Filetype Word DOCX | Posted on 08 Aug 2022 | 3 years ago
Authentication
digital resources
190x Filetype DOCX File size 0.04 MB Source: www1.villanova.edu
TITLE: INVOICING, LOC AND FINANCIAL REPORTING
PROCEDURE
CONTROLLER’S OFFICE
PROCEDURE CONTROLLER’S OFFICE – RESEARCH ACCOUNTING OFFICE
POLICY NUMBER: EFFECTIVE DATE
TBD TBD PAGE: 1 OF 3
1. PURPOSE
To document the process by which Villanova University’s Research Accounting
Office (RAO) invoices sponsors, submits financial reports and processes letter of
credit (LoC) drawdowns for sponsored awards.
2. SUMMARY
Sponsored award invoicing, financial reports and LoC drawdowns must occur in a
timely and accurate manner. The RAO manages all required actions via an Excel
tracker that reflects up-to-date sponsor invoicing, reporting and drawdown
actions.
The RAO reviews the tracker monthly, identifies and initiates all required actions,
and records the action on the tracker. The action is then recorded in Banner via
an accounts receivable (A/R) journal to recognize the revenue, and
documentation is stored in Nolij.
3. PROCEDURE
The RAO maintains an excel tracker that lists all active, sponsored awards that
can be sorted by 1) sponsor, 2) frequency of invoicing, reporting or draw-down,
and 3) type of action. The tracker is updated by the RAO as sponsored awards
are closed out or set up to ensure the data remains accurate.
The RAO reviews the tracker monthly to identify all sponsored awards with
required actions. In general, the review is guided by the following priority:
i. Letter of Credit Drawdowns
a. National Science Foundation (NSF) – ACM$
b. National Aeronautics and Space Administration (NASA) - IPP
c. Department of Defense (DoD) - Wide Area Workflow
d. Department of Health & Human Services (DHHS) and Other Federal
Awards – PMS
e. Other Federal Awards (DARPA, STSCI, etc.)
ii. Cost Reimbursable Invoices
a. Sub Award Agreements
b. State Awards
c. Foundations & Private Institutions
iii. Fixed Price & Milestone Agreements
The RAO then runs a sponsored award summary report for all indexes requiring
action, performs a high-level review to ensure that the charges appear allowable,
and recalculates the IDC and fringe to ensure charges have posted correctly.
TITLE: INVOICING, LOC AND FINANCIAL REPORTING
PROCEDURE
CONTROLLER’S OFFICE
PROCEDURE CONTROLLER’S OFFICE – RESEARCH ACCOUNTING OFFICE
POLICY NUMBER: EFFECTIVE DATE
TBD TBD PAGE: 2 OF 3
If an error is identified, RAO will contact the Office of Grants & Contracts (OG&C)
to request further action. If an error in the fringe and/or IDC charges is
identified, RAO will initiate corrections per the relevant procedure (please see the
end of this document for hyperlinks to the IDC and Fringe procedures).
RAO determines the appropriate amount to invoice and/or report, and records
the figure and any other relevant data on the Excel tracker.
LoC Draws: RAO will log into the relevant sponsor payment system and
submit the request for payment for the sponsored awards.
Cost Reimbursable Invoices: RAO will create and submit the invoice to
the sponsor, per the agreement.
Fixed Price & Milestone Agreements: RAO will create and submit the
invoice to the sponsor, when the invoice is required per the agreement.
The PI with support from OG&C will communicate with RAO to trigger
invoicing when payment is required. RAO will contact OG&C every 3
months to confirm milestone status to ensure that invoices are submitted
in a timely manner.
Financial Reports: RAO will create and submit financial reports to the
sponsor as required by the agreement.
If a sponsored award has reached the end of the project period, and the final
invoice or financial report is due, RAO will work with OG&C and the PI to ensure
that all charges have been captured and/or reviewed. The RAO performs a high-
level review to ensure charges are allowable and align with sponsor and
Villanova requirements. However, primary responsibility for confirmation of
allocability and allowability remains with the PI with support from OG&C. Please
see the procedure on award closeout for additional details.
The RAO then creates an A/R journal to recognize the revenue. Backup
documentation, including the invoice, financial report and any relevant
calculations or communications are stored in Nolij.
Invoices are recorded in Banner and on the Excel tracker using the
following naming convention: Invoice_Fund#_Sequential#ofInvoice.
For invoices associated with cost receivable agreements, an invoice period
will be added per the following convention:
Invoice_Fund#_Sequential#ofInvoice_InvoicePeriod.
Quarterly, the RAO will compare sponsored award related A/R entries to the A/R
aging report to identify any outstanding payments. RAO will then follow-up with
the sponsor to request payment.
TITLE: INVOICING, LOC AND FINANCIAL REPORTING
PROCEDURE
CONTROLLER’S OFFICE
PROCEDURE CONTROLLER’S OFFICE – RESEARCH ACCOUNTING OFFICE
POLICY NUMBER: EFFECTIVE DATE
TBD TBD PAGE: 3 OF 3
The RAO will also utilize the A/R report to track metrics associated with invoicing
and LoC draws, including timeliness.
The RAO will notify OG&C of any sponsors that do not provide payment in a
timely manner, so that this data can be included in future decisions regarding
proposal submissions and subrecipient risk assessments.
4. OTHER REFERENCES
RAO Procedure – Fringe Expenses
RAO Procedure – IDC and Correction Procedure
RAO Award Closeout Procedure
Costing Policy Guidelines for Sponsored Programs
5. RESPONSIBLE UNIVERSITY DIVISION
Controller’s Office – Research Accounting Office
Villanova Center
800 Lancaster Ave
Villanova, PA 19085
no reviews yet
Please Login to review.
