This quarterly newsletter was created as a guide to share tips about how to navigate NYU financial systems and processes, provide updates on Law School policies, and advertise trainings offered by the Finance staff. Please use the links below to access past newsletters.
- Issue 4
-
The Finance Focus
Thursday, March 4, 2025
MESSAGE FROM FINANCE
Thank you for participating in the 2025-26 budgeting process. This is a combined effort between staff, administrators, and faculty. Your contributions and insights play a crucial role in positioning the School of Law for continued financial stability. The budget cycle is our team’s busiest season, and while our team continues to work on integrating the collected data into the wider School of Law budget, we want to acknowledge that we simply could not have done it without you. – Tammy Dang
NOTEWORTHY NEWS
Contracts+: Vendor Contract Initiatives
On January 27, 2025, the Procurement and Payables Team (P2P) launched updates to the University’s contracting process designed to make contracting at NYU more efficient. Please see below for an overview of the updates.
1. Clear Guidance on Contracts and Purchase Orders- A contract is not required and a purchase order (PO) can be created for services under $10,000 and goods/equipment purchases under $100,000. Examples of PO only engagements can be found on the fourth slide of this slide deck.
- The new Risk Matrix helps you better understand not only the risk level (low, moderate, or high) of your contract, but also how long it will take for your contract to be fully reviewed.
- The former Independent Contractor Agreement (ICA) has been retired. More standardized templates for routine agreements have been introduced, eliminating the need for time-consuming legal and insurance reviews.
- P2P has automated the routing of IT-related contract requests to the relevant NYU IT teams to complete an IT Assessment, when needed, to ensure compliance with cybersecurity, privacy, and digital accessibility standards.
- The former insurance modification/waiver request process has been retired. Insurance requirements are now assessed during the contract request review process.
- The Certificate of Insurance (COI) collection process during supplier onboarding has been retired. COIs are now collected only for high-risk and select moderate-risk engagements.
- The updated standard contract request form ensures faster and smarter routing for approval. Additionally, the updated form allows requesters to amend and renew existing contracts on the same page used to create a new contract.
Budget Update
The budget process continues, and the proposed budget is not yet approved. During the months of March-May 2025, presentations to the dean, University, School of Law Foundation Budget Committee, and Board of Trustees will take place for review and approval. We will reach out with an update once full approval is received by Leadership.
Those who submitted their budget input grids by our January 24 deadline were entered into our Law Finance raffle. We are happy to announce the winner is Anat Carmy-Wiechman, Associate Director of the Pollack Center for Law and Business! Congratulations!
FAQs
Q: I need to reserve a hotel room block for an upcoming event. Does my room block agreement need to be submitted to Contracts+?
A: Yes, upload the room block agreement to Contracts+, and once the contract has been processed, sent for signature, and signed by both parties, it will be entered into an executed status, at which point you can submit a requisition (or payment card) for payment.Q: I need an updated W-9 form and tax-exempt form from the University. Where do I get these documents?
A: Send a request for a tax-exempt form to askfinancelink@nyu.edu with full contact info for the person and company needing it. Also include an explanation of why the supplier needs it. You should then receive a notice once the form has been sent.Finance Office Hours (Ask Us Anything!)
We continue to provide informal office hours on a bi-weekly basis for you to drop in virtually to ask questions. Please stop by our next session.
Wednesday, March 19, 2025
3:00–4:00 p.m.
Zoom link: https://nyu.zoom.us/j/92241154040
STAY IN TOUCH
Please visit the Office of Financial Management website for more resources and share this newsletter with faculty, administrators, and staff in your area. If you have questions, you can reach us at law.finance@nyu.edu.
- Issue 3
-
The Finance Focus
Friday, December 13, 2024
MESSAGE FROM FINANCE
Dear colleagues, the Finance Office has launched the fiscal year 2026 budget process! Our office relies on your active participation in this process, which helps us build a budget to effectively support the School’s ongoing operations. This year, we will also be working to identify new financial and operational risks and incorporate strategies to mitigate their impacts wherever possible. We look forward to working collaboratively with you and your teams to define and refine the School’s financial priorities. – Kate Polson
NOTEWORTHY NEWS
Budget Inputs
To assist with the budgeting process, each unit will receive a budget template in Excel format to complete FY25 Projections and FY26 Budget. Your financial analyst will discuss personnel projections with you to obtain your most current changes and needs. All units are responsible for entering non personnel projections into the template. You may reallocate the budget between accounts as long as the overall number remains within your budget cap.
Departments are invited to submit FY26 budgets that are equal to their FY25 budgets or FY24 actuals (whichever is higher). For those budgeting for centers and institutes, the process is more extensive to include existing fund balances and projection of revenue.
For units that want to review their budget template prior to winter break, please reach out to your financial analyst ASAP.
Budget Timeline
· Thursday, December 5: Distribution of budget memo to budget owners
· Friday, December 13: Deadline for budget owners to confirm point(s) of contact for budget submission
· Week of January 6: Templates sent to designated contacts
· Weeks of January 6, 13, and 20: Finance Office available to meet to discuss FY26 budget submissions
· Friday, January 24: Deadline for submitting budget submission to Finance Office**
**ALL SUBMISSIONS COMPLETED BY THE JANUARY 24th DEADLINE WILL BE ENTERED INTO A RAFFLE! WINNER WILL BE CONTACTED IN FEBRUARY!**
Budget Expectations and Updates
1. Designated contacts are expected to complete their budget templates and return them to your financial analyst on or before the designated deadline.
2. Designated contacts should respond to emails from their financial analysts in a timely manner.
3. PLUTUS is no longer used for budget submissions. The system is obsolete and is not actively maintained by IT. If you use PLUTUS to monitor spending throughout the year, we strongly encourage you to switch to UDW+ for reliable financial reporting.
Contracts+: Amendments, Renewals, or Terminations
After a contract has been signed and executed, it is possible that an amendment, extension, renewal, or termination of the contract is needed. For more information on how to adjust existing contracts, please review our Contracts+ Operating Procedure Guide! If you need further assistance, please send an email to law.finance@nyu.edu regarding this process. The University is planning a website release with more information on the overall contracts process in January 2025, so please stay tuned!
Finance Office Hours (Ask Us Anything!)
We continue to provide informal Office Hours on a bi-weekly basis for you to virtually drop-in and ask questions. Please visit us at our next session!
· Wednesday, December 18
· 3:00–4:00 p.m.
· Zoom Link: https://nyu.zoom.us/j/92241154040
Happy Holidays!
Thank you for your partnership and collaboration over the past year. Sending the warmest wishes your way as we look forward to working with you in 2025!
- Issue 2
-
The Finance Focus
Tuesday, September 24, 2024
MESSAGE FROM FINANCE
Greetings and welcome to fiscal year 2025! We are excited to launch another academic year with you. It’s the perfect time to hit refresh and look forward to what’s ahead. In this issue, we are sharing some tips to help you review and maintain your FY25 budgets, as it has been a while since those budgets were set. If you have any unneeded purchase orders from the past year, please review and close out so that they don't eat up budget. Whether you are aiming to reduce spending, expand funding sources, or just need a better handle on budget management, we are here to help. Here’s to a successful year, financially and otherwise. – Susan Flint
NOTEWORTHY NEWS
Fiscal Year 2025 Budgets
FY25 budgets are now viewable in UDW+. If you do not yet have access to UDW+, please enroll in and complete FIN 800: Introduction to UDW+ Financial Dashboards and Reports in iLearn. Your data access is based upon your current Chartfield Security, which you have to request by completing the Chartfield Access Authorization Form. Upon completion of the training, you will be granted access to the Standard Financial Dashboards & Reports in UDW+ within 3 business days. Below are tips to stay within your annual budgets:
- Review monthly reporting and monitor actuals
- Communicate when new funding sources are secured (i.e. grants, gifts, or sponsorships)
- Pre-plan events to avoid upcharges and payment delays
- Communicate personnel changes
Concur: Supporting Documentation
To ensure the timely payment of your Concur expense reports, attaching complete supporting documentation is key. Always include the following information:
- An itemized receipt with proof of purchase
- Clear business justification
- Conference agenda or registration confirmation for conference attendance
- Boarding passes for air and rail travel
Finance Office Hours (Ask Us Anything!)
Mark your calendars! Beginning October 16, 2024, the Finance Team will offer Office Hours, an informal opportunity for you to virtually drop in and ask advice on financial process questions (i.e. Concur, i-Buy, Contracts+, Insurance, UDW+).
- First session: October 16, 2024 (bi-weekly thereafter)
- 3:00–4:00 p.m.
- Zoom Link: https://nyu.zoom.us/j/92241154040
- Email your questions in advance to law.finance@nyu.edu
FAQs
Q: I am in the process of submitting a Concur expense report for reimbursement, but I lost my receipt. What should I do?
A: If you lost or did not receive a receipt, you will need to complete the Missing Receipt Affidavit in Concur.
Q: When do I have to email an invoice from a supplier to nyuinvoices@nyu.edu for payment process?
A: Submitting a non-catalog PO requires the user to email an invoice to nyuinvoices@nyu.edu before a payment voucher is created. For all other types of payment forms (i.e., catalog item punchout, standard payment request forms such as Legal, Honoraria, Guest Travel/Reimbursement), invoices are automatically processed.
Q: When do I have to email an invoice from a supplier to nyuinvoices@nyu.edu for payment process?
A: Submitting a non-catalog PO requires the user to email an invoice to nyuinvoices@nyu.edu before a payment voucher is created. For all other types of payment forms (i.e. catalog item punch-out, Legal, Honoraria, Guest Travel/Reimbursement), invoices are automatically processed.
Q: I see Orange and Red alerts in Concur when preparing my reimbursement report. What should I do?
A: An Orange alert is a soft warning that a possible action may be required, but will not prevent the user from submitting the report. A Red alert is a hard stop requiring corrective action before proceeding. Common reasons for alerts include:
- Selecting the miscellaneous expense type. Instead of miscellaneous, select the most adjacent description to avoid audit delays.
- Submitting an expense that was incurred over 60 days ago will require a pre-approval memo from the Law Finance office.
STAY IN TOUCH
Please visit the Office of Financial Management website. You can find summarized information on procurement services and search for your assigned financial analyst.
Please share this newsletter with faculty, administrators, and staff in your area. If you have any questions, you can reach us at law.finance@nyu.edu.
- Issue 1
-
The Finance Focus
Monday, July 15, 2024
Message from CFO
Dear Colleagues,
Welcome to The Finance Focus! We are excited to share the inaugural quarterly newsletter from the Office of Financial Management. We will use this guide to share tips about how to navigate NYU financial systems and processes, provide updates on Law School policies, and advertise trainings offered by our Finance staff. I hope you find this newsletter useful and encourage you to reach out with suggestions for future editions! – Kate Polson, Assistant Dean and CFO
Noteworthy News
Contracts+
Contracts+ is NYU’s system for creating, maintaining, and managing supplier contracts. All contracts must be submitted into Contracts+ for review by NYU’s Procurement Team and/or NYU’s Risk Management and Insurance Team before they are executed. To familiarize yourself with Contracts+, please check out our newly created Contracts+ Operating Procedure Guide!Travel & Expense (SAP Concur)
CTA and P-Card reconciliations must be submitted for review by the fourth calendar day of each month. On July 8, several new updates were implemented:
Last year, the University launched the new Travel & Expense (SAP Concur) program that consolidated the way we book travel, submit and approve expenses, and reconcile payment cards. Please be mindful of the following:- Expenses older than 60 days must now include a justification comment. These reports will be reviewed by your Fiscal Officer, and memos will no longer be used for exceptions. Expenses older than 60 days without justification may be taxed.
- Concur Detect by Oversight (“Detect”) auditing platform is now re-enabled. Detect is an AIpowered solution that will be used for auditing travel- and expense-related transactions.
- If an audit finding is identified by Detect during prepayment monitoring, the user will receive an email from nyu@audit.concursolutions.com with a note detailing why the report is being sent back and the actions needed before re-submitting the report. If an audit finding is identified in Detect during post-payment monitoring, findings will be shared with the Fiscal Officer to determine the appropriate resolution.
STAY IN TOUCH
Have you seen the revamped Office of Financial Management website? You can now find summarized information on procurement services and search for your assigned financial analyst. Please share this newsletter with faculty, administrators, and staff in your area. Stay tuned for a schedule of internal drop-in training sessions. Please email law.finance@nyu.edu with your questions and suggestions!
Year-End Reminders
The end of the fiscal year is August 31. Please find the year-end calendar with key deadlines and submission dates on our website in the Important Links section.FAQs
Q: I accidentally made a personal purchase using one of NYU’s payment cards. What should I do to correct this mistake?
A: Write a check payable to NYU for the amount and hand-deliver it to Kevin Lau in the Finance Office, located in D’Agostino Hall, Suite 234. Please include the Chartfield that the expense was charged to. Our office will deposit the check and provide you with a copy of the deposit receipt for upload and reconciliation in Concur.Q: I am overwhelmed with the financial processes that NYU Central has on their website. Does the Law School have a focused version?
A: The Finance Team is working on a Financial Operations manual that will summarize financial information and processes and provide step-by-step directions on how to navigate NYU’s financial systems. The manual will be available to the entire Law School community for the upcoming fiscal year!