1 / 18

Sponsored Accounts Receivable Carly Prellwitz

Sponsored Accounts Receivable Carly Prellwitz. What is the role of the SFR Collector?. Coordinate collection on past due sponsored awards Contact sponsors to follow up on payments Research non payment issues Negotiate and setup payment plans Process refunds. The Breakdown.

alexavier
Download Presentation

Sponsored Accounts Receivable Carly Prellwitz

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Sponsored Accounts ReceivableCarly Prellwitz

  2. What is the role of the SFR Collector? • Coordinate collection on past due sponsored awards • Contact sponsors to follow up on payments • Research non payment issues • Negotiate and setup payment plans • Process refunds

  3. The Breakdown • The average monthly receivable for FY 2011 was $45,090,844.00 • 42% of this balance was paid within the first 30 days of invoice being generated. • The remaining 58% required additional collection efforts. • Only 14% of the receivables aged past 90 days.

  4. The Good SFR Invoices Sponsor Sponsor Approves Invoice Payment Received and Invoice is Closed

  5. The Bad • Invoice ages past 30 days • There are issues that need attention and once resolved, the Sponsor pays the invoice.

  6. The UGLY THE SPONSOR DOES NOT PAY • When the sponsor does not pay after all collection efforts have been exhausted, the Academic Department is responsible for absorbing all costs associated with the nonpayment.

  7. Stages of Collection • Statements are generated on the first day of every month for any invoice over 30+ days aging. (see sample statement) • SFR Collector contacts sponsors via email or phone. • Second Attempt via email/phone and notify PI and Department • Send demand letter and escalate to SFR Fiscal officer • Legal (if necessary)

  8. Common Payment Issues • Invoice not received by Sponsor • Sponsor waiting for a deliverable • Additional information requested for expenses • Payment sent to University Department or misapplied payment • Sponsor Delays • Money from prime source not received • Waiting for approval to pay • Contact person has left the organization

  9. Less Common, More Serious Collection Issues • Future Funding/Carry Forward Not Approved. • Performance Quantity/Quality Issues • Financial Difficulty or Bankruptcy

  10. Some Solutions • Payment Plans • Used when sponsor runs into cash flow issues or facing financial hardship. • Goal is to be paid in full for entire award amount. • Negotiate payment plans on a case by case basis and as per the financial situation of our sponsor. Flexible but firm. • No penalties or interest unless default.

  11. Settlement • In some very rare cases when a sponsor is having extreme financial difficulty or if there is a quality/quantity issue, negotiating a settlement is necessary. • PI and department are directly involved with this negotiation. • In some cases OGC is involved in the process.

  12. Unique Situations that Could Result in Payment Problems • PI leaving the University/Early Termination • Funds deobligated by sponsor before SFR has finalized invoicing • Clinical Trials • Discrepancy between study site reporting and departmental reporting. • International Funds • Discrepancy in amount received due to conversion rates.

  13. How do I look up my Sponsored Receivables? • UM Reports • PeopleSoft • Sponsored Award Overview • PeopleSoft • Accounts Receivable Item List

  14. Sponsored Award Overview

  15. Who is the assigned Collector?

  16. Need Help? CONTACT: Carly Prellwitz- Principal Collections Rep 612-625-8584 prell003@umn.edu Marjorie Nebo-Accounts Receivable Manager 612-624-6026 nebox001@umn.edu

  17. THANK YOU!!!

More Related