Review and approve grant bills.
Send bills to grantors or draw down from grantors for billed amounts.
DR Deferred revenue
■ CR Unbilled AR
For unconditional grants paid in advance where the revenue was recognized with the original award, there should be no grant billing processed at month-end.
Payment of expenses draws down the restricted fund balance.
Responsible position(s):
Grant Accountant
Required documents and access:
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Frequency and timing:
Monthly
Steps:
Submit requests to the grantor agency for AR balances that can be drawn down.
Forward confirmations of drawdowns to Cashiers to record when deposit posts to the bank.
Monitor bank activity for receipt of electronic payments – wires, ACH.
Run a report of grant AR aging by grantor and follow up with grantors on past due AR:
Apply grant payments to grant receivables–draws, checks, EFTs, and wire payment
1-30 days - send statement with payment instructions
31-60 days – send statement, follow up with phone call, email
60-90 days – discontinue any new activity, notify agency of collections process
91+ days – send to collections agency
Responsible position(s):
Grants Manager, Principal Investigator
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Grant agency reporting system
As required by grant agreement