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Sponsored Accounts Receivable Carly Prellwitz. What is the role of the SFR Collector?. Coordinate collection on past due sponsored awards Contact sponsors to follow up on payments Research non payment issues Negotiate and setup payment plans Process refunds. The Breakdown.
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What is the role of the SFR Collector? • Coordinate collection on past due sponsored awards • Contact sponsors to follow up on payments • Research non payment issues • Negotiate and setup payment plans • Process refunds
The Breakdown • The average monthly receivable for FY 2011 was $45,090,844.00 • 42% of this balance was paid within the first 30 days of invoice being generated. • The remaining 58% required additional collection efforts. • Only 14% of the receivables aged past 90 days.
The Good SFR Invoices Sponsor Sponsor Approves Invoice Payment Received and Invoice is Closed
The Bad • Invoice ages past 30 days • There are issues that need attention and once resolved, the Sponsor pays the invoice.
The UGLY THE SPONSOR DOES NOT PAY • When the sponsor does not pay after all collection efforts have been exhausted, the Academic Department is responsible for absorbing all costs associated with the nonpayment.
Stages of Collection • Statements are generated on the first day of every month for any invoice over 30+ days aging. (see sample statement) • SFR Collector contacts sponsors via email or phone. • Second Attempt via email/phone and notify PI and Department • Send demand letter and escalate to SFR Fiscal officer • Legal (if necessary)
Common Payment Issues • Invoice not received by Sponsor • Sponsor waiting for a deliverable • Additional information requested for expenses • Payment sent to University Department or misapplied payment • Sponsor Delays • Money from prime source not received • Waiting for approval to pay • Contact person has left the organization
Less Common, More Serious Collection Issues • Future Funding/Carry Forward Not Approved. • Performance Quantity/Quality Issues • Financial Difficulty or Bankruptcy
Some Solutions • Payment Plans • Used when sponsor runs into cash flow issues or facing financial hardship. • Goal is to be paid in full for entire award amount. • Negotiate payment plans on a case by case basis and as per the financial situation of our sponsor. Flexible but firm. • No penalties or interest unless default.
Settlement • In some very rare cases when a sponsor is having extreme financial difficulty or if there is a quality/quantity issue, negotiating a settlement is necessary. • PI and department are directly involved with this negotiation. • In some cases OGC is involved in the process.
Unique Situations that Could Result in Payment Problems • PI leaving the University/Early Termination • Funds deobligated by sponsor before SFR has finalized invoicing • Clinical Trials • Discrepancy between study site reporting and departmental reporting. • International Funds • Discrepancy in amount received due to conversion rates.
How do I look up my Sponsored Receivables? • UM Reports • PeopleSoft • Sponsored Award Overview • PeopleSoft • Accounts Receivable Item List
Need Help? CONTACT: Carly Prellwitz- Principal Collections Rep 612-625-8584 prell003@umn.edu Marjorie Nebo-Accounts Receivable Manager 612-624-6026 nebox001@umn.edu
