Monthly newsletter from the Division of Finance.
Division of Finance Monthly Update |
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Financial Reporting and Budget Planning
At their meeting earlier this month, our Board of Regents approved Grant Thornton’s FY25 audit report on our FY25 Financial Statements. Grant Thornton issued an Unmodified report on our FY25 financials, with no issues or concerns, which is the best rating possible.
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Meanwhile, the Budget Office has begun their comprehensive mid-year budget review that will conclude in late January. This analysis will update the FY26 budget and become the starting point for FY27 budget development (see link to the FY27 Budget Development calendar here).
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Unimarket Performance
Results from July 7 through December 14:
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Procurement and Financial Systems statistics:
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- $64M in purchase orders released (7,070 POs)
- 1,967 suppliers connected, increasing daily
- Average cycle time from requisition start to issuing the PO: 4 days
- Total number of users: 795
- Total number of buyers: 394
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Treasury/Accounts Payable payment statistics:
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- 8 forms of payment options available to suppliers
- 5,254 payments to suppliers totaling $94M reflecting over 14,230 invoices
- 1,785 student refunds totaling over $5M
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If a university department would like to schedule a Unimarket “Check In” meeting, please contact Serena Branson at serena.branson@shu.edu. These meetings provide an opportunity to address issues / concerns / questions and for us to receive valuable end user feedback.
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With the heart of the ADAPT ’25 initiative – Unimarket’s Marketplace module – in full use, Finance is developing additional Unimarket functionality, namely the rollout of both the Contracts and Employee Expense Reimbursement modules. The ESM contract management system will be replaced with Unimarket’s Contract module, which will link to established Unimarket purchase orders. The Contracts module will serve as both the repository and approval workflow system for all University contracts. Until further notice, contracts are still to be processed through ESM. The Employee Expense Reimbursement module will replace the current “T&E” process for employees. Our goal is to have both modules live by the beginning of Q2 2026.
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Policy Development
With a Fiscal Stewardship policy in the final approval stages and an updated Procurement Policy in process, a revised Travel and Business Expense policy is up next.
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We extend our best wishes to all University colleagues for a joyous and happy holiday season.
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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Deadline to Consent to Electronic W-2: December 31, 2025
December 31 is the last day for employees (and student workers) to consent to receive their 2025 W-2 Wage and Tax Statement electronically – follow these steps:
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- Log onto PirateNet
- Select University Portal
- Select Employee
- Select Open Employee Dashboard
- Select Taxes/ Click on Electronic Regulatory Consent
- Select the check box to consent to your tax statement electronically or uncheck to revoke consent.
- Select the Electronic W-2option
- Click the Submit button
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If you have previously elected to receive your W-2 electronically, and you have not revoked that election, you will continue to have access to an electronic W-2.
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Sign up for Direct Deposit for both Pay and Business Expense Reimbursements!
Employees are highly encouraged to receive both their pay and their business expense reimbursements electronically by enrolling in Direct Deposit for both processes. Visit the Direct Deposit webpage for more information/how to enroll. Receiving reimbursements electronically will be especially recommended as we get closer to the Spring 2026 launch of the online Expenses module in Unimarket.
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