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).
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.
Fiscal year-end is fast approaching. Below are the key dates for submitting finance forms and payments for processing in the 2019 fiscal year. These dates, and more, are also available in the Finance Calendar.
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.
The following OBI Dashboard updates have been completed during spring term:
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.
Sponsored awards, Internal awards and Cost Share awards are maintained in the Grants Accounting module and are not permitted to have overspent balances.
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.