COST BASIS: Payment under a grant or contract may be based on: Actual expenses - "STANDARD" in eUMB Financials - often referred to as “cost-reimbursement” - payments are based on actual project costs charged to the Project ID(s) for the award Milestone payments - "DELIVERABLE" in eUMB Financials - sometimes called "fixed price" - payment is made upon completion of a specific deliverable - examples: per patient, per procedure, per hour (for some service agreements), per test, completion of a report, submission of a set of data
Regardless of the Cost Basis, the sponsor may agree to make payments upon receipt of an invoice, or the sponsor may make payments automatically, for example, quarterly in advance; payment upon Sponsor’s receipt of a report). INVOICES Invoices are issued by the Restricted Funds section of the Office of Financial Services. When the cost basis is Standard, invoices are based on the expenses recorded in eUMB. When the cost basis is Deliverable, the PI and department need to track completion of deliverables (patients completed, hours of service, submission of a report, etc) and provide that information to Restricted Funds. Restricted Funds can then record and track the payment due to the university and send invoices when required. The address for payments by check is:
University of Maryland, Baltimore
P.O. Box 41428
Baltimore, MD 21203-6428
ATTN: Manager, Restricted Funds For information about electronic funds transfer, contact Restricted Funds. For identification purposes, please advise sponsors to include the PI name, the project title or protocol number and(if known) eUMB Project ID on the check or check advice. Good project management includes reconciliation of payments from the sponsor, particularly non-Federal sponsors. For assistance, contact Restricted Funds. top
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