The purpose of this procedure is to provide the institutional standard for escalating outstanding accounts receivable payments related to grants, contracts, and other sponsored agreements.
This procedure applies to any invoice generated by Post Award Financial Operations at Boston University.
Invoice: A document that shows a list of goods and services and the prices to be paid for them.
Outstanding Accounts Receivable: A balance due on an invoice to Boston University.
It is the responsibility of Post Award Financial Operations to follow up on all outstanding accounts receivables for any invoice generated by the Cash Management team. In the case where Sponsors do not pay BU in a timely manner, the following steps will be taken to relieve the accounts receivable balance.
|Invoice Outstanding||Responsible Party||Collection Resolution Steps|
|Greater than 60 Days (2 Months)||Billing & Account Specialist||Subsequent Invoices include a past due statement of outstanding accounts receivable|
|Greater than 90 Days (3 Months)||Billing & Account Specialist||Inquiry is sent via email to Sponsor with a cc to BU Department Administrator and Post Award Financial Operations PAFO assists faculty and ... Billing Manager.|
|Greater than 120 Days (4 Months)||Billing Manager||Phone Call and/or Email is sent to Sponsor; Principal Investigator View Boston University's policy on... and Director, Cash Management is informed of nonpayment.|
|Greater than 150 Days (5 Months)||Director, Cash Management||Director Calls and/or Emails Sponsor with a cc to AVP, PAFO; follows up separately with PI for his/her assistance.|
|Greater than 180 Days (6 Months)||Assistant Vice President||AVP will lead the following discussions:|
Post Award Financial Operations will work collaboratively with the Sponsor, Department, and Principal Investigator involved to resolve outstanding accounts receivable in a timely manner. Once an invoice remains uncollected for Greater than 270 Days (9 Months), it is the responsibility of the Department and Principal Investigator to remove all unpaid expenditures from the Sponsored Account.
|Post Award Financial Operations||617-353-4555|
This procedure was adopted in November 2014