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2009 Salary Restorations, Salary Increases & TIAA CREF changes All Employee Meeting 8.12.14.

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Presentation on theme: "2009 Salary Restorations, Salary Increases & TIAA CREF changes All Employee Meeting 8.12.14."— Presentation transcript:

1 2009 Salary Restorations, Salary Increases & TIAA CREF changes All Employee Meeting

2 Salary Restorations 2009 Salary Reductions will be restored to employees who have not received any other adjustments to their salary since the reductions. Restorations are to employees and not positions. Restorations are effective October 1, 2014.

3 Salary Increases All full-time employees who were employed on October 1, 2013 will receive a 1% increase to their base salary (after restoration, if applicable). There are no increases to stipends or other supplemental payroll. The 1% increase is effective October 1, 2014.

4 TIAA CREF In 2013, 2.5% of LMC’s contribution to TIAA CREF was restored for those participating in the matched retirement plan. Effective October 1, 2014, LMC is restoring another 2.5% (for a total of a 5% match), fully restoring the match that was removed in 2009.

5 TIAA CREF All full time employees are encouraged to participate in the matched retirement plan. For new employees, there is a one year waiting period unless they participated in a 403b retirement plan at their previous employer. All employees currently participating are required to complete a new authorization form prior to October 1 st, which is available in HR or on the website.

6 Part II Budget & P-Cards All Employee Meeting

7 Budgets ‘Budget to actual’ detail reports prepared first of the month, beginning in October, and ed to the Budget Officer of record. If report is not received within the first week of the month me so that I may verify we have the correct Budget Officer listed for the account. VP’s will be copied on all budget reports going to others in their area.

8 Budgets (cont’d) Quick review of Account Codes: – 1-1- DEPT – EXPENSE (or Revenue) – Where Dept = 4 digit number identifying “who” is paying the expense, and – Where EXPENSE = 5 digit number identifying “what” the expense was. Chart of frequently used expense codes are available on the Business Affairs web page.

9 Budget (cont’d) Verify all transactions are correct. Immediately report questions or errors to Mary Taylor, Accountant. Within 10 days of receiving budget report, Budget Officer must certify by that the reports have been reviewed and are correct.

10 Budget (cont’d) Operating Budget is split between different expense codes. Do not worry about individual accounts; stay within operating budget as a whole. Budget adjustments between expense codes can be made at the end of the fiscal year. Salary and fringe are not reported on Departmental Operating Budgets.

11 P-Cards Possession and use of a P-Card is a privilege. P-Card is to be used for approved Lees-McRae College business only. Card holder’s responsibility to ensure all purchases are in compliance with allowable expenditure policies. P-Card in the name of the College and the cardholder but it is not associated with your personal financial information.

12 P-Cards (cont’d) P-Card log forms must be completed each month, signed by supervisor and submitted by last day of the month. Per IRS regulations, itemized receipts for all P- Card transactions are required; receipt must have sales tax separated out. Credit card payment slip is NOT an acceptable receipt. P-Card transactions without appropriate receipt will be charged back to the cardholder.

13 P-Cards (cont’d) Watch tipping – – Meal tips for parties of 6 or less are to be 15% – Meal tips for parties greater than 6 are to be 18% Items purchased on the P-Card and then returned are to be credited back to the P-Card. Prohibited use of P-Card: – Cash advances – Charitable or political contributions – Personal expenses – Staff gifts or parties

14 P-Cards (cont’d) Please read the entire P-Card Manual available on the Business Affairs web page! Missy Pyatte is your P-Card contact. Questions?


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