Information Management is the process of reviewing the financial terms and conditions of each award and setting up the schedule of financial deliverables in GMAS throughout the award period. The accurate and timely scheduling of information management helps to ensure compliance with the financial terms of each award and facilitates the receipt of payments. Financial deliverable requirements vary by sponsor and by award. Research Finance reviews these requirements and schedules financial deliverable as either an invoice, financial report, or internal review. A full list of financial deliverables is available online. Each project in GMAS has a financial deliverable schedule that records the frequency, period, due date, and complexity of each financial deliverable.
Once an award is fully executed and set up in GMAS, the Office for Sponsored Programs (OSP) Research Finance (RF) Post Award Operations (PAO) team reviews the sponsor notice to identify any invoicing, financial reporting, or payment terms. Research Finance reviews and interprets these terms and schedules the relevant financial deliverables in GMAS.
Setting Up Invoice Schedule
Some awards, such as subcontracts, contracts, and non-federal awards require the submission of an invoice for the reimbursement of sponsored expenditures. Others may issue payments on a schedule or in advance of expenditures. Most commonly, sponsors require the submission of an invoice. Here is a list of the payment request types that require the submission of an invoice:
- Cost Reimbursement Requests – Based on GL expenditures, these payment requests are generally invoiced on a monthly basis (frequency varies by sponsor).
- Advance Payments – An “upfront” payment or schedule of payments that occur before the start of a project or ahead of expenditures on the general ledger. Some advance payments require the submission of an invoice.
- Fixed Price Payments – A payment based on a payment schedule, which may require the completion of a project milestone or deliverable before submitting an invoice. A fixed price invoice identifies the completed milestone, deliverable, or scheduled payment that is being invoiced for.
Setting Up Financial Reporting Schedule
Some sponsors require the submission of a financial report to disclose the financial results of a sponsored award. Awards that are not invoiced typically have this requirement.
- Federal Awards – Most federal sponsors require reporting on an annual basis or at the end of the award. Depending on the terms of the award, reporting could be as frequent as monthly or quarterly.
- Letter of Credit (LOC) Awards – Most federal awards with funds drawn down via letter of credit require annual reporting or final reports at the end of each award using an SF-425 Federal Financial Report (FFR). Additionally, the Research Finance Cash Team coordinates any LOC reporting as part of the quarterly Federal Cash Transaction Report (FCTR).
- Non-Federal Awards – Reporting requirements can range from no reporting requirements, to quarterly, semi-annual, annual, or at award end. Non-federal sponsors may also require reporting on sponsor-specific reporting templates, which can vary in complexity and detail, depending on the sponsor.
- Combination Technical and Financial Reports – Some sponsors require the reporting of technical/programmatic information in conjunction with financial data. This requires coordination by the Department/Local Level Managing Unit to compile the technical portions of the report and confirm all financial information with OSP RF before submitting to the sponsor.
- Internal Reviews – In the event a sponsor does not require the submission of a financial report or invoice, OSP RF schedules annual reviews throughout the life of the award. These reviews help to ensure ongoing monitoring occurs on each award and that expenditures comply with the award terms and University policies.
Setting Up Receivable Schedule
The GMAS Receivable Schedule tracks individual payments that are due from the sponsor. OSP Research Finance updates the Receivable Schedule whenever an invoice is sent to the sponsor or whenever a scheduled payment is due. OSP RF submits an invoice for all payments that are due, including scheduled payments, unless a specific request is made by a sponsor to not submit invoices. The submission of invoices provides an audit trail for any collection attempts.