Monthly newsletter from the Division of Finance.
Division of Finance Monthly Update |
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Financial Reporting and Budget Planning
The comprehensive mid-year budget review by the Budget Office is underway the results of which will provide updates to the current FY26 budget and will serve as the starting point for development of next year’s budget (FY27). See link to the FY27 Budget Development calendar here. Planning for the upcoming fiscal year (and beyond) needs to identify new revenue streams to reduce recent trends where the university’s operating expenses increase at a faster rate than its operating revenue.
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Unimarket Performance
Results from July 7 through January 18 (6+ months):
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Procurement and Financial Systems statistics:
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- $76.2M in Purchase Orders released (8,388 POs)
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2,051 suppliers connected, increasing daily
- Average cycle time from requisition ‘checkout’ to issuing the PO is 3.4 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
- 6,184 payments to suppliers totaling $106.8M reflecting over 16,500 invoices
- 1,836 student refunds totaling over $5.5M
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The Expenses module of Unimarket will be rolled out in early March which will replace the current manual “T &E “process for employee reimbursements. This module will be used by employees to submit a reimbursement claim for their out-of-pocket business expenses electronically.
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The Contracts module configuration and testing continues with a phased-in implementation beginning in early spring. Until further notice, contracts are still to be processed through ESM.
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If a 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, answer questions and for us to receive valuable end user feedback.
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Policy Development
Earlier this month, the university issued a new Fiscal Stewardship policy. Together with the Financial Ethics Statement, these documents reaffirm the individual and collective responsibility of all employees to optimally manage university resources in an ethical, prudent manner.
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In addition, a comprehensive Procurement policy and Travel and Business Expense policy are under development with the expectation of being released before the end of FY26.
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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Tax Withholdings
To make changes to your paycheck tax withholdings, file an updated W-4 for either State of New Jersey withholdings or federal withholdings or both. Submit completed and signed form(s) as email attachments to mailto:payroll@shu.eduor drop off the form(s) to the Payroll Office located in the lower level of Bayley Hall, Room 10. For security purposes, indicate your SHU CWID, rather than your SSN, when emailing your form(s).
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Mileage Rate for 2026
The IRS has published a new Mileage Rate for Calendar Year 2026: $0.725/mile, an increase from the CY25 rate of $0.70/mile. The university’s Travel and Expense Reimbursement form has been updated accordingly.
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Open Forum; Save the Date
Mark your calendar now for the Spring 2026 Division of Finance Open Forum: April 15 (tax day!).
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Unimarket Training: Expenses Module
In preparation for the upcoming launch of Unimarket’s Expenses Module for employee business expense reimbursements, Accounts Payable will hold in-person training sessions on the South Orange campus beginning in late February and continuing into March. The dates/times/locations with event registration links for these sessions will be announced soon. Virtual training sessions via TEAMS will also be offered.
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