How do I... use my IDA funds?

This NYU Steinhardt guideline covers the "what" and "how" of using funds you, as a full-time faculty member, receive from the Steinhardt School each year to provide individualized, flexible financial support for a range of expenditures to further your professional development: Your Individual Development Account (IDA).

Background

Individual Development Account money can be spent on anything that will facilitate your personal professional development. This might include more memory for a laptop, your travel to a conference, assistance in indexing your book or hosting a work-related luncheon. It can support research, if no other funds are available.

Each Steinhardt School full-time faculty member's allocation for the current academic year is $2,000.

Please note:

IDA expenditures are processed in accordance with standard New York University procedures.
These funds are for use only during the academic year in which they were awarded.
Your department/budget administrator can help you make a determination about the eligibility of certain expenses.
This system of IDA funds is specific to the Steinhardt School.
If you have a joint appointment in another school, or if you are on leave, see your department administrator for help to determine whether you are IDA eligible.
Research Start-up Funds that some newer faculty members have been allocated are separate from IDA funds.
For additional sources of financial support to full-time Steinhardt faculty, follow the links under "Awards and Competition" at: http://steinhardt.nyu.edu/faculty_affairs/for_full-time_faculty.
Class or student related special activities expenses not covered by your department's budget, may be reimbursed through the Faculty/Student Class Activities Fund.

Fiscal Responsibilities

The funds in your IDA account are accessed in conformance with New York University policies and procedures, whether they are used to make a purchase, pay someone or receive a reimbursement. Your department administrator/budget administrator will advise you on the details.

All payments for work performed must be made directly to the individual who did the work. Avoid the temptation to advance money to pay a student, consultant or guest speaker. Reimbursements for these purposes are prohibited by New York University's fiscal policy and will not be processed. You can identify someone you would like to be paid with your IDA money -- a student hourly worker, a consultant or a guest to be paid an honorarium -- and then arrange for the School to make the payment.

Note: A 29% fringe rate will be charged to your IDA, in addition to the hourly rate you pay a student employee.

Last, but not least, it is your responsibility to keep an eye on your IDA's bottom line. Any deficits will need to be made up -- whether by School funds or your own.

Process

IDA expenses are charged to Fund 10 and ORG 55012.

The first five digits or "Account" number requested on payment requests defines the type of expenditure. Check with your department/budget administrator for help in this regard.
When completing a paper or electronic form for an item to be paid with IDA funds, be sure to write "IDA" prominently somewhere on the form.
If you also have a Research Start-up Fund, this distinction is particularly vital to avoid confusion.

The paper forms needed to process various types of expenditures, are found at:
http://steinhardt.nyu.edu/adminfinance/forms.

Your IDA request must be approved within NYU Steinhardt's Office of Administration & Finance. See "Approval Signatures" below.

Timing

Expenses incurred in the conduct of University business must be accounted for within 60 days after:

the date of the expenditure,
the completion of the event, or
return from a trip.

The timeline for using your Individual Development Account funds is from September 1 - June 30th of the academic year for which they are allocated. Expenses for travel occurring between July 1 - August 31st may be charged to your IDA, as long as you notify your budget assistant by June 30th and account for expenditures by the end of the fiscal year.

NYU operated vendors

Computer, printer and most peripheral purchases must be made through the NYU computer store, via the University's computer bulk purchasing plan, or NYU's i-Buy.

If the purchase is made at the NYU Computer Store, an NYU Computer Store Requisition must be pre-approved.
It must be approved by your budget assistant.
An exception may be made to allow a reimbursement, if you must make an emergency purchase while outside the New York metro area. Be aware that NYU will not reimburse sales tax paid on computers purchased outside the NYU procurement system.

NYU Book Store purchases:

For the book stores, the Departmental Book Requisition must be pre-approved by your budget assistant. (This is not the form used to ask the Bookstore to stock books for sale to students in a course.)
Purchases made at these NYU operated stores will become direct internal charges to your IDA account.

i-Buy purchases: NYU's online marketplace, i-Buy, contains a variety of suppliers and is a good first place to visit when planning an IDA covered purchase.

No sales tax is charged on items purchased through i-Buy. This is beneficial to you, as the University will not reimburse sales tax paid on any purchase over $150.
Your department or budget administrator can help you use i-Buy.

Torch Club and Kimmel Center food, catering or room rental charges will become direct internal charges to your IDA, after first being pre-approved by your budget assistant.

Travel related expenses

Your NYU Corporate American Express Card, personal credit card or cash may be used.
To pay for travel tickets or conference fees in advance of your trip, check with your department/budget administrator for help with the correct procedures.
Meal expenses are reimbursed in two ways:
- According to actual, substantiated costs for which itemized receipts are submitted.
- Or at an established "per diem" meal allowance rate. The current domestic rate is $50.
  - The per diem applies only when overnight travel is involved.
  - Per diem meals for the first and last day of travel are prorated.
  - Travelers cannot switch between these two methods in one trip; the method a traveler chooses applies to all meal expenses incurred during the trip.

The University's general guideline is that total expenses for lodging and meals should not exceed $350 per day. This total applies whether the substantiated or the "per diem" basis is used to calculate meal expenses.
Exceptions will be granted for higher daily spending, if the expense is necessary, documented, and approved by the appropriate Steinhardt School representative.
The auto mileage reimbursement rate fluctuates. This IRS-defined rate is calculated to include both fuel and wear-and-tear on the automobile. AP Workflow automatically calculates mileage at the rate in effect on the date of travel.
NYU's complete travel reimbursement policy is at: http://www.nyu.edu/financial.services/cdv/policies-pgS2.

Payments for work performed

A consultant may be paid with IDA funds, if the consultant will be working with you. Work with your department/budget administrator and follow the normal procedures for paying an individual as an independent contractor. No fringe rate is charged for consultants. Engaging a consultant is different from hiring an employee.

A guest speaker may be paid an honorarium out of your IDA money. No fringe rate is charged as the individual is not an employee.

A student hired to assist you may be paid with IDA funds. Prior to the student's first day of employment, you must work with your department/budget administrator and follow the normal student employment procedures.

Contact the Steinhardt School's Human Resources Office to discuss salary rates, the number of hours your student is permitted to work, and the amount you are budgeting from your IDA to pay the student.
A 29% fringe rate will be charged against your IDA , in addition to the hourly rate you pay the student.
Send this information in writing (an email will do) to your department/budget administrator, who will process the student's appointment.
Approve time sheets via myTime.
Keep for yourself a running account as you spend down IDA funds on the student's salary and fringe.

Smart phones and tablet devices

For purchases of smart phones or table devices, all requests for reimbursement from IDA funds must include the receipt and a memo justifying the need for the item.

A note to your department/budget administrator...

IDA-paid student appointment requests must be signed by the faculty member and the appropriate Steinhardt IDA budget assistant, prior to submitting the paperwork to Steinhardt's HR office. A student paid via an IDA account may only be hired as a non-federal work study (Code 119).

Approval Signatures

Requests submitted electronically are automatically routed for review and approval.

When you use a paper form, you must sign in order for us to move forward with your IDA request.

Neither your department chair nor your department/budget administrator need sign paper forms... but, it is important to ask your department/budget administrator to review the paperwork to ensure it is correct.
Staple to the financial request form and its attached documentation, one photocopy of the financial request form.
Send paperwork to NYU Steinhardt's Office of Administration and Finance for approval (see below for the appropriate contact).

Still Have Questions?

Feel free to contact the Office of Administration and Finance with any questions. If your last name begins with the letters:

A - L, contact Ramie Johnson at 212 998 5147 or rlj1@nyu.edu
M - Z, contact Jenny Ann Roberts at 212 998 5084 or jjr3@nyu.edu

Updated January 10, 2012

Administration and Finance