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Payment for research performed at the University for most federal agencies is done through a letter of credit. The Controller's Office requests that cash be drawn down from the Federal Reserve, for deposit into a campus bank account. The amount drawn is based on actual expenditures of Federal Research Awards.

The Research Receivables section reports to the Assistant Controller for Research Accounting. This section is staffed by one Accountant (Nadine Mazzard; phone 413-545-1408; fax 413-545-6088; e-mail nadinemw@admin.umass.edu) and by the Receivables Manager (Ann Koski phone 413-545-1117; fax 413-545-6088; e-mail akoski@admin.umass.edu). The function of this section is to:

• Submit federal draws to the University Treasurer’s Office which, in turn, submits the draws to the appropriate federal agencies. After the Treasurer's Office receives the funds, the Treasurer’s Office submits the journal upload provided by Research Receivables staff.  This reverses the accounting entry for draw in transit and posts cash to each project/grant.

• Report expenditures to the appropriate federal agencies on or before the reporting deadlines and according to the agency’s reporting requirements.

• Perform ongoing reconciliations of grants to assure that authorized amounts, expenditures and receipts as shown on the letter of credit report, the University accounting system and on the individual grant report (Financial Status Report or Report of Cash Transactions) are in agreement.

• Investigate and follow up on any letter of credit variances from funds drawn and what we are allowed to report.

• Notify research accountants when research awards are due to close off letter of credit reports.

Scope
At this time,Research Receivables handles L/CR draws and reporting for two campuses: Amherst and Boston.

The following agencies each have separate letter of credit accounts:
National Science Foundation (NSF).
Health and Human Services (HHS) - (2 Accounts).
Department of Education (D/Ed) - (also under D/Ed are Direct Loan accounts).
Environmental Protection Agency (EPA).
US Information Agency (USIA).
National Aeronautic and Aerospace Administration (NASA)- (6 reporting centers).
Department of Energy (DOE) - (2 reporting centers).
U.S. Department of Agriculture (USDA) - (2 reporting centers).
USDA - Extension Service [part of the Cooperative State Research, Education, and Extension Services (CSREES)].
USDA - Experiment Station [part of the Cooperative State Research, Education, and Extension Services (CSREES)].
US Geological Survey (USGS).
US Agency for International Development (USAID).
Corporation for Community and National Service (F-Corp).
USDA - Forest Service.
National Oceanographic and Atmosphere Administration (NOAA).

Frequency of Agency Reports:

• No report: Dept of Education, NOAA

• Quarterly: NSF, HHS, NASA, USDA, USIA, DOE, USAID, USGS, and CSREES Experiment Station, CSREES Extension Service, F-Corp.

• Semi annually: EPA

Type of Federal Management Program:
Payment Management System (PMS):
USDA
HHS
DOE
USIA
US Aid
USGS
F-Corp

Other:
NSF- SF272 via FastLane
NASA- SF272
Dept of Educ- Grant Application Management System (GAPS)
EPA- SF272

Background Information
Many, but not all, grant accounts from the agencies listed above are paid by the L/CR method. When a draw report is run, any negative cash will be drawn for each project/grant for that agency unless expenditures exceed the award amount.  A "draw-in-transit" is entered for account 130600.  Receipts (139100) are credited.  When the funds are received from the Agency, the Treasurer's Office submits the journal upload which reverses the "draw-in-transit" and debits cash for each project/grant.

Draws are done weekly for HHS, NSF, and D/ED and monthly for all other agencies.  Direct Loan draws are made weekly as needed.

Financial Status Reports
The grant accountant is responsible for preparing the Financial Status Reports (FSRs) as required by each agency according to the requirements of the contract.

Controller's Office
Room 405 Goodell Building
University of Massachusetts Amherst
Tel:  (413) 545-0806
Fax: (413) 545-4233

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Last Updated: 02/27/08