As communicated in the December PSC newsletter, CU has ended its emergency declaration that temporarily increased our bid thresholds for non-federal purchases. Effective January 1st, CU’s bid threshold is $100,000 for all goods and services. This is the threshold at which the PSC is required to issue a Documented Quote or Request for Proposals prior to issuing a purchase order.
The IRS has released the standard mileage rate for business travel in 2023. The State of Colorado allows mileage reimbursement at 90% of the prevailing IRS rate for actual necessary travel while on official business.
Christopherson Business Travel (CBT) is increasing staff during business hours and afterhours to prepare for the anticipated travel interruptions expected due to the impending “bomb cyclone." CBT will service customers as efficiently as possible, but here are a few tips for you to consider.
Cancelling a flight with CBT or directly in Concur will not remove the associated airfare charges from your Concur profile. Regardless of the reason a trip is cancelled, airfare charges need to be reconciled at the time of the cancellation in order for the charge(s) to be allocated to the appropriate department SpeedType.
If you Travel for work, now is the time to familiarize yourself with the revised Business Expense Substantiation & Tax Implications procedures. Effective January 1, 2023, requirements for timely substantiation/submission of business expenses apply to Travel Card and Airfare Card transactions, as well as to employee out-of-pocket reimbursements.
With the revised Finance Procedural Statement Business Expense Substantiation & Tax Implications, effective January 1, 2023, requirements for timely substantiation/submission of business expenses apply to commercial credit card transactions – including Procurement Card – in addition to employee reimbursements.
Effective January 1, 2023, the new threshold for a solicitation issued by the Procurement Service Center (PSC) will be $100,000 for both goods and services. As we move into a more stable supply chain, we are pleased to announce this permanent change to the procurement thresholds. As part of this change, and in accordance with Uniform Grant Guidance (2 CFR 200), all procurements above $10,000 must be “reasonable based on research, experience, purchase history or other information and documents it files accordingly.”
This is an informational message to the CU Community. Effective January 1, 2023, the PSC will release updated PO terms and conditions (Ts & Cs) to reduce the number of purchases that require a full contract. Based on the experience of peer institutions, CU anticipates that the new Ts & Cs will reduce the number of contracts by 20%, which will result in improved requisition processing time.
