Managing Sponsor Payments

Managing Sponsor Payments

Background

For Sponsored Programs funding, New York University (NYU) receives various forms of payments, including electronic payments (e.g., letter of credit draws) and payments received by “wire” or check. NYU must ensure these payments are managed responsibility and accounted for effectively.

NYU Approach

At NYU, Sponsored Programs Administration (SPA), Principle Investigators (PI's) and Departments share responsibility for payments made on Sponsor Awards. PI’s and their staff are required to assist SPA to ensure timely receipt of award funding. On the other hand, SPA is responsible for ensuring all payments received for sponsored awards are accounted for in a manner consist with sponsor requirements and Generally Accepted Accounting Principles; this includes payments received electronically (e.g. letter-of-credit draws) and by “wire” or check.

At NYU, the responsibility for ensuring proper stewardship of sponsored programs funding is the following:

Departments/PI's: Must ensure compliance with Terms and Conditions of the award and timely submission of progress/technical reports.

SPA: Monitors expenditures, provides technical support to PIs and Departments, conducts timely accounting, financial reporting, and billing.

School Fiscal Officer: Responsible for monitoring pre-award costs, over expenditures, unallowable and disallowed costs.

Frequently Asked Questions