The Financial Transformation Team (FTT) is dedicated to enhancing and streamlining the financial operations of our organization. As a critical component of the Treasury & Special Project Department (TSP), the FTT focuses on implementing innovative solutions, optimizing processes, and providing comprehensive support to ensure efficient and effective transaction processing.
Our key services include:
- Training Sessions for Groups and Individuals: FTT conducts tailored training sessions to empower teams and individuals by transferring the knowledge and skills needed to navigate financial processes and systems effectively.
- Supplier Portal: Maintaining and supporting a user-friendly supplier portal that facilitates self-service, efficient communication, and transaction processing between the College and its suppliers. FTT can also manually create and update supplier accounts and complete the onboarding process.
- Settlement Runs: Reviewing and processing settlement runs to ensure timely and accurate payments.
- Escheatment Processes: Completing the escheatment processes to manage unclaimed property and ensure compliance with state regulations regarding abandoned financial assets.
- IRS Forms 1099 and 1042 Reporting: The preparation and transmission of 1099 and 1042 forms to ensure compliance with IRS reporting requirements.
- DebtBook Updates: Keeping accurate records of the organization’s debt obligations, capital leases and software licenses to facilitate compliance with GASB 87 and GASB 96 reporting.
- Utilities: Reconciling utility invoices to the payments to ensure the College has uninterrupted services and efficient cost management.
- Software Implementation: Leading the implementation of new financial software solutions to improve data accuracy, streamline business processes, and optimize system functionality.
How the FTT Makes a Difference?
The Financial Transformation Team’s mission is to be a catalyst for positive change within the organization’s financial operations. Through our expertise, innovative solutions, and dedicated support, we drive efficiency, compliance, and growth, positioning the organization for long-term success.
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The IRS 1099 forms are a group of tax forms that document payments made by an individual or a business that typically isn’t your employer. The form reports payments made during the tax year. The payer is responsible for filling out the appropriate 1099 tax form and sending it to the payees. The IRS requires payers to provide most 1099 forms by January 31.
The IRS 1042 form is used to report the tax withheld from the income of foreign persons, including nonresident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts.
The FTT is in charge of providing Business Partners with trainings when necessary. Find more information on the Training page.