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Volume 2 • Issue 1
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January 30, 2009
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In This Issue ...
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Without continual growth and progress, such words as improvement, achievement, and success have no meaning.
Benjamin Franklin
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The Importance of Accuracy and Integrity in Grant Expenditures and Reporting
 As reported in the December2008/January 2009 issue of Federal Grants News for Colleges and Universities, and in a press release issued by the FBI, Yale University has agreed to pay $7.6 million to resolve allegations that it violated the False Claims Act in the management of federally funded grants.
The allegations centered on 2 types of mischarges to federal grants. Both were violations of the "allocable" cost principal, which is, only costs that relate to the specific objectives of the grant project are allowed to be charged to that grant.
Federal regulations require that unspent funds be returned to the government. Apparently motivated to spend down remaining grant funds as the grants neared their expiration dates, it was alleged that expenses were transferred to grant accounts to which those charges were not allocable.
The other allegation involved salary charges. 100% of salary was charged to federal grants, even though employees in question were devoting significant amounts of time on unrelated work.
Yale did not admit wrongdoing; however, the university did agree to pay $3.8 million in actual damages and the same amount in penalties.
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Tax Soup
Don't be afraid.....it's only tax season! That time of year when all of the good little girls and boys compile their receipts and deductions and hope that the IRS will reward them with refunds!
Everyone wishes it were that simple, but that is why we have accountants, tax advisors, and turbo tax!
All joking aside, Palm Beach Community College tax season takes on a different light as far as reporting to employees, students, vendors, and, of course, the IRS.
IRS Form W-2: Wage and Tax Statement
The College has sent out the W-2 forms to all employees for the 2008 calendar year. You should be receiving this form soon - if not in hand already. This is the most common form that employees are familiar with receiving each January. Be on the lookout for this important tax preparation document!
IRS Form 1098-T: Tuition Statement
The College is required to file IRS Form 1098-T for each student enrolled and for whom PBCC has received Qualified Tuition and Related Expenses on the student's behalf. The College is not required to file Form 1098-T or furnish a statement for:
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Nonresident alien students, unless requested by the student
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Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships or grants
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Students whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student's employer or a governmental entity.
Further details can be found on PantherWeb by visiting https://www.pbcc.edu/PantherWeb.xml and searching for 1098-T.
In the past, the College has issued nearly 40,000 individual Form 1098-T for one calendar year. Tax forms were printed and mailed to students. For the 2008 reporting calendar year, Form 1098-T is available online for students who ‘opted-in' to receive electronic delivery. This will greatly reduce the printing and mailing costs incurred by the College as well as reducing the lag time for delivering the form.
IRS Form 1099-MISC: Miscellaneous Income
The College, and nearly any entity making vendor payments of any kind, is required to deliver IRS Forms 1099-MISC to certain un-incorporated vendors. We are in the process of surveying all payments made from the College for the calendar year 2008 to comply with this. Generally speaking, we deliver about 100 such forms to various self-employed type vendors, consultants, and persons, who would not otherwise pay taxes. There are heavy penalties for non-compliance, such as an incorrect vendor name/SSN or TIN. That is why it is so important that we obtain the correct vendor information at first, before any payments are made. That is the function of the collection of "W9" information. Although some vendors may find it cumbersome, PBCC is required to have this on hand for reporting purposes, or exempting vendors from reporting on the 1099, and must produce the W9 for IRS auditors if requested. The PBCC Foundation is also required to provide similar tax reporting documentation. Included in some of the most common recipients are unincorporated vendors receiving at least $600 in rents, services, prizes and awards, and attorneys' fees.
IRS Form 1042-S: Foreign Person's U.S. Source Income Subject to Withholding
The College is required to withhold, and subsequently report, certain amounts from Non-Resident Alien payments. For PBCC this involves students who receive cash payments beyond tuition for scholarships and other payments, where they either are not IRS classified residents (different than immigration status), or where they neglected to claim any residency status. Amounts withheld are up to 30% of the cash amounts and if the non-resident person does not owe any taxes, they can use the 1042-S to help claim their refunds back from the U.S. Treasury through normal tax filing procedures. PBCC does not offer nor provide any tax advice, but is merely complying with the requirement to withhold and report the withholding to the U.S. Treasury. There are roughly 70 students who receive this form and there may be others besides students that are subject to this regulation and reporting form each year.
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Student Privacy Protection: Understanding FERPA
 As an employee of an education institution, you may sometimes access individual student records while performing your official duties. Under FERPA, you are legally and ethically obliged to safeguard the confidentiality of any information they contain.
So, what is FERPA? Let's begin with the basics.
No, FERPA is not a form of antibiotic-resistant infection. FERPA is known as the Family Educational Rights and Privacy Act. Evolved from the Gramm-Leach-Bliley Act of 1999, it was determined by the Federal Trade Commission that higher education institutions are "financial institutions" because financial aid is disbursed. The GLB Act requires institutions of higher education to implement policies for protecting financial information. FERPA is a Federal law that protects the privacy of student education records. The law applies to all schools that receive funds under an applicable program of the U.S. Department of Education.
The primary rights of students under FERPA are
- Right to inspect and review education records.
- Right to seek to amend education records.
- Right to have some control over the disclosure of information from education records.
FERPA gives parents certain rights with respect to their children's education records. These rights transfer to the student when he or she reaches the age of 18 or attends a school beyond the high school level. Students to whom the rights have transferred are "eligible students".
Generally, schools must have written permission from the parent or eligible student in order to release any information from a student's record. However, FERPA allows schools to disclose those records, without consent, to the following parties or under the following conditions (34 CFR 99.31):
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School officials with legitimate educational interest;
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Other schools to which a student is transferring;
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Specified officials for audit or evaluation purposes;
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Appropriate parties in connection with financial aid to a student;
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Organizations conducting certain studies for or on behalf of the school;
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Accrediting organizations;
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To comply with a judicial order or lawfully issued subpoena;
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Appropriate officials in cases of health and safety emergencies; and
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State and local authorities, within a juvenile justice system, pursuant to specific State law.
FERPA "protects the privacy of student education records" not just financial information. It is always best to use caution when disclosing student information, even within the college. Always be sure that there is a legitimate education interest regarding student inquiries.
When in doubt, refer to www.ed.gov and review the policies and guidelines on the FERPA homepage.
*This article is intended to describe a brief definition of FERPA and general guidelines. Look for upcoming articles to expand on more in depth topics such as directory information, violations, inspections and review of education records, and more. |
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PBCC's Economic Impact - 2008
PBCC continues to have increased enrollment as unemployment rises and with that the college will continue to spend money on essentials such as insurance, electricity and classroom supplies. Last year the college spent $61 million on vendor payments with 71% of that money spent within the state of Florida. During these rough economic times families continue to scrutinize their individual household budget. As PBCC gears up for the upcoming budget cycle, it will be important to remember our fiscal responsibility as employees of a public institution.
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Important Payroll Dates - February 2009
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Pay Date
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2/13/2009
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2/27/2009
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Cut Off for Assignment Changes to HR
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February 4
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February 17
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Cut Off for Direct Deposit Changes
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February 5
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February 19
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Time & Attendance Due in PantherNet
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February 6
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February 20
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Pay Period for Full-Time & Salary Employees
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Feb 1 - 15
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Feb 16 - 28
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Pay Period for Adjunct Salary Employees
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Feb 1 - 15
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Feb 16 - 28
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Pay Period for Hourly Employees
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Jan 23 - Feb 5
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Feb 6 - 19
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Overtime to be paid for dates worked
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Jan 10 - 30
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Jan 31 - Feb 13
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Profile: Brenda Duncan
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A native Floridian, (we've heard rumors that there are a few), Brenda Duncan is the Bursar at the Boca campus. She began her career at the South Campus in 1978 as a clerk for Dr. Harris McGirt, but soon was persuaded to return to New York to resume her modeling career.
After stints as a runway model and appearing in print ads, Brenda returned to PBCC in 1985 and has been going strong ever since.
Brenda studied at PBCC and at Morristown College in Morristown, Tennessee. She has 2 daughters and 3 grandchildren. She enjoys travelling and is a member of St. Paul Baptist Church where she is an Usher Doorkeeper.
Brenda is very proud to be part of the PBCC family.
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Cashier's Office - South Campus (MS #44)
Phone: 862-4611 (or dial 5-4611 internally)
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Finance Updates and Reminders
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Attention P-Card Users!!
P-Cards are not to be used to rent vehicles or pay for airline tickets. Both of these are expenses that need to be approved on a Travel Leave/ABA form and reserved through Variety Travel. We have a contract with AVIS for vehicles and Variety will reserve through them for us. We also have AVIS cards in the Travel Office for ease of payment. Please adhere to these guidelines to avoid suspension of your P-Card.
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Contact Us
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Our Mission
The mission of the Finance Department is to provide prompt, accurate, and courteous business and accounting services to students, faculty, staff, and administration.
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