The MIT 2019 Report of the Treasurer is available on the Publications page of the VPF website. The 48-page Report is a public document and officially states MIT’s financial position at the close of the fiscal year that ended June 30, 2019.
A story on the release of the Report and highlights on the endowment figures for fiscal year 2019 is available on MIT News.
The Tax Guidance for Nonresident Aliens website is a resource for foreign nationals—including students, scholars, employees, and suppliers—receiving payments from MIT. The website includes information to assist in fulfilling U.S. and state tax compliance obligations.
VPF suggests MIT administrative community share this with department staff
Personal finance experts suggest doing a checkup on your federal withholding every year to avoid withholding too little or too much federal tax from your paycheck.
Bank of America, the bank that issues MIT’s Travel Card, offers an Alerts program which helps the bank reach you in case they see unusual or suspicious activity that could result in a hold being placed on your card.
Once you sign up for the Alerts program, you can receive a phone call, email, or text message if the bank detects unusual spending. If the charges in question are yours, just confirm with the bank, and they will lift the hold on your card immediately.
VPF’s Tax and Global Operations team has created a handy reference for MIT administrators who process payments to individuals beyond regular semimonthly or weekly payroll.
VPF Accounts Payable processes more than 100 international wire payments per week in payments for goods or services or travel reimbursements to persons doing business with the Institute. These international wires are handled by Bank of America (MIT’s bank) which is required to address the U.S. Treasury Office of Foreign Assets Control (OFAC) guidelines before processing international wire payments.
Roberto Escobar loves many things about his job — especially learning new things and meeting new people. He joined VPF’s Sponsored Accounting unitin February after serving on the VPF Travel and Card Services team, where he processed travel expense reports and provided training to DLCs on travel policies and processes.
Use this new Selection of Source webform for purchases of $10,000.01 to $250,000 to document your supplier selection process. This form is not required when procuring from an MIT Preferred Supplier unless an exclusion applies. See What is a Preferred Supplier for details.
MIT recently revised its travel policy in an effort to address the challenges and rigors of international and complex domestic travel schedules.
The Commonwealth of Massachusetts allows for a tax deduction for Social Security (FICA) and Medicare taxes up to $2,000. The MIT payroll system takes this deduction into account when calculating how much to withhold for your Massachusetts income tax. Once the Social Security and Medicare year-to-date balances reach $2,000, your effective MA tax withholding will be slightly higher. This adjustment occurs each calendar year.