This issue of the Financial Management Office Newsletter includes information about the following:
- Fiscal Administrators Town Hall Meeting Invitation
- Credit Card Merchant Services Agreement
- Quarterly Interest Rate for Late Vendor Payments
- Resources
The Financial Management Office Newsletter is distributed monthly. Should you have any questions about this newsletter, contact Amy Kunz via email: amykunz@hawaii.edu.
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Fiscal Administrators Town Hall Meeting Invitation
Target Audience: All
The Financial Management Office will be hosting a Fiscal Administrators’ Town Hall Meeting via Zoom on Wednesday, November 01, 2023 at 10:00-11:30am.
Please mark your calendar and join us by using the Zoom Webinar Info below:
https://hawaii.zoom.us/j/99730672182?pwd=dFVLcjYxd3RJMG9HOVRsbUtUaDZSdz09
Webinar ID: 997 3067 2182
Password: 497900
The PowerPoint presentation and webinar recording will be available soon after completion of the meeting on FMO Website –>Fiscal Administrators.
If you have any questions or concerns, please let Amy know at amykunz@hawaii.edu.
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Credit Card Merchant Services Agreement
Target Audience: Fiscal Administrators and Fiscal Support Staff
Contract C240031 was executed with Bank of Hawaii to provide merchant services for the University of Hawai’i system. The initial term of the contract is for a period of three (3) years, commencing on October 1, 2023 through September 30, 2026. Thereafter, upon mutual written agreement, the contract may be renewed for two (2) additional twelve (12) month periods.
The contract includes Exhibit C, Merchant Services Processing Terms and Conditions, which all merchants must meet. The merchant fee is based on cost plus pricing (pass through fees from card brands plus a discount (or service) fee).
Please log into the FMO Website>Cash Handling and Deposits>Treasury Office – Credit Card Merchant Services Contract, PCI Compliance and eCommerce FAQs section to view a copy of the agreement, fee schedule and Exhibit C, Merchant Services Processing Terms and Conditions.
If you have any questions, please contact Joanne Yama at jyama@hawaii.edu.
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Quarterly Interest Rate for Late Vendor Payments
Target Audience: Fiscal Administrators and Fiscal Support Staff
Pursuant to Section 103-10 of the Hawai`i Revised Statutes, the interest rate for obligations related to goods delivered or services performed remaining unpaid after 30 days is equal to the prime rate for each calendar quarter plus two percent. The interest rate is adjusted quarterly using the prime rate as posted in the Wall Street Journal on the first business day of the month preceding the calendar quarter. Please refer here for the 4th quarter interest rate and calculation.
Should there be any questions regarding this change, please call the Disbursing Office at (808) 956-5535.