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.
We know contracting through the PSC is now taking longer than in the past. There are several causes for extended timelines, many of which are common among entities throughout the economy, including staffing shortages throughout the supply chain, risk evaluations, and changing attitudes among our suppliers. While we are working hard to address these constraints, it’s important to make you aware of our current cycle time estimates and how together, we can improve them.
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.
