Depending on the payment terms of an award, OSP Research Finance may be required to submit an invoice to initiate payment by the sponsor. At award, OSP Research Finance identifies the complexity of each invoice using the GMAS Financial Deliverable Type GMAS Financial Deliverable Types and records the invoice period and due dates of each invoice in GMAS. There are two general categories of invoices:
Cost Reimbursable – an invoice that itemizes project expenditures that have been incurred and requested for reimbursement by the sponsor
Fixed Price – an invoice for a fixed amount that is predetermined based on the payment schedule of an award and in some cases requires the completion of project deliverables or milestones to coincide with the invoice submission
OSP Research Finance assumes the primary responsibility for preparing and submitting invoices. As part of this process, they provide a general compliance review of transactions for allowability, allocability, and reasonableness based on the terms of the award. When requested, the department/local level managing unit provides a validation of programmatic and/or financial information prior to OSP Research Finance submitting an invoice to the sponsor. Throughout this process, the status of each invoice is tracked in GMAS on the Financial Deliverable Dashboard. Once an invoice is submitted to the sponsor, OSP Research Finance records the receivable in GMAS.