Attached you will find the Biweekly Payroll Accrual Reversal Reports for Fiscal Year Ending June 30, 2009.

The University processes biweekly accruals at the end of each year. The purpose of the accrual is to charge the ledgers for hours worked by employees during the month of June but paid during the month of July in the following fiscal year.

For Fiscal Year ending June 30, 2008 (Fiscal Year 2007-08) the following method was used to calculate the accrual for each employee:

• Biweekly pay period ending June 14, 2008 was used as a base period;
• The gross “current-period” amount earned by each employee was used to calculate the accrual amount;
• The accrual amount charges were 110% of the gross pay ("current-period" activity only) during the pay period. (There were 11 working days in June which were paid in July).

The Biweekly Payroll Accrual Reversal Reports reflect a credit(s) for the exact amount of the accruals charged to your account in Fiscal Year 2007-2008.

Note: Do not submit any Payroll Expense Transfer Forms UPP103 to reverse any of the accruals charged to your account in Fiscal Year 2007-08.

We have reversed these charges and the reversal is reflected on the Expense Distribution Register enclosed with this memo.

NOTE:  Do not submit any Payroll Expense Transfer Forms UPP103 to reverse any of the accrual charges; the forms will not be processed.

Reminder: Payroll will be processing biweekly payroll accruals for Fiscal Year 2008-09. The accruals will be based on pay period ending June 13, 2009, and the charge will be 120% of the gross pay.

Any questions regarding the fiscal year end accrual process should be directed to me via e-mail at jhamagu1@uchicago.edu.