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45.16 - Grant and Contract Payment Management

Last updated: February 20, 2007

A. General. Unless otherwise specified in a grant or contract agreement, all payments are requested on a cost-reimbursement basis.

B. Individuals Authorized to Request Payment. The OSP Financial Supervisor and Financial Technicians are the only individuals authorized to request payments on a cost-reimbursable grant or contract agreement.

C. Procedures. The following procedures are to be used to ensure the timeliness, accuracy, and allowability of payment requests:

C-1. Report of Unbilled Charges and Undistributed Cash. Prior to issuing an invoice a report of unbilled charges and undistributed cash must be run to ensure that the amount of the payment request matches the total of the unbilled charges, net of any prior overpayments.

C-2. Timeliness of Payment Requests. The following schedule will be used for requesting payments on cost-reimbursable grants or contracts:

i) On-demand Letters of Credit. Biweekly coinciding with the payroll cycle, and at the end of each calendar quarter.

ii) Monthly Letters of Credit. Monthly following close of posting cycle.

iii) Other cost-reimbursable agreements. Invoiced as per the contract schedule.

C-3. Internal Controls. To ensure accuracy of payment requests, the following procedures are to be used:

i) Letter-of-Credit Drawdowns. Each letter of credit payment request shall be done by different individuals on a rotating schedule and reviewed by the Financial Unit supervisor prior to submission.

ii) Other cost-reimbursable agreements. Each payment request shall be done by different individuals on a rotating schedule. All invoices shall be reviewed by the Financial Supervisor prior to mailing.


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