|To:||Deans, Directors, and Department Heads|
Barbara A. Moses
|Subject:||Special Benefits Rates|
|Date:||June 22, 2020|
Special benefits rates are applied to all projects to provide funds to pay special personnel benefits specified on this site: http://budget.ncsu.edu/budgetoffice/documents/SpecialFringeBenefitsPools.pdf.
On a monthly basis, the special benefits rates are automatically charged to the salary expenditures of each project.
The university level projects that pool these funds are analyzed periodically to assure sufficient cash flow to meet anticipated costs. Based on our recent analysis and projected future needs, effective July 1, 2020, the special benefits rates are as follows:
Academic Affairs (16030) 0.90% 0.20 increase
Agricultural Research (16031) 0.90% 0.20 increase
Cooperative Extension (16032) 1.80% No change
Non-State Funded Projects (excluding ledger 5) 0.90% 0.30 increase
Contracts and Grants (ledger 5) 1.40% 0.45 increase
Changes to the rates are typically driven by changes in unemployment compensation and workers compensation costs. This year due to effects of COVID-19, there are variables that are uncertain and changing rapidly. The Budget Office has taken into account all known variables at this point in time to calculate the rates for the next fiscal year. An evaluation will be done midyear to ensure the rates will cover the costs that will be incurred throughout the fiscal year.
If you have any questions concerning these rates, please contact the University Budget Office at firstname.lastname@example.org.
cc: W. Randolph Woodson, Chancellor
Warwick A. Arden, Executive Vice Chancellor and Provost
Charles A. Maimone, Vice Chancellor, Finance and Administration
Mladen A. Vouk, Vice Chancellor, Research and Innovation