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What's New in Finance and Administration

NEw banner chart of accounts effective july 1, 2018

The Connecticut State Colleges and Universities (CSCU) have moved to a common chart of accounts. Creating a common method of recording financial transactions and balances for the System Office, Community Colleges, and State Universities required creating a new system of coding. That means that all of the account numbers you use to check budgets, charge expenses, deposit revenues, create a purchase request, reconcile your p-card, etc., changed effective Sunday, July 1, 2018. While this is a change for all the financial managers at all of the campuses across the state, it brings with it the very big benefit of greater consistency in financial practices and support for centralized financial reporting. 

To simplify expense management for Southern, we have taken advantage of this time of change to introduce the use of an Index Code, instead of asking each of you to learn a new, long, accounting string (fund – organization – program). This means that instead of having a new accounting structure for your departments, you will be able to simply use a 6 digit, alphanumeric code. These simplified indexes are for transactions that are effective on or after Sunday, July 1, 2018.

The crosswalk between the old accounting strings and the new indexes has been sent to Organization Financial Managers. Additionally, an online application is available to query an old Organization Code and find out the new Index Code and related fund, organization, and program. Click this link to open the SCSU Organization and Index Code Lookup

Two group Q&A sessions will be held about the new chart of accounts and indexes:

July 11, 2018 at 1:00 PM in EN A208, the Pinciaro Room

August - a session will be held at a place and time to be announced

Any questions about the new chart of accounts may be directed to Loren Loomis Hubbell, University Controller at extension 25722 or loomishubbl1@southernct.edu

 

CHANGE IN MILEAGE REIMBURSEMENT RATE
Please be advised that the STANDARD mileage rate has been INcreased from 53.5 cents per mile to 54.5 cents per mile.

The new mileage reimbursement rate is effective for travel on or after January 1, 2018 for employees using personally owned vehicles on official state business. If you have any questions please contact Renee Knight in the Travel Office at x25455, or Tim Krauss, Interim Accounts Payable Coordinator, at x27244.

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Wanted: Your Cost-Saving Ideas 

Last year we solicited your ideas on how to reduce expenses.  Seventy-six suggestions provided ideas about ways in which the  University could reduce expenses by conserving energy, using less office supplies, and taking advantage of technology, just to name a few.  As we move into the new academic year, Southern's budget continues to face many challenges.  Consequently, we continue to welcome your ideas on how to operate the university more efficiently and cost effectively. 

We encourage you to submit your ideas for cost savings for consideration. The University Budget and Planning Committee will continue to review all suggestions in light of our budgetary situation and will make recommendations to the administration on their implementation.