[fiscal reminder] 60 Day Window for AP Workflow Reimbursements and Advance Reconciliations

Post date: May 7, 2019 8:50:25 PM

Dear Departments All,

This is a reminder of the 60 day submission window for AP Workflow reimbursements and advance reconciliations. Specifically, expense reimbursements must be submitted into AP Workflow (faculty & staff only) within 60 days of purchase and/or the travel end date. This timeline also applies to advance reconciliations (e.g., advances taken before a trip should be reconciled within 60 days after the end of the trip). Departments are encouraged to establish internal deadlines that are less than 60 days to provide sufficient time for processing.

According to NYU Accounts Payable, there has been a large uptick in expense reports that are greater than 60 days outstanding. NYU Accounts Payable is beginning to strictly enforce the 60 day window policy. As per NYU and IRS policy, all expense reimbursements/advances not submitted within 60 days will be reported as imputed income to the employee (i.e., employees will pay taxes as if the reimbursement was paid as additional income). Current tax rates for imputed income are approximately 40% of the reimbursement amount (total of Federal, State and Local taxes).

Currently, FAS Fiscal is able to grant one exception per faculty member, but we request compliance on a going forward basis. Please see our general guidelines for faculty research funds plus our clarification email for more details.

Please forward this email to your staff and faculty as needed.

Thanks,

Joe