Exempt Paychecks in FY14
Exempt Employees (PA, AA, PAT, EE, Fiscal Year Faculty) FY14 paychecks will see slight difference.
USNH Payroll's Fiscal Year 2014 has 261 Business Days and this number impacts a salaried exempt staff's biweekly pay amounts slightly.
Exempt staff's gross biweekly pay amount will be slightly changed because in Fiscal Year 2014 (FY14) USNH returns to our normal 261 business days (which are the number of business days between July 1, 2013 and June 30, 2014). In Fiscal Year 2013 (FY13), exempt employees experienced a slight increase in their biweekly pay amounts because of a decrease in fiscal year business days, which was 260.
Exempt Employees will experience this change over the next two payroll checks, July 5, 2013 and July 19, 2013:
- The check of July 5th contains 5 business days from FY13 and 5 business days from FY14.
- The check of July 19th is fully a FY14 payment and should be your normal payment amount for FY14.
Salaried exempt staff payment for a payroll period is based on annual salary divided by the number of business days in appointment year, then multiplied by 10 as there are 10 business days in a payroll period.
Calculation Info: In FY14 if an exempt staff's appointment is for the full fiscal year (July 1 – June 30) their annual salary is divided by 261 days and then multiplied by the 10 business days in the payroll period to determine the biweekly payment amount. In contrast, in FY13, the annual salary would have been divided by 260 business days, the number of business days between July 1, 2012 and June 30, 2013. See the table below as an example:
|Fiscal Year||Annual Salary||#FY Business Days||Daily Rate||Biweekly Pay Amount|
(daily rate * 10)
Please Note: Non-exempt staff (Operating Staff) whose pay is hourly based will not experience a change in their biweekly payment amount because their pay is based on their hourly rate multiplied by the number of hours they work. However their annual rate will change based on the number of business days in the fiscal year.
If you have questions or need any additional information you should contact USNH Payroll via email at Payroll@usnh.edu or via phone at 603-862-1400.