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Wednesday, Sep 03, 2014

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Important reminders from Finance


The Finance Department's Procure to Pay Services reminds to Ohio University community of the following important information:

Winter Break Closure

Ohio University will be closed for Winter Break beginning Wednesday, Dec. 25, 2013, through Wednesday, Jan. 1, 2014. Please visit the "Finance Winter Break Closure Calendar at http://www.ohio.edu/finance/upload/Finance-Winter-Break-Closure-Calendar.pdf for important calendar year end dates. Please plan ahead!


New JP Morgan PCard Application Form in effect beginning Jan. 2, 2014

JP Morgan Chase will be requiring additional information on Ohio University's PCard application to enhance their regulatory compliance. The new fields that must be included on each application include:

  • Legal name of applicant

  • Applicant's country of citizenship

  • Applicant's home address

  • Applicant's date of birth

This will apply to new applications only at this time but we may be required to collect this information on existing cardholder's as well at a date that has yet to be determined by JP Morgan Chase.  The Ohio University PCard Program Administrator will also be required to certify the information on the application. JP Morgan Chase will not issue an Ohio University PCard to applicants who refuse to provide the additional information.

The additional information is being required due to regulations regarding the Office of Foreign Assets Control (OFAC) which administers and enforces economic sanctions, primarily against countries and groups of individuals, such as terrorists, and narcotics traffickers.  The rules generally require that U.S. persons (all persons and entities within the U.S., all U.S. incorporated entities and their foreign branches) are prohibited from transacting with persons on a government sanctions list. As a U.S. entity and a regulated financial institution, JP Morgan Chase is required to ensure that individuals who are listed on a government sanctions list do not use their products.   

For more information on OFAC and its requirements, visit http://www.treasury.gov/resource-center/faqs/Sanctions/Pages/answer.aspx.

New OHIO Substitute W9 Form in effect beginning Jan. 2, 2014

The Internal Revenue Service (IRS) has released a new Form W9, Request for Taxpayer Identification Number and Certification,  as well as new  instructions. The Form W9 is one of several forms being revised to conform to the provisions of the Foreign Account Tax Compliance Act (FATCA), although they have incorporated additional changes to the taxpayer certification as well as other fields to the form with this new release . Procure to Pay Services cannot accept previous versions of the OHIO Substitute W9 after our release date of Jan. 2, 2014, so please be sure to remove any saved copies of previous versions on your computer or your web pages when the new form is released in mid-December 2013. Additional information will be provided to CFAOs, on the Procure to Pay website, Compass, and Business Matters in December. For more information on FATCA, please visit http://www.irs.gov/Businesses/Corporations/Frequently-Asked-Questions-FAQs-FATCA--Compliance-Legal.

Print Responsibly Billing Reminder

Print Responsibly billings occur quarterly in July, October, January, and April of each year. Files are released to CFAOs and FMGs for review prior to the upload to Oracle. Please contact Chad Burkett if you have any questions at Burkett@ohio.edu.