News from the VPF

budget

Thu, 25 Feb 2010 20:03:06 GMT

VPF begins inventory of MIT property

Mon, 01 Feb 2010 18:58:52 GMT

VPF's inventory team of Andrew Tivnan and Hillary Saeger began its wall-to-wall scanning of Institute property Jan. 26. As part of the process, Tivnan and Saeger will visit all MIT facilitates and reconcile the property in place with MIT's inventory database.

You will receive email notification in advance of Tivnan or Saeger visiting your office. Why do inventory? In order to purchase equipment with federal funds under sponsored projects agreements, we are required to conduct a perpetual inventory within a two-year time frame.

If you have any questions about the inventory process, please feel free to contact Property Manager Michael F. McCarthy at mmccarth@mit.edu.

2010 HR/Payroll Fact Sheet

Mon, 01 Feb 2010 18:28:20 GMT

HR/Payroll issued a Fact Sheet for 2010 that highlights rates for state and federal taxes and for MIT benefits. The Fact Sheet includes helpful HR/Payroll links and the 2010 schedule for MAP (Modified Annual Plan) for faculty and others who work during the academic year but are paid on a 12-month schedule.

Download the 2010 HR/Payroll Fact Sheet (PDF) >>

Update on distribution of 2009 tax forms

Tue, 26 Jan 2010 17:41:48 GMT

Updated 1/12/10

MIT sends several types of tax forms to employees and students, as shown in the table below. Each form is for a different type of income, and it is possible for an employee or student to receive more than one form for 2009, depending on the type of payments they received.

Employees/students are advised to wait until they have received all their tax forms before filing their tax return(s). Tax forms will be mailed by HR/Payroll and Accounts Payable at different times between January 31 and March 1, 2010.

Tax Form	Issued for	Issued by
W-2	Salary and wage payments to employees and students excluding wages that are exempt under a tax treaty	HR/Payroll
1042s	Salary and wage payments to employees and students who are non-resident aliens covered by a tax treaty Fellowship payments covered by a tax treaty which had federal income tax withheld	HR/Payroll: Salary and wage payments, fellowships Accounts Payable: Honoraria, prizes and awards, fellowships, non-graduate student salaries, etc.
1099-MISC	Independent contractors, royalties and other income	Accounts Payable
1099-R	Pension payments to retirees and Long Term Disability payments	HR/Payroll

Please contact HR/Payroll or Accounts Payable if you have any questions about the forms you will receive.

	HR/Payroll	Accounts Payable
Email	payroll@mit.edu	Accounts-payable@mit.edu
Phone	617-253-3337	617-253-2750
Fax	617-258-9700	617-253-2412
Web	http://vpf.mit.edu/payroll	http://vpf.mit.edu/accounts_payable

Download PowerPoint presentation from Jan. 20 VPF Community Forum

Wed, 20 Jan 2010 19:14:04 GMT

The PowerPoint presentation from the Jan. 20 VPF Community Forum is now available for download on the VPF web site.

Held 10:30 am – 12 pm in Grier Rooms A-B, Building 34-401, the Forum featured presentations on how VPF is acting upon recommendations from the Institute-wide Planning Task Force and included dialogue among the presenters and the attendees.

Download PowerPoint presentation >>

Ideas Into Action – VPF Community Forum

AGENDA

From Recommendation to Implementation -- Israel Ruiz, VP for Finance, Member of Task Force Coordinating Team

Simplifying Our Processes: Accounts Payable -- Gillian Emmons, Controller and Director of Accounting Services

Evolving Our Services: Sourcing, Travel & Procurement Services -- Leo McInerney, Director, Sourcing, Travel and Procurement Services

Working to Serve You Better: HR/Payroll -- Gerry O’Toole, Director, HR/Payroll

Transforming the Experience: Timeline for Implementation -- Robin Elices, Senior Director, Office of the Vice President for Finance