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For certain large construction projects, state law requires that the university obtain certification from vendors that their employees working on the project have been paid a designated fair market, or “prevailing” wage level. To support compliance, effective January, 2010, vendor invoices for projects which meet prevailing wage requirements will workflow to the Prevailing Wage Coordinator in FOD in addition to standard workflow for departmental approval. Each invoice will remain in ‘pending’ status and will not be released for payment until approved by both a designated departmental approver and the Prevailing Wage Coordinator. This could potentially affect timing of payments for suppliers subject to prevailing wage requirements. For further information on prevailing wage, please refer to the FOD website or contact the Prevailing Wage Coordinator at 614-292-0174 or e-mail at email@example.com.
Backup withholding is an Internal Revenue Service (IRS) mandate which requires that the university withhold and remit to the IRS 28% of a vendor's payment under certain conditions. Backup withholding is typically required when the payee has failed to provide us with a valid Taxpayer Identification Number, as determined by the IRS. Payees are issued an IRS form 1099 at year-end which includes all amounts withheld, which is also reported to the IRS. All funds withheld can be applied to the vendor's next federal tax return.
For recipients of a First B Notice, submittal of a complete and accurate Vendor Setup Form (substitute IRS Form W-9), is necessary in order to resolve a backup withholding status and to avoid further withholding on future payments.
For recipients of a Second B Notice, submittal of TIN validation documentation from the IRS or the SSA is necessary to resolve a backup withholding status. If an individual, a social security number printout is required or if a business, a 147C Letter is necessary.
For assistance or further questions contact Vendor Maintenance at BF-PRSM-Webform@osu.edu.
If a department does not want an invoice to be paid, they must notify Accounts Payable via e-mail at firstname.lastname@example.org and request that the invoice be placed on hold. When the department approves the invoice, it is their responsibility to notify Accounts Payable (via email) to release and pay an approved invoice formerly on hold in the Financials System.
Petty cash funds are established and approved by the Treasurer's Office. When the Treasurer's staff has reviewed and approved the request, the departments submit a payment request, and a check is generated to start the petty cash fund.
To replenish the fund, the department submits a payment request via PREP. Departments are responsible to retain receipts, and ensure necessary approvals and controls.