I ran my Payroll Distribution Reports for July I noticed that faculty salaries were charged to a different account number; whats changed?
We’ve implemented a new process to account for academic year salaries paid to faculty during July and August. Faculty who are on 9.5 month contracts are paid over 12 months beginning July 1 through June 30. Salaries and benefits paid during July and August (4 pay periods) are actually “advance payments” to faculty (paid but not yet earned). It has been RIT’s practice to treat these salary advances as an “expense” (i.e., they are charged directly to a salary expense account line on the general ledger including RIT and NTID operating accounts, grants & contracts, endowment earning accounts, etc.). Effective this fiscal year (FY 2009), compensation related to academic year salaries paid in the months of July and August for regular faculty, with a contract term of less than 12 months, will be treated as a “prepaid expense”. The prepaid amounts will be recognized (e.g., expensed) automatically via the regular payroll process over 19 pay dates beginning September 15 and ending June 15.
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