Effective December 26th, 2014, OMB Circulars A-21, A-110 and A-133 will be replaced by regulations under the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (also known as the Uniform Guidance). Please refer to the University’s Uniform Guidance website http://spa.columbia.edu/uniform-guidance for further details that may supersede information outlined in this policy. Revised policies will be posted once they are available.
Sponsored Projects Finance is responsible for the billing and collection on grants and contracts awarded to the University. The vast majority of Federal awards are funded under letters of credit. Sponsored Projects Finance draws down funds under the various letters of credit based on charges to ARC. Some Federal and many non-Federal agencies remit payments to the University based upon fixed payment schedules.
When billing for payment is required, Sponsored Projects Finance follows the following procedures: • Billing of contracts and subcontracts usually occurs on a monthly or quarterly basis.• Bills are prepared from financial data on the monthly ARC statements. • Bills are sent within 30 days for expenses incurred within the prior month (prior quarter for quarterly billing).
If the ARC statements are inaccurate for a particular billing period, it is the responsibility of departments to notify Sponsored Projects Finance so those bills for that period can be adjusted to accurately reflect costs incurred.
While billings are the responsibility of Sponsored Projects Finance, this responsibility may be relinquished to departments only after Sponsored Projects Finance has agreed that department billing would create greater efficiency. In these cases, departments are required to forward reconciliations between their bills and ARC. Departmental billing may be suspended at any time if Sponsored Projects Finance determines it is not in the best interest of the University.
Sponsored Projects Finance is responsible for the follow up and collection of all amounts billed by this office.