Adjustments for the year ending 6/30/08 have been posted to cost centers to charge fringe benefits and university match amounts to sponsoring cost centers. When reviewing activity in your cost center, please note the following:
- Charges for fringe benefits were posted to general ledger account 625200 (Temporary Employee Benefits).
- Federal and state university match charges were posted to general ledger account 620700 (College Work Study Chargeback).
- Revenue offsetting these charges covers the university match portion of the CWS wages and not the fringe benefits or the CWS expenditures over their authorized amount. Revenue was posted to general ledger account 599975 (Work Study Redistribution) for general fund cost centers only.
Cost centers that over expended their college work study budgets will note that revenue in general ledger account 599975 (Work Study Redistribution) will not totally offset the charges for fringe benefits and university match amounts.
College work study allocations for the new fiscal year will be posted to SAP by the end of July 2008.
Please contact Hillary Pierce, Accounting Services, at ext. 1280 with questions.