*** UCIO Financial News ***

University News and Announcements

IRS Increases Standard Business Mileage Rate for the Second Half of 2008

Yesterday, the IRS announced (Announcement 2008-63) an increase in the optional standard mileage rates for the last six months of 2008. The rate will increase from 50.5 to 58.5 cents per mile for all business miles driven from July 1, 2008, through December 31, 2008. The special mid-year adjustment, which modifies Revenue Procedure 2007-70, was implemented to reflect recent gasoline price increases.

Important Dates and Reminders

This year Harvard Central Accounting is encouraging us to have all First Close A/P expenses in their office no later than June 30^th at 5pm. Because the UIS Accounting Office requires a certain amount of process time, we will need to receive all 1st close FY08 invoices in our office by Friday, June 27, 2008 at Noon. Beyond this date there is no guarantee an invoice will be processed for first close.

The Central deadline for AP 2nd close is Thursday, July 10, 2008 at Noon. Please have all FY08 invoices in this office by Wednesday July 9^th at 10 am.

It is important to approve and forward AP invoices to our office as soon as possible. This will ensure that invoices are processed promptly.

Invoices should be sent to: 1230 Soldiers Field Road Attn: PAULA STANGENBERG.

Please do not hesitate to contact us if you have any issues or questions regarding these deadlines. If you have a special situation and can not meet either of the above UIS Accounting Office deadlines, contact this office as soon as possible. We can always accommodate and handle special situations as they arise.

Thank you for your cooperation!

We hope that this issue of the UCIO Financial News has been helpful and informative. If you have any questions, or would like to see a specific topic covered in a future publication, please email us at uisfin_news@harvard.edu