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Sponsored Accounts Receivable

Sponsored Accounts Receivable

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Sponsored Accounts Receivable

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  1. Sponsored Accounts Receivable

  2. Receivable Accounts • What are they for? • How are they used? • Why should I care?

  3. Billable Awards For each billable award, a separate and unique receivable account is established Subledger convention: Fxxx – Federal Sxxx – Statutory Nxxx – Non-Government

  4. Non-Billable Awards Generic Receivables: • Endowed accounts – G29-(F)(S)(N)xxx • Statutory accounts – 729-(F)(S)(N)xxx

  5. Receivable Account Numbers • The receivable account tied to each award account can be found in the ACC-REC-NUM field of the main award account • Non-generic receivable account information (for billable awards) can also be found in the SPS Portal

  6. Recording a Receivable For every invoice that is produced: The main award account is credited (shows as revenue) The associated receivable account is debited (shows as expense)

  7. Recording a Payment For each payment that comes in for a billed receivable: The receivable is credited (shows as revenue) A bank or clearing account is debited

  8. Calculating Cash Received To calculate the amount of funds actually received on an award: Combine the revenue total on the main award account (plus any sub-accounts) with the receivable account balance

  9. Example: Payments based on invoices only.

  10. Example: Some payments based on invoices, others not.

  11. Cash Receipts Payments by check – mostly non-government entities: • Received at Tompkins County Trust Company SPS Lockbox: PO Box 22, Ithaca, NY 14851-0022 • Received by DFA or SPS • Received by departments

  12. Cash Receipts (cont’d) Checks received by or forwarded to DFA by departments or sent directly to the SPS lockbox: • Processed as one daily batch by TCTC • Distributed to proper accounts via JEMS journal entries – not as regular receipts – by SPS-Financial

  13. Electronic Payments Automated Clearing House (ACH) – mostly federal agencies: • Daily transmittal of electronic payment information by TCTC • Not unique to SPS; ACH payments for the entire university are recorded in one daily batch • Distributed by SPS-Financial via JEMS journals • Main Advantage: Fast payment • Main Disadvantage: Difficult to identify

  14. NYS ACH Electronic Payments • Used by most state agencies • Daily notification of activity • Not unique to Sponsored activity • Distributed via JEMS journal by Unrestricted Funds

  15. Foreign Payments • Checks drawn on foreign currency • Foreign wires • Both are handled by Cash Management • Bank fees may apply • Charged to award unless closed

  16. Payments Without a Home • Payments received for new awards whose accounts have not yet been established • Funds are placed into a holding account until the award account is set up • Payments received that can’t be identified by SPS-Financial • Funds are placed into Cashier’s Unidentified Receipts

  17. Past-Due Receivables All invoices for which payment has been outstanding for over 90 days are considered delinquent and receive follow-up action by SPS-Financial

  18. Common Reasons for Delinquency • Lost invoice • Bureaucratic red-tape • Approval issues • Systems issues • Agency staff turnover • Additional back-up/explanation required • Missing/late deliverables • Waiting for funding from prime sponsor • Inability to pay – financial problems

  19. Department Notification • Monthly account reports, BRIO queries • Direct contact from SPS – Financial • Quarterly Receivable Report

  20. Quarterly Receivable Report

  21. Accounts in Default Recourses: • Pressure sponsor via phone calls and letters from DFA • Involve PI and department/college administration • Involve Counsel’s Office in collection effort • Flag sponsor in portal

  22. What can YOU do? • Notify SFS-Financial of any known issues which could delay payment significantly • Be aware of requirements and contingencies • Help assure that all technical deliverables and required back-up documentation is submitted in a timely manner • Understand the risk involved with each award, particularly when dealing with smaller companies or companies with unknown track records at the university