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Home > Finance > Finance Newsletter - May 2009



 

Volume 2Issue 5

May 31, 2009

In This Issue ...

 

Important SPENDING cutoff dates

Payroll - EFTs vs. Paper Checks

Grants: Looking Ahead to the New Year

The Bright and not so Bright Future of Florida Bright Future Scholarships

Grant Crossword Puzzle

Important Payroll Dates - June 2009

Profile: Barbara Black

Finance Updates and Reminders

Always bear in mind that your own resolution to succeed is more important than any other.

Abraham Lincoln

Quiz Winner!

Important SPENDING cutoff dates

As you know, most of the purchasing through department requisitions was cut off on 5/1/2009. There were limited grants and programs that received an extended cut off date. This is to serve as a reminder to those areas that were given special permission for an extension. In order to process all transactions within Panthernet, these cutoff dates will be enforced. The processing of transactions within Panthernet (sending for approvals, changing gl codes or org units) will continue throughout the month of June. Please send all packing slips on items physically received to Receiving. Routing Slips and Invoices are sent to Accounts Payable so payments can be processed.

Important Spending Cutoff Dates

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Payroll - EFTs vs. Paper Checks

Payroll - EFTs Vs. Paper Checks


52,455 employee payments went out in 2008!

Payroll - Number of EFTs and Paper Checks

The usage of EFTs* by employees for the Payroll is on the rise, and in fiscal year 2008 it was around 88% of all Payroll payments.

By promoting EFT use, we could further reduce the administrative cost for paper checks.

 

 

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Grants: Looking Ahead to the New Year

The start of the new fiscal year brings specific challenges to grants personnel whose grant's budget period continues beyond June 30th. The remaining grants budgets as of June 30th will roll forward into the New Year. This will happen only after the finance system has been given the green light to move forward - usually towards the end of July. When that happens, the June 30th ending budget balances will roll forward to become the July 1st starting budget balances.

PantherNet looks for available budget in order to allow transactions to process. Since the budget hasn't yet come forward, PantherNet thinks you don't have anything available to spend and will not allow the transaction to occur (payroll excepted). If you need to circumvent this failsafe and process transactions that can't hold until the end of the month - just request permission to override the budget constraints. Send an email to finance@pbcc.edu with your request. Note: Payroll will process as usual. You do not need to contact Finance if you are processing only payroll transactions.

When permission is granted, the budget constraints will be lifted, and you can process transactions. This doesn't mean that you have carte blanche to spend beyond your means. You are responsible for monitoring your July expenses with the June 30th ending balances to make sure you don't overspend.

July transactions will appear as activity in the ACTUAL expense column. When the balances are rolled, the system will subtract the July expenses from the June balance and will show your correct current budget balance.

If you have a grant beginning July 1, or additional funding on an existing grant, submit your budget input sheets to the Grants Accountant and the budget will be entered. Transactions will process as usual. Thank you for your patience and understanding during Finance's busiest season.

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The Bright and not so Bright Future of Florida Bright Future Scholarships

Whether you are a parent of a Florida Bright Future Scholarship recipient or an employee dealing with students receiving Florida Bright Future Scholarships, you may want to consider these significant changes recently approved by the State Legislature. The key changes beginning for the Fall 2009 term are as follows:

  1. The set per credit hour limits for scholarship awards will not cover the full cost of courses. With tuition costs expected to be $82.50 per credit hour, students may have out of pocket costs of $4.50 per credit hour plus term fee costs or more.

    Community College Limits (2yr)
    Academic Scholars $78.00 per credit hour
    Medallion $78.00 per credit hour
    Voc Gold Seal $59.00 per credit hour
    Medallion Non-Associates Degree $59.00 per credit hour

    Bachelor Limits
    Academic Scholars $87.00 per credit hour
    Medallion $65.00 per credit hour
    Voc Gold Seal $65.00 per credit hour

    All students should be encouraged to check their balances not covered by financial aid awards by logging on to PantherWeb - https://www.pbcc.edu/PantherWeb.xml.
     
  2. Students will be required to repay any Bright Future Scholarships for courses dropped or withdrawn from after the end of the add/drop period.
      
  3. If a student fails to earn the minimum number of hours required to renew the scholarship, the student will lose their eligibility for a period of 1 year.

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Grant Crossword Puzzle

Click here to open a printable version of the Grant Crossword Puzzle

Printable Version

The solution to this puzzle can be found on the next Newsletter!

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Important Payroll Dates - June 2009

Pay Date

6/15/2009

6/30/2009

Cut Off for Assignment Changes to HR

June 3

June 17

Cut Off for Direct Deposit Changes

June 4

June 18

Time & Attendance Due in PantherNet

June 8

June 22

Pay Period for Full-Time & Salary Employees

Jun 1 - 15

Jun 16 - 30

Pay Period for Adjunct Salary Employees

Jun 1 - 15

Jun 16 - 23

Pay Period for Hourly Employees

May 20 - Jun 7

Jun 8 - 21

Overtime to be paid for dates worked

May 16 - Jun 5

Jun 6 - 19

Online Leave Requests may be processed through

6/30/2009

6/30/2009

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Profile: Barbara Black

What general ledger code do I use for...?

If you've ever had such a question, chances are you've spoken with Barbara Black, PBCC's Budget Specialist. As her title implies, Barbara works with Mr. Becker and Mr. Duffie and is responsible for compiling the budget figures from hundreds of departments into a cohesive plan. Working under tight time constraints, Barbara works with the provosts and department heads to ensure that each year's budget is in place and ready for expenditures each new fiscal year.

That's just the beginning of her responsibilities. Since a budget is merely a plan for spending, there may be some flexibility in the plan. Many times, departments require budget transfers to move the budget from one approved code to another. With the exception of those pertaining to grants, Barbara reviews, questions, and approves or rejects all budget transfers for the College. PBCC processes thousands of department requisitions and purchase orders annually. With that many transactions - questions are bound to arise - and Barb is our resident authority on general ledger codes.

If that isn't enough, Barbara also handles the accounts for all the construction projects of the College. Picture our new Natural Science Building. Now imagine all the transactions required to account for the building and furnishing of such a complex structure. Many times, we have more than one construction project in process at the same time. You can imagine how organized Barbara must be to keep all of her projects under control.

Barbara came to PBCC after having worked at Atlantis Country Club when that neighborhood was in development. It was there that Barb learned to play golf. Atlantis employees didn't enjoy Winter Break or Spring Break, but there were other perks -beautiful golf courses and the opportunity to perfect your game. In addition to golf, Barbara enjoys collecting, traveling and crafting. If you've been to the finance area on the second floor, you've no doubt enjoyed one of Barbara's whimsical creations decorating the entrance.

Barbara is also a fifth generation native Floridian. She's become a Florida history buff and can entertain you with stories that bring history to life, many featuring members of her own family. One ancestor was one of Florida's original barefoot mailmen! To hear these stories, make sure you sit next to her at a luncheon or get together - Barbara's schedule is tight and her stories are too good to miss.

Budget Office - MS #59
Phone: 868-3096 (or dial 1-3096 internally)

Barbara Black

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Finance Updates and Reminders

Travel

To facilitate year-end processing of transactions, the Travel Office requests that all reimbursement requests for travel incurred before June 2009 be in the travel office by end of business June 16, 2009, and that all travel incurred in June be claimed within 2 business days.

This is necessary to assure expenditure of this fiscal year's budget does not get charged to the new budget due to untimely claims for reimbursement.

College Café Menu College Café Menu

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Contact Us

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.

Office of the Controller
4200 Congress Avenue, MS #11
Lake Worth, FL 33461
Tel: (561) 868-3077
Fax: (561) 868-3078
Web:




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