Project Administration Billing & Collection

Restricted Funds is responsible for the billing and collection on grants and contracts awarded to the University. The vast majority of Federal awards are funded under letters of credit. Restricted Funds draws down funds under the various letters of credit based on charges to FAS. Some Federal and many non-Federal agencies remit payments to the University based upon fixed payment schedules.

 

When billing for payment is required, Restricted Funds follows the following procedures:

• Billing of contracts and subcontracts usually occurs on a monthly or quarterly basis.


• Bills are prepared from financial data on the monthly FAS statements.


• Bills are normally sent within 30 days for expenses incurred within the prior month (prior quarter for quarterly billing).

If the FAS statements are inaccurate for a particular billing period, it is the responsibility of departments to notify Restricted Funds so those bills for that period can be adjusted to accurately reflect costs incurred.

While billings are the responsibility of Restricted Funds, this responsibility may be relinquished to departments only after Restricted Funds has agreed that department billing would create greater efficiency. In these cases, departments are required to forward reconciliations between their bills and FAS. Departmental billing may be suspended at any time if Restricted Funds determines it is not in the best interest of the University.

Restricted Funds is responsible for the follow up and collection of all amounts billed by this office.