The Finance Office maintains the accounting information for all faculty accounts administered by the school. If funds are awarded to you, the Finance Office will set up a new shortcode/project grant if needed. If you are awarded funding, please provide the Finance Office with a copy of your award notice so that we can set up your account and track your account activity accordingly.
It is important that you adhere to the guidelines stipulated by your funding source. Some awards have award periods that specify when funds can be used. Typically, funds that remain once the award period has expired are returned to the funding source.
Accounting reports will be provided on a monthly basis. It is important for you to review these reports and notify the Finance Office immediately of any incorrect activity on you account. Deficit spending is not allowed. You are responsible for any deficits on your account. If you cannot cover a deficit from an alternative University source you will be expected to cover it from personal funds. Checks can be made payable to The University of Michigan.
Funding for course supplies/activities is made available through the generation of course fees. To calculate the budget for your course, you simply multiply the number of registered students by the amount of the course fee for the term. Please note that not all courses are subject to a course fee. Please contact the Finance Office for more information.
Hiring Temporary Staff/Contractors
If you require temporary staffing or the assistance of a contractor, please consult with the A&D Dean’s Office. You should not pay temporary staff/contractors out of pocket under any circumstance, as University policy may not allow reimbursement.
All tenure/tenure track faculty and regular staff are eligible to apply for the University’s Purchasing Card (P-Card). The P-Card helps to simplify the procurement process by allowing you to purchase goods and services in a more timely fashion.
Having a P-Card is a privilege that should not be abused. All P-Card holders must agree to the following guidelines:
- Adherence to all University policies related to P-Card usage
- To provide the Finance Office with receipts and other required documentation in a timely fashion (usually 24 hours)
Failure to comply with these guidelines will result in the termination of your P-Card privileges.
P-Card holders should refer to the P-card section for reimbursements for out of pocket expenses. All others should continue to read on.
It is sometimes necessary to pay out of pocket for expenses. Depending upon the type of expense, a reimbursement can be made via petty cash or a non-PO voucher
Petty cash reimbursements are possible for business related supply purchases under $200. The University’s Cashier Office imposes a maximum reimbursement of $200 per receipt per day. Two valid pieces of identification are required for this method of reimbursement. Receipts in excess of $200 will need to be processed via a non-PO voucher. Receipts for travel and hosting expenses will be processed on a Travel and Hosting Expense Report.
Non-PO vouchers can be processed for business related supply purchases regardless of amount. Any purchases in excess of $5,000 must have prior approval from a Procurement Buyer.
Reimbursements for cash paid for services cannot be done on a non-PO voucher. Please consult with the Finance Office and/or Human Resources to determine the appropriate method for paying for services. You should not pay temporary staff/contractors out of pocket under any circumstance, as University policy may not allow reimbursement.
You can expect payment within 30 days of the submission of your reimbursement paperwork. If after 30 days you have not received payment, please contact the Finance Office to investigate the status.
Travel and Hosting Policies
The University’s travel and hosting policy outlines the type of expenses and limits that allowable when using University funds. It is important that you review and understand the policy before traveling on University business. You will be held personally responsible for any expenses that do not comply with policy. Exceptions cannot be made.
For detailed information on UM’s travel expense policies for Concur users (employees) and non-Concur users (non-employees), please see the links below from the University of Michigan Standard Practice Guide:
Event ID Generation
An Event Identification Number (Event ID) is a unique number that allows for the tracking of all expenses related to a single trip. The University requires an Event ID number for all travel transactions. If you are planning to travel on University business you must create an Event ID. Instructions can be found on the Procurement Services website.