UPbeat

News for and about University of Portland faculty and staff.

Financial Affairs

Payroll Tax Deferment Program: UP Opting Out

The University of Portland will not be implementing the payroll tax deferment program announced three weeks ago by Presidential Memorandum, according to Eric Barger, interim VP of financial affairs. According to Barger, “The executive action gave employers the option to postpone  for the remainder of the year the collection of payroll taxes such as an employee’s portion of Social Security taxes for individuals making up to $104,000 a year. However, individuals would be responsible for withholding and paying back these taxes before May 1, 2021, or be subject to interest and penalties.

“University of Portland will continue to collect payroll taxes on behalf of all employees in order to avoid potential confusion, undue hardships, or other complications that might otherwise emerge during the filing of taxes for 2020 by employees next year.”

For more information contact Barger at barger@up.edu.

Alan Timmins Announces Retirement: Thank You For Stellar Service

The University’s vice president for financial affairs, Alan P. Timmins, has announced his plan to retire from his position as of June 30, 2020, according to a message by University president Rev. Mark L. Poorman, C.S.C.

He graduated from the University maxima cum laude with degrees in accounting and management before earning his MBA from Stanford University. He worked as an auditor with PricewaterhouseCoopers then joined AVI (now Sarepta Therapeutics), a pioneering medical research company. At AVI, he rose through the ranks and eventually served as the company’s president and chief operating officer for eight years. In 2009, he was named one of the “Significant 75” alumni of the Pamplin School of Business. In 2011, Alan came home to UP, joining the University as Vice President for Financial Affairs.

During his tenure, the value of the endowment more than doubled from $102 million to $206 million. This accomplishment has enabled UP to fund student scholarships, support faculty, and reduce dependence on tuition. Timmins also achieved an upgrade to the University’s bond rating from BBB+ to A, reducing University interest expenses and total debt service. He has provided remarkable leadership to the Division of Financial Affairs, including the controller’s office, student accounts, budgeting, and financial aid, and has guided UP’s relationships with Barnes & Noble and Bon Appétit Management Company. His transparent, collaborative approach to sustainable budgetary management has served UP and its educational mission well.

Eric Barger, currently associate vice president and controller, will serve as interim vice president for financial affairs beginning July 1, and Lori Watson will become interim controller. Please join Alan’s colleagues in sending best wishes to him and his wife Annette for their happy retirement in Arizona.