Financial Planning and Resource Management

Campus Departments Reminded to Register Summer Programs Involving Minors

The University continues to strengthen its commitment to the safety of minors (children under the age of 18 who are not matriculated University students) who are invited to campus or participating in programs operated, controlled or sponsored by the University.

The Office of Institutional Risk Management is issuing a reminder to all campus departments regarding the University’s official safety of minors policy. As the summer months tend to be filled with youth programming on campus, this is a key time for departments to ensure they are adhering to the policy’s registration and reporting requirements.

Read the full story at Syracuse University News.

Internal Revenue Service Announces Standard Mileage Rate for 2025

The Internal Revenue Service has announced the standard mileage rate for 2025. Syracuse University employees may use this rate to calculate the deductible costs of operating an automobile for business purposes.

Effective Jan. 1, 2025, the standard mileage rate is set at 70 cents per mile for business miles driven (up 3 cents from the 2024 rate of 67 cents per mile).

The rates apply to electric and hybrid-electric vehicles, as well as gasoline and diesel-powered vehicles.

Employees with questions can reach out to the Comptroller’s Office at 314.443.3765.

‘Go Local’ Vendor Fair Held at Drumlins Country Club

The University is hosting a Vendor Fair today as part of its “Go Local” economic initiative. The event will be held from 1 to 4 p.m. at the Drumlins Country Club ballroom.

Local business owners can meet with University purchasing managers to identify opportunities to see how their goods and services can supply the needs of the University.

Go Local is the University’s commitment to leverage the economic power of the institution to improve regional economic inclusion through four key areas: building, hiring, buying and community connections. The initiative seeks to broaden participation of local, minority, women and veteran-owned businesses in construction and service contracting opportunities; expand hiring of local residents, with a focus on neighborhoods in need of job opportunities; and increase economic growth and employment in Syracuse through the University’s purchasing activities.

Read the full story at Syracuse University News.

Updates to Online Approvals in the MySlice Travel and Expense Center

Beginning this week, the University will migrate travel and expense approvals online through the travel and expense portal on MySlice. Paper-based approvals will be entirely phased out by the end of fiscal year 2024, along with paper-based submittal of expense reimbursement reports.

The Comptroller’s Office began the roll out of the online travel and expense portal during calendar year 2022, following campuswide training efforts. The transition to a fully online approval system is the next step in the office’s progression away from manual paper-based processes.

The Comptroller’s Office asks that departments with unique needs reach out directly to discuss accommodations, if needed.

Internal Revenue Service Announces Standard Mileage Rate for 2024

The Internal Revenue Service has announced the optional standard mileage rate for 2024. University employees may use this rate to calculate the deductible costs of operating an automobile for business purposes.

Effective Jan. 1, 2024, the standard mileage rate is set at 67 cents per mile for business miles driven (up 1.5 cents from the 2023 rate of .655 cents per mile).

The rates apply to electric and hybrid-electric vehicles, as well as gasoline and diesel-powered vehicles.

Employees with questions can reach out to the Comptroller’s Office at 315.443.3765.

Syracuse University endowment scores big with 8.6% return

Syracuse University’s $1.85 billion endowment returned a net 8.6% for the fiscal year ended June 30, said Scott Kemp, treasurer for the Syracuse, N.Y.-based university. For the three and 10 years ended June 30, the endowment fund returned an annualized net 11.3% and 8.1%, respectively.

For the most recent fiscal year, Syracuse posted the third-highest return among the 39 college and university endowments whose returns have been tracked by Pensions & Investments as of Nov. 8. The median return is 4.4%.

Read the full story with Pensions & Investments.

Christine Stallmann Named University’s Chief Compliance Officer

Christine Stallmann has been named the University’s chief compliance officer. The position, which will report directly to Senior Vice President and Chief Financial Officer Brett Padgett in the Division of Business, Finance and Administrative Services, is a key component of the University’s coordinated risk assurance efforts. Stallmann is responsible for oversight and coordination of the University’s compliance program.

She brings nearly 30 years of professional experience in compliance, privacy, policy development, insurance, environmental health and safety, and risk management to Syracuse. She led compliance and risk services at Cornell University for over 15 years, and most recently held the position of chief compliance and privacy officer at the institution.

Read the full story at Syracuse University News.

June 30 Deadline Set for Fiscal 2023 Year End Business

Cash Operations has set a deadline of 3:30 p.m. on Friday, June 30, to receive deposits at the Bowne Cash Operations office for credit in fiscal year 2023.

Deposits should be made as early in the day as possible on Friday, June 30.

Deposits received after June 30 will be processed as July (fiscal year 2024) business. The exception is for monies received on or before June 30 but not processed due to internal mail delays. Those deposits can be credited to fiscal year 2023 by indicating “JUNE BUSINESS” on the deposit slip in red ink.

Cash Operations can only accept deposits for June business (fiscal year 2023) until 3:30 p.m. on Friday, July 7.

Questions or concerns may be directed to Tina Kelly.

From the Comptroller: Adjustment to Sales Tax Reimbursement Rules; Updated Travel Policy to Be Issued Later in 2023

Effective immediately, Syracuse University staff and faculty members utilizing a University credit card will no longer need to seek sales tax reimbursement from the vendor if the purchase results in less than $25 in sales tax per transaction. Though employees should continue to request tax-exempt purchases every time they utilize their University credit card, this rule change will eliminate some of the retroactive action necessary to correspond with vendors and request refunds for mistakenly-charged sales tax.

Read the full story on Syracuse University News.

Nationwide Search for New Director of Sponsored Accounting to Begin in February

This week, Syracuse University Comptroller Jean Gallipeau announced the retirement of Cathleen (Cathy) Hayduke, director of sponsored accounting. Cathy’s last day was Jan. 13, which marked the end of her nearly 30-year career at the University. Cathy’s first job at Syracuse was to assist with class registration. She eventually moved on to the Comptroller’s Office, where she held a few different roles before becoming director of sponsored accounting. In that role, she was instrumental in developing partnerships with the research community, including providing instruction and guidance regarding the financial management of sponsored awards to staff and colleagues.

A Key Role to Be Filled

The Office of Sponsored Accounting provides support to the Office of Research related to post-award compliance with sponsored agreements and federal regulations governing sponsored funds. The role of the director of sponsored accounting is essential to promoting an environment of timely and responsive customer service to the campus research community while meeting necessary compliance requirements.

A national search for Cathy’s replacement, led by the senior vice president and chief financial officer, the vice president for research and the comptroller, will begin in February. While the search occurs, Toni Besaw, the assistant director of the Office of Sponsored Accounting, will manage the office in the interim period.