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Invoicing and Payments Final Invoice: In addition to reconciling expenditures, ensure that the Sponsor has been invoiced in accordance with the terms and conditions of the grant or contract. (Grants from the NIH, NSF and some other Federal agencies do not require an invoice for payment.) Payment under a grant or contract may be based on: Actual expenses (often referred to as “cost-reimbursement” – an expenditure report may or may not be required, but costs are auditable) Fixed payment based on a specific deliverable (per patient, per procedure, per test, etc.) Fixed payment for work completed (examples – a fixed amount for putting on a conference; quarterly fixed payments for support of an investigator-initiated research project) Payments may be automatic (examples – quarterly in advance; payment upon Sponsor’s receipt of a report), or the Sponsor may require an invoice from UMB. Invoices are issued by the Restricted Funds section of the Office of Financial Services. For cost-reimbursement awards, invoices will normally be based on actual expenses as recorded in FAS. If payment is fixed price based on a specific deliverable, please work with Restricted Funds to ensure that an invoice is sent to the Sponsor if required by the award document, or if payment is automatic, that the payment is actually received by UMB. Good project management includes reconciliation of payments from the Sponsor as well as project expenses. For assistance, contact Restricted Funds. The address for payments is: For identification purposes, please advise Sponsors to include the PI name and the project title or protocol number or (if known) FAS account number on the check or check advice. |
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