Division of Finance Monthly Update |
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The Division of Finance continues to be actively engaged with FY26 closeout and managing the FY27 budget with FY28 planning underway.
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FY26 Financial Close-out
The preparation of the annual financial statements is now underway. Grant Thornton, the university’s external auditors, are continuing their FY26 audit field work.
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FY27 Budget Status
With an FY27 operating budget totaling $346.2M now established in Banner Finance, monthly budget management meetings are underway with members of Executive Cabinet as well as with Deans. The Office of Budget & Financial Systems continues developing budget management reports assisting with budget analyses. Restricted gift budgets (6-funds) have been established with the goal of replacing $7.5M of operating spend with these funds. Capital projects as well as sponsored research budgets are established and monitored.
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FY28 Planning
A detailed FY28 budget development calendar has been approved by Executive Cabinet (see link here) and FY28 budget planning has begun. Input from key departments across the university will be required to inform this process.
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Unimarket
A revised comprehensive Procurement Policy is anticipated to be released later this fall supporting the Unimarket Contracts module. Until otherwise notified, contracts are still to be processed through ESM.
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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New Process for “T & E” Submissions & Check Requests
To improve efficiency, tracking, and visibility, Accounts Payable has implemented a new submission process for Travel & Expense (T&E) Reimbursements and Check Requests. This new process routes these forms directly into the AP work queue. Requestors will receive automated email updates throughout the lifecycle of their request, ensuring visibility into its progress through completion.
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Before submitting a T&E or Check Request, please visit the AP website to use the most current version of the T&E or Check Request form. Once the form has been completed, obtain all required approvals and ensure all supporting documentation is at hand (receipts, proofs of payment, email correspondence as necessary, etc.).
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Once ready to submit, visit Employee Reimbursements on the AP website to complete the electronic Accounts Payable Internal Request Form and upload the completed, approved T&E or Check Request form along with all related documents.
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Please Note: This process does not apply to purchase order (PO) expenses. All purchasing, invoices, and supplier-related transactions are to be processed through Unimarket. Invoices related to Unimarket PO’s are to be sent to accountspayable@shu.edu. When emailing PO-related invoices to Accounts Payable, the Unimarket PO number must be included in the Subject Line of the email.
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Mileage Rate for 2026
The IRS has published a new Mileage Rate for July 1 – Dec. 31, 2026: $0.76/mile, an increase from the Jan. 1 – June 30, 2026, rate of $0.725/mile. This modification results from recent increases in the price of fuel. The University's Travel & Expense (T&E) form has been updated to reflect the new rate.
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Upcoming Fall Finance Events
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Supplier Showcase: October 28 from 11:30 a.m. to 2:30 p.m. Event Room, University Center
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Please join representatives of all Division of Finance departments at the Fall 2026 Supplier Showcase at which a variety of suppliers/vendors will showcase their products, services and resources. Employees involved in purchasing or who oversee purchasing on behalf of their department are encouraged to stop by, connect with suppliers, visit with Finance Division colleagues, and learn more about what’s available. No registration is needed.
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Fall Finance Open Forum: November 17 at 10 a.m. Chancellor’s Suite, University Center
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The campus community is invited to attend the Finance Open Forum to receive updates on the FY27 budget, preliminary FY28 budget parameters, and continued progress on business process improvements.
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