Start preparing for fiscal-year end
Before the fiscal year ends on June 30, add a few important tasks to your to-do list:
- We encourage you to start the fiscal year right by confirming the accuracy of your department’s account statements (including payroll expense transfers) and employees' pay records.
- Do you have faculty members leaving in May? If so, those who are currently on a 9-pay-12 schedule must be paid for the remainder of their contracts in May 2015.
- If you overpay an employee during one fiscal year and the employee pays back the money in another, Employee Services can only give your department a prorated, partial credit for the funds recovered through the fiscal year in which the money was paid.
- Faculty members must submit pay election forms by June 30. If an academic-year contract faculty member does not choose to be paid on a 9-pay-12 contract, he/she will be defaulted into a 9-pay-9 contract. Remember: This cannot be changed until the next academic year. Please direct faculty in your area to the proper forms to get started:
Important June payroll change
Please note: To comply with State of Colorado rules, CU will now issue June pay for monthly employees on July 1. Please remind employees to review their financial obligations; the university is not responsible for overdraft charges or fees incurred by employees as a result of this change in pay date.