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Research Receivables & Letter of Credit

Overview

LETTER OF CREDIT - (LOC)

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.

Organization and Function

The Research Receivables section reports to the Assistant Controller for Research Accounting. This section is staffed 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.

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: 04/16/14