into bullets.

Section .170 Policy Revisions -   A . Interest

  1. Rephrased the term “State Treasurer’s Short Term Investment Pool” to “Oregon Short Term Fund (OSTF)”
  2. Added the web link to OSTF for finding the interest rate:  http://www.ost.state.or.us/divisions/finance/lgip/OSTFRateChanges.htm
  3. Added a sentence that the interest rate of the inter-institutional or inter-fund loan is established at the time of the loan agreement and is not required to change during the term of the loan.

05.331 Accounting for Other Post-Employment Benefits (OPEB)

03/12/08 - The primary intent of the policy is to clarify the accounting and financial reporting of other post employment benefits defined in GASB statement No. 45. The effective date of this policy is July 1, 2007, to coincide with the FY2008 GASB statement No. 45 effective date.

This policy was approved by the Associate Vice Chancellor for Finance and Administration/Controller on March 12, 2008.

FIXED ASSETS ADMINISTRATION

55.100 Fixed Assets Accounting Policies

03/04/08 - The primary intent of the revisions are to:

Significant revisions to the fixed assets accounting policy include:

Other revisions are primarily updates to the policy as a result of the above revisions.

This policy was approved by the Associate Vice Chancellor for Finance and Administration/Controller on March 4, 2008.

GENERAL OPERATIONS

56.100 Non-travel Meals, Refreshments, and Hospitality Expenses

04/02/08 - A table that provides guidance on account codes used for hosted meals and refreshments was developed by Karen Steele, OSU, and added to section .230(D) of this policy.

03/07/08 - This policy sets forth basic system-wide standards for payment of non-travel business meals, refreshments, and other hospitality expenses with university funds.

This policy was approved by the Associate Vice Chancellor for Finance and Administration/Controller on March 7, 2008. While the policy is effective April 1, 2008, earlier implementation is allowed.

56.200 Distribution of Moneys Appropriated for Clinical Legal Education Programs through Provisions of Oregon Laws 2007, Chapter 666, §1(4) and §(3)

03/20/08 - This policy provides the framework for implementing provisions of Oregon Laws 2007, Chapter 666, §1(4) and §(3). It was approved by the Associate Vice Chancellor for Finance & Administration/Controller on 03/20/08.

PROCUREMENT

70.100 Purchasing - Procurement Card

04/09/08 - A procurement card policy knowledge test has been added to this policy in section .710 of the appendix. Contact your campus procurement card program administrator for policy and/or testing information.

Also, as requested by the OUS Internal Audit Division, a bullet was added under section .200, card custodian responsibilities, that states: "Reporting questionable transactions to Budget Authority and Program Administrator."

02/01/08 - This policy was developed by a committee with campus and OUS representation, as well as input by Internal Audit, in response to a System-wide audit. The effective date is February 1, 2008, with full implementation based on each campus's implementation plan. This policy supersedes FASOM 13.11.

This policy was approved by the Associate Vice Chancellor for Finance and Administration/Controller on February 1, 2008.

TRAVEL

FASOM Section 10.91, Compensation -- Fringe Benefits -- Moving Expenses
FASOM Section 11.03, Travel -- Transportation
FASOM Section 11.10, Travel -- Summary of Travel Reimbursement Rates

04/01/08 - Effective April 1, 2008, the private vehicle mileage reimbursement rate is changed from 48.5 cents per mile to 50.5 cents per mile. This update is in response to the General Services Administration (GSA) announcement made on March 17, 2008. While the GSA mileage reimbursement rate change took effect March 19, 2008, the OUS effective date of April 1, 2008 allowed time for campuses to update their systems.

PAYROLL - FASOM Section 10.91, Compensation -- Fringe Benefits -- Moving Expenses

TRAVEL - FASOM 11.02 - Travel -- Meal & Incidental Expenses, Lodging, & Miscellaneous Expenses

TRAVEL - FASOM Section 11.02, Travel -- Meals and Incidental Expenses, Lodging, and Miscellaneous Expenses

FASOM Section 11.04, Travel -- Federal Out-of-State (Continental U.S.) Localities Eligible Table

FASOM Section 11.05, Travel -- Federal Maximum Travel Per Diem Allowances for Foreign Areas

FASOM Section 11.06, Travel -- Federal Maximum Travel Per Diem Allowances for Alaska, Hawaii, Puerto Rico, the Northern Mariana Islands, and U.S. Possessions

FASOM Section 11.10, Supplemental, Travel -- Summary of Travel Reimbursement Rates

01/02/08 Effective January 1, 2008, the lodging rate for low-cost cities has been changed from $103 to $107. (All Oregon cities are currently classified as "low.") The lodging rate for high-cost cities has been changed from $188 to $179. The listing of high-cost localities has been updated (which impacts rates for specific locations).

Also effective January 1, 2008, changes were made to provide clarification regarding the federal rates that OUS policy mirrors which include the federal agency that serves as the source for rate changes, and the general timing of implementation.

These policy changes were approved by the Associate Vice Chancellor for Finance and Administration/Controller on January 2, 2008.

FASOM 11.02 - Travel -- Meal & Incidental Expenses, Lodging, & Miscellaneous Expenses

FASOM Section 11.10, Supplemental, Travel -- Summary of Travel Reimbursement Rates

10/01/07 - Partial day meal allowances for travel involving an overnight stay have been adjusted in response to a request coming out of the December 2006 meeting of the directors of business affairs and budget officers. A draft of these changes was reviewed by directors of business affairs and travel coordinators. The effective date of the updated policy is October 1, 2007, with campuses required to adopt these changes no later than December 31, 2007. The updated policy was approved by the Associate Vice Chancellor for Finance and Administration/Controller on October 1, 2007.

TREASURY MANAGEMENT

105.200 Foreign Programs and Payments

01/15/08 - This new policy was approved by the Associate Vice Chancellor for Finance and Administration/Controller this date, with an effective date of January 15, 2008 as well.

Last Updated: 05/06/08

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