There is no formal policy statement for this topic however procedures and other information are provided below.
To ensure the timely collection of funds due to the University
EXAMPLE OF RECEIVABLES TIME FRAME
January February March April May
Current 30 days from 60 days from 90 days from 120 days from
Period Date Inv Sent Date Inv Sent Date Inv Sent Date Inv Sent
(30 to 60 days) (60 to 90 days) (90 to 120 days) (120 & Over)
7. OSP may use a research agreement with more aggressive and predictable billing terms. This alternative research agreement format is available for for-profit companies at risk for bankruptcy and start-ups. The use of this agreement (with accelerated billing terms), is determined by the Grants Officer in OSP. Once the agreement is executed, Post Award Accounting will employ the following timeline for receivables follow-up:
a. All Predetermined Invoices (excluding those dependent upon confirmation of task completion) are mailed within the first two weeks of the month in order to establish a reliable beginning aging cycle.
b. If the payment due from the agency is 60 days or more past due on invoices from for-profit companies, the Billings/Receivable Manager will notify both the PI and OSP, as well as the agency.
c. These past due accounts will be reviewed on a case by case basis, and monitored closely for collectability.
Gail ChesterPhone Number: 706-542-9230
Responsible University Senior Administrator: Vice President for Finance & Administration
Responsible University Administrator: Associate Vice President and Controller
Policy Owner: Post Award Accounting
Policy Contact: Gail ChesterPhone Number: 706-542-9230
This series provides a record of the establishment and administration of individually sponsored grant and contract restricted funds accounts, documents compliance with fiscal reporting requirements, and includes billing information for accounts receivable from sponsoring agencies and from departments for gift account fees. Grants may be federal, state, corporate, or private. This series may include but is not limited to: project summaries; grant authorizations; contract documents; project budget change and adjustment forms; invoices; receipts; cashier's receipts; equipment purchase orders; prior approval request forms; account request forms; vendor telephone contact logs; subcontracts; grants and contracts monthly budget summary statements; institution billings balance sheets; reports for sponsored programs post award accounting that are operating on direct payments; final financial reports; property reports; patent/invention reports; contractor's release report; assignment of refunds and rebates documents; equipment disposition reports; and related documentation and correspondence.
Record Copy: Institutional Archives; Post Award Accounting
Retention: Contracts, patents, and agreements for use of research outcomes: Permanent. All other accounting records: 7 years after final financial report is submitted and the account is closed, unless otherwise specified as longer by the terms of the contract
Citation or Reference: OMB Uniform Guidance; BOR Research Grant Records 0472-09-006