Billing, Reporting & Accounts Receivable
Billing & Accounts Receivable
Accounting Services (AS) is responsible for managing billing and accounts receivable for sponsored projects in accordance with TTU OP 65.15 Accounts Receivable on Sponsored Projects. Official invoices to sponsoring agencies are submitted based on agency and award terms and conditions and identify the project, billing period, current charges and cumulative amounts due. Cash is applied to projects upon receipt of payment.
Accounts receivable balances are monitored on a regular basis, and sponsors are issued formal late payment notices after 90 days of non-payment (or 30 days for high risk agencies). If sponsoring agencies withhold payment for unallowable costs or non-performance, TTU takes the following actions:
- Unallowable Costs: AS coordinates with the PI to transfer charges to an alternate funding source.
- Non-performance by the PI: AS notifies the PI. If the PI is unable to comply with sponsor requirements, balances are the responsibility of the PI and/or department or college.
- Non-performance by AS: AS works to comply with sponsor requirements or absorbs the receivable balance.
If sponsors are unable or unwilling to meet financial obligations of the award, AS determines whether to write off the bad debt or pursue collection.
Accounting Services is responsible for facilitating all non-technical reports including, but not limited to, financial, invention or patent, and property reports during the life of the project and at the close of an award.
For additional questions, Grant Specialist contacts can be found by college and department in the Accounting Services Find My Grant Specialist contact listing.
AddressTTU Plaza Building, 1901 University, Suite 308, Lubbock, TX 79411
Phone806.742.2985 | Fax: 806.742.8076