Who should I contact when a piece of equipment in my office is replaced under warranty or returned in a trade-in for newer equipment?

Contact Jo-Anne Chute with the details. She will arrange to have a new tag number placed on the equipment or make sure the traded-in equipment is removed from the property records. 

How do I report a piece of equipment that has been stolen or damaged?

Notify Richard Janus in Property. He can help identify the equipment and provide information regarding reporting the loss to campus police and the MIT Insurance Office.

Does MIT donate equipment to charity?

After internal needs are met, MIT equipment may become available for donation to non-profits. Visit our WW15 Equipment Exchange.

I know that G/L 421818 is capital equipment and not subject to overhead. Can you explain when upgrades to equipment also may carry this G/L account?

Certain conditions that need to be met regarding upgrades and components. Briefly summarized:

  • The minimum cost for the upgrade must be at least $2,000;
  • The purchase requisition must carry the property number of the existing equipment to be upgraded;
  • The existing unit must be capital equipment (value greater than or equal to $5,000).

If these conditions are met, then the upgrade should be assigned 421818 capital equipment. 

See the Coding Of Equipment Purchases policy for more information.

I’m sure my requisition is equipment, but I’m still confused about which general ledger account to assign to an item. What is the rule?

For the full rule set for assigning G/Ls, see the Coding Of Equipment Purchases policy.

Briefly stated:

  • If the net cost of the item is less than $1,000, assign 420226 Materials and Services or 421900 Computer Supplies and Peripherals;
  • If the net cost of the item is between $1,000 and $4,999, assign 421827 Minor Equipment;
  • If the net cost is $5,000 or greater, assign 421818 Capital Equipment.

I understand that equipment purchases require certain general ledger account assignments. How do I know if my requisition is considered to be equipment?

Any item that will last more than a year, is operationally complete and can be identified as stand-alone is considered equipment. Purchases from the following product categories are normally considered equipment: furniture, computer, laboratory, scientific and test equipment, office and service equipment. The difference between Capital and Minor equipment is determined by cost. Computer equipment at MIT is controlled by property record beginning at a cost of $1000 or greater. All Capital equipment is controlled by a property record. 

There's a problem with the funding entries on the cost sharing child of my research project. Who do I contact?

The costing sheet on my WBS element has changed. Who would I contact to make the necessary indirect cost adjustment?

What is underrecovery?

Underrecovery may occur in a research WBS element where overhead specifications (F&A rates or direct cost base) are established at less than the current negotiated federal rates. More information can be found on the Research Administration Services (RAS) page on Underrecovery.

What’s the policy on accruals and deferrals?

At the end of the fiscal year, all MIT departments should accrue and defer any material expenses and revenues. See the Policies section for more information.

Is MIT on an accrual basis?

MIT is on a modified accrual basis. At the end of the fiscal year, all obligations incurred but not paid and all revenues earned but not received are recorded, and expenses and revenues relating to subsequent periods are deferred. 

What is MIT’s fiscal year?

MIT’s fiscal year begins July 1 and ends June 30. The general ledger and all financial reports are produced on a fiscal year basis. 

What activities at MIT are subject to tax?

In a nutshell, MIT has three main tax areas: sales tax, meals and alcohol tax, and unrelated business income tax. Under each category many activities are exempt. In order to determine whether or not your DLC has taxable activity, please contact Jackie Daniels or Alisha Daley on the VPF Tax team.

Does MIT reimburse for sales tax?

Generally, no. Be sure to bring MIT's sales tax form to the vendor if purchase must be made with your own credit card or cash.

Are moving expenses taxable?

The following expenses are taxable:

  • The cost of meals incurred while traveling to the new employment site
  • Pre-move house hunting expenses (travel, lodging, and meals)
  • Post-move temporary quarters (lodging and meals)
  • Real estate expenses
  • Mileage in excess of the prevailing IRS rate. The current rate for 2023 is 65.5 cents per mile.
  • Storage costs

How do I delete a line on a parked journal voucher?

If you work on Atlas, check the three small dots to the right of the line(s) you want to delete. Then click the Delete  Items button. If you work in SAP GUI, click the cursor to the left of line number for the line you want to delete. Then click Edit/Delete item. When you click Document/Complete, for each deleted line you will receive a Warning Message (in yellow): Amount is zero-line item will be ignored. SAP will leave the line as a marker, will zero out the dollar amount and will delete the line completely at the time the document is posted.

How do I know if I need to send backup to the VPF for my journal vouchers?

You no longer need to send journal voucher backup to the VPF. However, you do need to create a document that includes information to backup the journal vouchers. This includes originating transaction numbers and transaction dates when transferring expenses and revenues between cost objects, along with clear Line Item Text, and Explanation Text explaining why the journal voucher is being made.

How do I delete a parked journal voucher?

To delete a JV,in SAPgui, send an email to Journal-Vouchers@mit.edu and ask to have the JV deleted. In Atlas, open the JV and click delete on the top right. An email will be sent to the JV team to be deleted. Only parked JVs can be deleted. SAP does not let users delete posted journal vouchers.

My journal voucher was rejected. What is the process to change the JV and return it to the VPF?

You MUST retrieve the JV from your Inbox. If you work on Atlas, the rejected JV will have a red X mark on the right under status, click on that JV to open the JV for changes. Make the appropriate changes, and then click Continue to send the JV back to the VPF. If you click Cancel, the JV remains in your Inbox. If you work in SAP GUI, click on your SAPoffice: Inbox, and then double click on the JV you want to open and change. Make appropriate changes, and then click Document/Complete. SAP will also ask you if you want to re-submit the parked document for approval. Click "Yes." If you click "No" the JV remains in your Inbox.