Fiscal Policies & Procedures

These policies and procedures are intended to provide guidelines when you carry out fiscal activities at Bridgewater State University.

Table of Contents

Charge Backs

Funds will be charged back to each department's budget for postage and telephone (Sprint). 

Direct Payment

Purpose

To provide a means to make payment for intangible goods and services such as: subscriptions, memberships, and conference/ training registrations. It is NOT to be considered a request for a hand cut (demand) check.

Process

A Direct Payment Request Form should be completed and signed with an authorized signature for the account. This form along with all supporting documentation should be forwarded to the  Accounting Office for review, processing and payment. Forms may be obtained from the Office of Fiscal Affairs, Boyden Hall, Room 109.  Listed below are some of the most common transactions where this form will be applicable :

a) Renewal of memberships and subscriptions (the order form will accompany the Direct Payment Request Form).
b) Registrations for conferences and training. 
c) Reimbursement to students for parking fines, towing adjustments, library fines and refunds on ticket sales.

Please do not use this form to buy tangible goods, since receipt of the merchandise is required prior to the payment process. If you are in doubt as to whether your purchase can be processed through a direct payment form, please call Kristin Hanson @ (508)531-2007.

Conducting A Raffle at BSU

The University has obtained a raffle permit from the Massachusetts Lottery Commission that allows all departments and affiliated clubs to conduct raffles and bazaars which must be held in accordance with Massachusetts State Law 271-7.

1) The department or club wishing to hold a raffle must arrange a meeting with the Associate Comptroller to discuss the requirements of holding a raffle in the State of Massachusetts. The requirements for a raffle are:

a) Pre-printed pre-numbered raffle tickets: include on the ticket the name of department or club holding the raffle, the date, time, where the raffle will be held and the cost of each ticket.
b) Control Sheets: the department or club must keep control sheets which list and reconcile whom was given raffle tickets to sell, how many tickets the person was given, the amount of money and tickets stubs returned, and the unsold tickets.
c) 5% tax on gross receipts of the raffle: the Associate Comptroller will complete the raffle tax return for the department or club.

2) The department or club must prepare a purchase order for the raffle tickets. When the raffle tickets are received, the department will show the Associate Comptroller the preprinted tickets and the control sheets. All cash received from the raffle must be deposited daily with the Office of Student Accounts. These deposits should not be mixed with other deposits to preserve a clear audit trail. A meeting with the Associate Comptroller must be arranged on the next business day after the drawing of the raffle. The purpose of this meeting is to complete the raffle tax return and prepare the direct payment form to pay the taxes. We are required by the state statue to pay the 5% tax within ten days after each raffle. Interest and penalties will be assessed if we fail to comply with this requirement.

3) The department or club will bring to the meeting all unsold raffle tickets, the names and addresses of all winners over $25.00, and a list of all expenditures related to the raffle. The Associate Comptroller will destroy all unsold raffle tickets after confirming that the count is accurate.

4) The Associate Comptroller will complete the tax return and the Comptroller will review the raffle tax return and supporting documentation, sign the return, and a check for the tax must be cut and mailed to the Massachusetts State Lottery within 10 business days. The Office of Fiscal Affairs will retain a copy of the raffle tax return and all supporting documentation for the filing of the annual raffle report.

Credit Applications

The Office of Fiscal Affairs completes credit applications requested by vendors.

Tax Exempt Certificates

The Office of Fiscal Affairs completes Tax Exempt Certificates requested by vendors.

 

W-9 Forms

The Office of Fiscal Affairs completes W-9 forms for businesses who will compensate the University.


Last Modified: January 19, 2012