Wire Transfer Request

Wire Transfer Request Requirements and Instructins OFFICE OF DISBURSEMENTS Categry: Dcument Name: Payment Prcessing Wire Transfer Request - Requirements and Instructins Respnsible Department: Office f Disbursements Apprval Authrity: Office f the Cmptrller Original Publish Date July 1, 1999 Last Update: May 23, 2013 Cntact: Directr, Disbursements

Table Of Cntent 1. Recap f Imprtant Updates... 1 1.1 Recap f Imprtant Updates Effective 09/30/2010... 1 1.1.1 Required Signatures (and Printed Names)... 1 1.1.2 Supprting Dcumentatin... 1 1.1.3 Purchase Order (PO) / Cntract Requirement... 2 1.2 Recap f Imprtant Updates Effective 05/23/2013... 2 1.2.1 Cntact Email Updates... 2 1.2.2 Spectrum POs (vs. PantherMart POs)... 2 1.2.3 PO Exemptin fr Purchases f $24,999.99 r less... 2 2 Wire Transfer Request - FAQ... 4 2.1 What is a Wire Transfer?... 4 2.2 What are the Requirements fr Requesting a Wire Transfer?... 4 2.3 Wh will be the Wire Transfer Initiatr?... 5 2.4 Wh will be the Wire Transfer Apprver?... 6 2.5 Will Taxes Be Withheld frm the Wire Transfer?... 6 2.6 Hw ften is Wire Transfers Prcessed by Disbursements?... 7 2.7 The Wire Transfer Request Frm is nt available n the web. Hw Can I Access the Frm?... 7 2.8 Which departments are invlved in the Wire Transfer Prcess?... 8 3 Prcessing Instructins... 9

1. Recap f Imprtant Updates 1.1 Recap f Imprtant Updates Effective 09/30/2010 1.1.1 Required Signatures (and Printed Names) The wire transfer initiatr : When the amunt is less than $5,000 - Department Administratr r higher psitin. When the amunt is $5,000 r greater - Business Manager, Prgram Directr r higher psitin. The wire transfer apprver: When the amunt is less than $5,000 - Business Manager, Prgram Directr r higher psitin. When the amunt is $5,000 r greater - Cllege Admin Officer, Dean, Department Chair, r higher psitin. Additinal Apprval Required fr funding surces related t prjects/grants - Departmental Grant Administratr 1.1.2 Supprting Dcumentatin Dcumentatin must include details fr the transactin including a listing f individuals fr whm payment is being made, purpse/reasn fr the payment, dates f the event, destinatin, etc. Vendr s Invice and Order Cnfirmatin shuld be prvided when available. A Mem f understanding shuld be attached t clarify the purpse fr the payment, especially in situatins where a vendr s invice is nt prvided. Disbursements will withhld payment until sufficient dcumentatin t supprt the payment is prvided. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 1 f 10

(Rutine Wires (emplyee benefit payments, and emplyee retirement payments) require a summary request fr payment alng with apprpriate signature and printed name apprval. Detailed supprting dcumentatin is retained by the Payrll and Benefits Units). 1.1.3 Purchase Order (PO) / Cntract Requirement Payments f $24,999.99 r mre (r $4,999.99 r mre fr payments fr persnal services) must be linked t an apprved and dispatched PO r the requestr/initiatr must prvide dcumentatin frm the GSU Purchasing Unit cnfirming that a PO is nt required. Email purchasing@gsu.edu Payments requiring a cntract must have an apprved and signed cntract attached t the Wire Transfer Request Frm. Until further ntice, POs linked t payment by wire transfer must be set-up in Spectrum (and nt in PantherMart). 1.2 Recap f Imprtant Updates Effective 05/23/2013 1.2.1 Cntact Email Updates Emails fr Disbursements are t be sent t accuntspayable@gsu.edu Emails fr Purchasing are t be sent t purchasing@gsu.edu 1.2.2 Spectrum POs (vs. PantherMart POs) Until further ntice, purchase rders linked t wire transfer shuld be set-up in Spectrum (and nt PantherMart). 1.2.3 PO Exemptin fr Purchases f $24,999.99 r less NOTE: Questins regarding the PO requirement shuld be directed t the Purchasing Unit, at purchasing@gsu.edu, r (404) 413-3150 Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 2 f 10

Purchases f $24,999.99 r less are exempt frm the cmpetitive bid prcess, and therefre (generally) d nt require a Purchase Order. GSU Exceptins include: 1. Independent Cntractr / Persnal Services expenditures csting $5,000 r mre require the issuance f a Spectrum Purchase Order in rder t be prcessed fr payment via Wire Transfer. Please refer t the dcument titled, Desktp Ntes Payments t Independent Cntractrs/Cnsultants fr additinal infrmatin n hw t handle these types f payments. Agreements which require a fully executed cntract that have been reviewed by the requesting department, Purchasing and Legal Affairs, and signed by the apprpriate signatry authrity, require a Spectrum PO, in rder t be paid via Wire Transfer. 2. Gds and services less than $25,000.00 may be submitted withut a PO, except: asset items (single item f furniture r equipment) valued at $3,000.00 r mre. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 3 f 10

2 Wire Transfer Request - FAQ 2.1 What is a Wire Transfer? A wire transfer is a payment prcess used n a limited basis. Funds are wired directly frm ne bank accunt t anther. The wire transfer prcess is generally reserved fr situatins fr which a payment by check r Electrnic Funds Transfer (EFT) wuld be inefficient r unacceptable, as well as fr emergency /pririty payments. Generally, wire transfers shuld nt be used in place f an Accunts Payable check r EFT. Sme exceptins may include: Study abrad / Travel Abrad Payments Payments t a freign based entity, which des nt use a US based bank. Payments initiated by Human Resurces fr payment f certain emplyee benefits. 2.2 What are the Requirements fr Requesting a Wire Transfer? A Wire Transfer Request Requires the Fllwing: VENDOR/PAYEE must be listed as an active vendr in Spectrum. If the vendr is nt listed in the vendr file, then the vendr must cmplete Substitute W-9 & Vendr Authrizatin Frm http://www2.gsu.edu/~wwwpch/vendrprfilefrm.pdf fr submissin t Purchasing, the unit which perfrms vendr setup. If the service prvider is a freign natinal, they must cmplete a Frm W-8BEN Or If the department is unable t btain this infrmatin frm the vendr, they must cmplete the Freign Vendr Infrmatin Frm Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 4 f 10

http://www2.gsu.edu/~wwwpch/freignvendrinfrmatinfrm.pdf n the freign vendr s behalf. When submitting the Frm W-8Ben, it is nly necessary fr the freign natinal t cmplete Parts I and IV f the frm. Frm W-8BEN shuld be submitted t Purchasing fr vendr setup. Sme freign based vendrs may prefer t submit the Freign Vendr Infrmatin Frm. Upn cmpletin f these frms, the vendr may either email the frm t purchasing@gsu.edu r fax it t 404-413-3165. Sufficient Dcumentatin t substantiate the payment must be attached t the Wire Transfer Request Frm. Disbursements must withhld payment until sufficient dcumentatin is received. Examples f dcumentatin (where applicable): (Spectrum) Purchase Order number (See Sectin 1.2.3 abve) Vendr s invice, rder cnfirmatin, mem f understanding Banking infrmatin prvided by the vendr (The vendr may prvide their banking infrmatin via email, by listing the infrmatin directly n their invice, r via anther written frmat) Listing f participants (fr example: names f individuals fr whm payment is being made). When a Wire Transfer is being issued t facilitate a Study Abrad Cash Advance Request, the Study Abrad Cash Advance Frm request must accmpany the Wire Transfer Request Frm. Frm Available thrugh the Fllwing link: http://www2.gsu.edu/~wwwspc/frms/studyabradcashadvance.dc 2.3 Wh will be the Wire Transfer Initiatr? The wire transfer initiatr: When the amunt is less than $5,000 - Department Administratr r higher psitin. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 5 f 10

When the amunt is $5,000 r greater - Business Manager, Prgram Directr r higher psitin. 2.4 Wh will be the Wire Transfer Apprver? The wire transfer apprver: (Must be anther individual, different frm the wire initiatr) When the amunt is less than $5,000 - Business Manager, Prgram Directr r higher psitin. When the amunt is $5,000 r greater - Cllege Admin Officer, Dean, Department Chair, r higher psitin. Additinal Apprval Required fr funding surces related t prjects/grants Departmental Grant Administratr 2.5 Will Taxes Be Withheld frm the Wire Transfer? The University will nt withhld taxes fr payments made by wire transfer unless directed t d s by the IRS. Certain payments t freign natinals require federal tax withhlding. Cntact the University s Tax Accunt, t discuss further at iivanv1@gsu.edu. IRS regulatins require the taxatin f payments t nn-resident aliens fr payment f services prvided inside the United States, unless the incme is exempt under a prvisin f a tax treaty between the freign natinal s hme cuntry and the U.S. T be eligible t claim the tax treaty exemptin, the freign natinal must have a scial security number r individual taxpayer identificatin number and must have submitted IRS Frm 8233 (Exemptin frm Withhlding n Cmpensatin fr Independent Persnal Services f a Nn-Resident Alien Individual) t the University fr certificatin. In additin, nnresident aliens are required t cmplete IRS Frm W-8BEN (Certificate f Freign Status f Beneficial Owner fr United States Tax Withhlding). Frm 8233 is generated thrugh the tax analysis prcess cnducted by the University. Refer t the Freign Natinals - Tax Analysis and Payments Guide fr additinal infrmatin n this prcess and these required dcuments. The tax analysis may decrease the federal tax liability n the payment. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 6 f 10

2.6 Hw ften is Wire Transfers Prcessed by Disbursements? Wire transfer requests are prcessed daily, Mnday thrugh Friday, except n University hlidays and Federal banking hlidays. Frms received by nn are generally prcessed the same day, prvided: the frm is cmpletely filled ut the frm cntains valid infrmatin frm bears prper signature apprvals (legible with signatures and printed names). Original signatures, nly the vendr is prperly set-up in the vendr file sufficient dcumentatin is attached t the frm (supprting dcumentatin and justificatin fr the wire) Reference: Bard f Regents, Internal Cntrl Prcedures fr Wire Transfers, see sectin 19.5 http://www.usg.edu/business_prcedures_manual/bpm-sect19.pdf Bid Requirements, where applicable, are met. Purchase Order requirements are met. Payments f $24,999.99 r mre (r $4,999.99 r mre fr payments fr persnal services) must be linked t an apprved and dispatched PO r the requestr/initiatr must prvide dcumentatin frm GSU Purchasing cnfirming that a PO is nt required. When paying by wire transfer, enter the PO int Spectrum (nt PantherMart)). the requirements fr the payment type are met the funds are released/cnfirmed by the Accunting Services Unit 2.7 The Wire Transfer Request Frm is nt available n the web. Hw Can I Access the Frm? On request, the Office f Disbursements will send the required Wire Transfer Request Frm directly t the requestr via GSU s email address. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 7 f 10

The Office f Disbursements can be reached by email at accuntspayable@gsu.edu r (404) 413-3040. Email t request Frm: accuntspayable@gsu.edu 2.8 Which departments are invlved in the Wire Transfer Prcess? Purchasing, Disbursements, and Accunting Services are all invlved in the Wire Transfer Prcess. Purchasing (email at purchasing@gsu.edu) Review fr Bid Requirements. In the event cmpetitive bidding is required, it is recmmended department check with Purchasing (purchasing@gsu.edu) well in advance f need s bidding can take place if required. Cntract Review Purchase Order Dispatch (purchases f $5,000 r mre). Until further ntice, POs linked t payment by Wire Transfer must be entered int Spectrum (nt PantherMart) Vendr Set-up Disbursements (email at accuntspayable@gsu.edu) Dcument Review and Audit Federal Tax Withhlding Wire Transfer Vucher Entry t recrd Wire Transfer Accunting Services (email at jalinedixn@gsu.edu) Dcument Review Wire Transfer Release f Funds Bank Recnciliatin Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 8 f 10

3 Prcessing Instructins A Wire Transfer request (a cmpleted Wire Transfer Request Frm with prper attachments) must be received in the Office f Disbursements [Sparks Hall, Rm 400-A] n later than 12:00 PM n the date the payment is required in rder fr the wire transfer t be released by the end f the wrkday. The Wire Transfer Request Frm must bear riginal signatures; cpied r scanned Wire Transfer Request Frms will nt be prcessed. Questins? Call 404.413.3040. # Step 1 Cntact the Office f Disbursements by email at accuntspayable@gsu.edu r 404.413.3040 t request the Wire Transfer Request Frm t be e-mailed directly t the requestr s GSU Email Or Email t request the Frm: accuntspayable@gsu.edu 2 Cmplete all (applicable) fields n the Wire Transfer Request Frm. 3 Ensure the Payee/Vendr is prperly listed in the Accunts Payable vendr file as an active vendr. Email fr Vendr set-up: purchasing@gsu.edu Or Cntact 404.413.3150 fr mre infrmatin. (Vendr set-up is a functin f the Purchasing Unit). 4 Attach the dcument which shws the payee/vendr s banking infrmatin, as received frm the payee. The infrmatin may have been received by email r mem. Attach the email r mem t the Wire Transfer Request Frm. Include the payee s entire banking infrmatin. 5 The Wire Transfer Request Frm must bear the signatures and printed names as fllws: The wire transfer initiatr : Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 9 f 10

When the amunt is less than $5,000 - Department Administratr r higher psitin. When the amunt is $5,000 r greater - Business Manager, Prgram Directr r higher psitin. The wire transfer apprver: (Must be anther individual, different frm the wire initiatr). When the amunt is less than $5,000 - Business Manager, Prgram Directr r higher psitin. When the amunt is $5,000 r greater - Cllege Admin Officer, Dean, Department Chair, r higher psitin. Additinal Apprval Required fr funding surces related t prjects/grants - Departmental Grant Administratr 6 The Wire Transfer Request Frm must prvide a valid SpeedChart and Accunt cde fr the expenditure. (Disbursements will enter a vucher t recrd the wire transactin). 7 Payments subject t withhlding will require withhlding r dcumentatin t supprt an exemptin. Cntact the Tax Accuntant at 404.413.3056. Email: iivanv1@gsu.edu 8 Disbursements will prcess the Wire Transfer Request. Accunting Services will release the funds. Last Updated 05/23/2013 Wire Transfer Request Requirements and Instructins Page 10 f 10