CGV Ventanas

Effective Date: September 1, 2019

Introduction

This PSC Procedural Statement sets forth the principles and needs under which workers may get money advances to aid University travel.

This Procedural Statement is divided in to the following sections:

A. Requirements for Payday Loans B. Requesting Payday Loans C. Special Considerations: Repayments for Services D. Reconciling Payday Loans

Procedural Statement

The University may issue a cash loan to a member of staff to pay for situations that are specific as described in requirements for payday loans, below.

Payday loans might only be given to University workers. Non-employees (including affiliate financial staff, associates, and pupils) aren’t entitled to get advanced level funds.

A. Requirements for Payday Loans

Anticipated costs that could justify issuance of an advance loan are generally linked to the situations that are following.

• Group Travel: a worker is part of a small grouping of three or even more employees/non-employees planing a trip to the location that is same the exact same official University company. This employee will cover expenses (e.g., per diem, lodging, transportation) for the group, including but not limited to distributing cash so group members can cover their meal expenses individually during the trip.
• Extensive keep: a member of staff (or a member of staff leading an organization, as discussed in Group Travel above) is performing formal college company that calls for a stay in excess of fourteen days. This might or is almost certainly not from the situations/expenses described under Remote Location, below.
• Remote Location: a worker (or a member of staff leading an organization, as discussed in Group Travel above) is performing university that is official that calls for a stay static in a remote location without prepared usage of banking institutions/automatic teller devices. This employee will need to cover per diem, lodging (including non-traditional lodging), and transportation, along with specific additional items and/or services (e.g., supplies, communication, security, guides, translators, study/research subjects) when normal procurement methods are not viable as determined by the PSC (see University of Colorado Procurement Rules) during the trip.

B. Requesting Payday Loans

Payday loans are required and reconciled through the Concur Travel & cost System. To be able to get a money advance, the worker must first be put up as qualified to receive cash loan processing in Concur.

• Action 1(this step is performed only one time) – become put up as entitled to request payday loans in Concur, the worker submits the cash that is completed/approved Setup form, including complying with any training needs identified in the kind.
• Action 2(this step is repeated whenever a cash loan is required) – To request a cash that is specific, the worker logs in to Concur and requests the advance quantity in line with the Step-by-Step Guide Requesting payday loans. (The employee’s cost delegate can make a cash advance demand on the part of the worker, nevertheless the worker will have to submit it.) Each advance demand must consist of a detailed budget (attachment uploaded in Concur). In the event that spending plan includes payments to people for expert solutions, see Section C – Special Considerations, below. The advance demand must certanly be authorized because of the employee’s designated advance loan approver prior to examine and processing because of the PSC. Approved advances are direct deposited to your employee’s bank account useful for direct deposit of reimbursements. (For information about how payday loans and reimbursements are disbursed, make reference to Employee Services’ directions on Direct Deposit.)

Dollar Thresholds

• The minimal advance loan quantity that could be required is $500.
• The cash advance is limited to $1,500 times the total number of travelers in the group web for group travel. (This buck limitation will not use in the event that group travel is related to a long stay or a remote location.) The people traveling within the combined team should really be recognized as area of the cash loan demand. The advance must certanly be released into the many senior worker member associated with the team.
• An advance demand of $10,000 or higher needs approval because of the campus controller: this approval is achieved in Concur.

C. Unique Factors – Repayments for Services

Repayment to people for solutions should generally be attained by normal ways of procurement, as an example, honoraria and expert solutions should be managed through CU market.

Study topic repayments which can be linked solely with a specific journey may be looked at included in the cash loan demand. (For extra guidance on research topic payments, start to see the PSC Procedural Statement research Subject Payments.)

Payments to Non-U.S. People

Repayments of solutions which is why the useful owner is a non-U.S. individual need review by the Employee Services’ International Tax group to make sure that the repayments are compliant utilizing the guidelines that govern repayments to nonresident individuals that are alien entities. Global Tax review and approval is achieved away from Concur, with all the approval paperwork (email, etc.) uploaded in Concur just before publishing the money advance demand.

Failure to check out appropriate procedures may end up in IRS evaluation of fines or penalties to CU for under-withholding. Fines or charges examined because of the department’s failure to conform to certain requirements above will directly be charged towards the division. For detailed information and guidelines about how to continue, contact Intltax@cu.edu.

D. Reconciling Payday Loans

The employee receiving the cash advance reconciles the advanced funds along with the trip expenses upon trip completion. The employee owes money to CU, the employee must reimburse the University and attaches the validated Cash Receipt form to the expense report if, upon final reconciliation. (The calculation of income owed towards the University together with planning of this deposit shouldn’t be done through to the expense report happens to be completely ready and all sorts of out-of-pocket costs and Travel Card deals have already been reconciled.)

The worker should finalize the cost cash and report advance reconciliation/reimbursement to CU within 1 month of journey end.

If an advance just isn’t reconciled on a cost report – and when the employee have not reimbursed the University, if appropriate – in the timeframes identified above, the advance quantity might be deducted through the advance recipient’s paycheck.

Exceptions

Unless authorized because of the Associate Vice President & Chief Procurement Officer, there are not any exceptions to the procedural declaration.

Associated Information

Associated Administrative Policy Statements (APS), PSC Procedural Statements (PPS), as well as other Policies and Procedures