2123 - Funding under Letter of Credit Agreements

1. Research Services, in consultation with the Office of the Comptroller is responsible for:

   • Establishing letter of credit funding agreements between the University and federal sponsors when applicable;
   • Establishing and maintaining processes and systems to ensure compliance with cash request and financial reporting requirements; and
   • Determining periodic cash requirements and initiating payment requests.

2. Research Services will ensure that cash receipts under letter of credit agreements are timed as closely as possible to cash disbursements. Any interest due on Federal cash will be calculated and paid to the appropriate sponsor by Research Services in accordance with applicable Federal regulations.

Research Operations Cash Management Group ORS

• Monitor GRANTREV and invoice activity for each letter of credit funded project;
• Process daily draw down request for cash based on actual invoice activity;
• Reconcile cash receipts with GRANTREV activity monthly;
• Prepare quarterly Financial Cash Transaction Reports (FCTR) or Federal Financial Report (FFR).

 

The source of this document is Research Services.