Ohio University

Business Matters

May 24, 2019
Prepaid Invoices Year-End Information

A prepaid is an amount paid by the University for a future expense that has been paid in advance.  In other words, prepaid expenses are costs that have been paid in one fiscal year (ex., FY19) but the goods or services will not be used up or delivered until the following fiscal year (ex., FY20). 

May 24, 2019
Purchasing Reminders
Blanket POs FY19 blanket PO’s are for goods and services received through June 30, 2019.  At the end of each fiscal year all blanket POs are closed automatically. For FY19, blanket PO’s will be closed on Friday, August 2, 2019. Service Agreement POs All POs on the Services Agreement form will not close at yearend. ...
May 24, 2019
Deposit Reminders

All funds must be deposited with the Office of the Bursar by 3:30 pm on Friday, June 28, 2019, to be recorded as FY19 revenue. 

May 24, 2019
Tax Exemption on University Travel

As a public university in the state of Ohio, Ohio University is exempt from most types of taxation.  The University is exempt from both sales tax and lodging tax within Ohio.  Once travel occurs outside the state of Ohio, however, each state is different and each state will have different requirements for exemption.

May 24, 2019
Time and Effort Reporting

Ohio University is required to document procedures and maintain supporting documentation for the distribution of an individual’s effort to sponsored agreements in accordance with federal regulations as defined by the Office of Management and Budget (OMB) Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).  Uniform Guidance, paragraph 200.430 i), provides that records must reasonably reflect 100% of the activities for which an employee is compensated by the University.

May 24, 2019
Petty Cash and Change Fund Management

Internal Audit conducts cash counts and reviews cash account handling and control procedures across the University to ensure that funds are properly accounted for and used for the purpose intended.