The Procurement Service Center (PSC) and Office of University Controller (OUC) have recently researched and clarified aspects of the current Business Expense Reimbursement policy. The result is the revised Finance Procedural Statement Business Expense Substantiation & Tax Implications, which is planned to take effect on January 1, 2023.
The University of Colorado has developed policies related to the processing of commercial credit card transactions (Procurement Card, Travel Card, Airfare Card), cash advances, and employee reimbursements that meet the IRS definition of an accountable plan.
With the end of the calendar year fast approaching, and all four campuses and the System office closing from December 26th through January 2nd, we wanted to provide critical dates on submitting requisitions, payment processing and other requests.
On July 1, 2022, Colorado began assessing a Retail Delivery Fee (RDF) of $0.27 fee on all deliveries made by motor vehicle to a location within Colorado containing property subject to state sales or use tax.
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