News from Financial & Accounting Services

Financial & Accounting Services (FAS) has important information to share with the campus community on the items below:

  • University selects BB&T as its new banking partner
  • Electronic W-2s:  Safer, Faster, Greener
  • PTO for exempt staff
  • New mileage reimbursement rate for 2014

University selects BB&T as its new banking partner for operational accounts

FAS is pleased to announce that the University has selected BB&T as its new banking partner for operational bank accounts effective March 11, 2014. Until that time, there will be no interruption or change in the services provided by Wells Fargo. This banking change will be seamless to the campus community, except for those individuals who have collection and deposit responsibilities. Those with deposit responsibilities should refer to our website for more information including upcoming training events and FAQs. Student tuition payments that are made online via DEAC are unaffected. Student Financial Services will be providing separate guidance for other payment methods by mid-February 2014.

Electronic W-2s: Safer, Faster, Greener

Did you know that you can get your W-2 Earnings Statement through WF@Work in WIN? You can, if you give your consent in WIN. By receiving your W-2 electronically, you will have access to your W-2 safer, faster and greener! Electronic W-2s will be available before mailed forms. To provide consent to receive an electronic-only W-2 (and to stop receiving a paper W-2 in the mail) please complete the “Electronic W-2 Consent” under the Tax Forms section of WF@Work. Once you give your consent you will be able to view past years W-2s as well.

PTO for Exempt Staff

For exempt staff (not faculty or students), departments have been transitioning to NOVAtime electronic leave management system to request and record Paid Time Off (PTO) and Sick Leave Reserve. More than 90% of exempt staff have already been trained and are now using NOVAtime. Beginning this month and in support of the University’s PTO policy, all leave requests should be entered and approved in NOVAtime using the request function. Training is offered through the PDC with additional educational resources available on the “Training Information” section of the NOVAtime homepage. Please note that the timesheet method of requesting leave is no longer available in favor for the simpler and more efficient request method. The request method allows supervisors to simply approve leave requests by email on most devices.

New Mileage Reimbursement Rate for 2014

Effective Jan. 1, 2014, and consistent with the recent change by the IRS, the standard reimbursement rate for business mileage changes to $.56 per mile (formerly $.565 per mile). Lower fuel cost is the primary reason why the IRS decreased the rate. Read more here.