RMAS: What's New

Many departments around the University sell items, either occasionally or on an ongoing basis. These may include shirts, mugs, publications, videos, presentations, food, beverages, or advertising. Even though the University is tax exempt, it is still required to collect sales tax on items sold. The issue becomes even more complicated when items are sold to buyers outside of Massachusetts. Due to the complexity of the regulations regarding tax liability of the University as a whole, it is strongly recommended that departments who are planning to or currently selling any items contact Tax Services for guidance. For additional information, consult their web page: http://vpf-web.harvard.edu/ofs/tax_services/index.shtml

Previous Tips

DO YOU KNOW WHERE YOUR EQUIPMENT IS?
SHOULD IT BE INSURED?

You should maintain a current inventory of all equipment, large or small, office or lab. While there are established policies and procedures for control, protection, and maintenance of equipment purchased with sponsored funds, it is important to track all equipment. At a minimum you should include where the equipment is located, it's original cost, whether it is University-owned or personal, and most importantly what is the insurance status.

The University's self insured property program provides automatic coverage for loss of University-owned contents in a University building, but there are restrictions.

Contents losses are limited to $250,000 per loss.
Damaged contents must be in a University owned building.
The loss must stem from a building loss (e.g., fire, water damage).
Theft is not covered.

For example, coverage is in place if a water pipe bursts damaging contents. However, coverage is not in place due to theft or vandalism. A laptop stolen from a University office or dorm room is not insured for theft by the University.

Insurance is available to cover shortfalls for university-owned equipment . Local unit administrators should contact the Insurance Office at 495-7971 to discuss coverage options. For additional information go to the Open Marine Permanent (O.M.P.) Policy.

SAFEGUARD YOUR CASH AND CHECKS

Many departments receive payments or reimbursements by cash or check and often tuck them away in ‘the top desk drawer’ until such time they can be deposited, or they figure out where to redirect them.

Funds can be stolen! You need to protect them.

Have procedures in place for both securing and depositing cash and checks.

Designate a secure, locked place for temporary holding of cash and checks (e.g., securely locked drawer, small safe).
Restrictively endorse all checks as they are received (e.g., stamp with ‘for deposit only’ and appropriate department name).
Deposit frequently (e.g., daily or weekly depending on amount)

PLAN YOUR EXIT

Many safety precautions are built into your way of life so you don’t have to really think about them – buckling your seatbelt when you get into your car, looking both ways before crossing the street, holding the handrail when descending stairs.

Well, here’s another simple precaution to add to your routine - know how to exit every building that you enter. Whether you are in a familiar office building or shopping in your favorite store, pay attention to your surroundings and take a moment to locate the nearest exits and determine your evacuation route. Planning your exit route ahead of time will allow you to remain calm, focused and safe if you ever have to evacuate a building quickly.