- Letter of Credit (LOC)
- Cost Reimbursable (NON LOC)
- Auto Schedule Payment
- Invoiced Schedule Payment
- Advanced Payment
- Clinical Trials
Emory has a Line of Credit arrangement with several Federal agencies that allow Emory to draw cash based on expenditures booked to an award. Cash can be drawn as often as required by the sponsor. Awards from the Department of Health and Human Services (DHHS) and the National Science Foundation (NSF) are drawn as a total, reflecting expenditures from all of the awards for that customer. When the wire is sent to Emory, billing is done which creates a receivable which allows the wire to be applied to open AR (Accounts Receivable). Other Line of Credit Awards (EPA, Department of Energy, Department of Agriculture, Department of Education, USAID, U.S. Navy and ARRA) are drawn individually based on expenses. A quarterly reconciliation report is completed for each LOC agency.
Cost Reimbursable awards are invoiced to the sponsor based on actual expenses charged to the award. Invoices are created in Compass and cash is applied to the invoice when received. Most cost reimbursable awards require a Financial Status Report (FSR) at the close of the award.
Awards on Auto Schedule payment are paid by the sponsor based on milestones. The milestones may be specific tasks to be completed or time-based. The sponsor does not require an invoice from Emory, but an invoice is created in Compass so that the cash can be applied.
Awards that are invoiced on a schedule are reliant upon an invoice from Emory to receive payment. The invoice can be based on tasks completed or time-based.
Awards that are paid in advance can either be paid in their entirety or in some designated lump sum at the beginning of the award or at scheduled intervals.
Clinical Trial awards are invoiced by the Emory department in which the trial is taking place. When the check is received in OGCA, an invoice is created in Compass to allow the cash to be applied. The budget, billing limit and award limit are updated by the amount of cash received. The budgets are increased at the project level, allowing the department administrator to review the cash received by project.
Hybrid awards are part cost reimbursable and part fixed fee. The cost reimbursable portion is invoiced based on the contract items to be billed at cost. The fixed fee portion is invoiced based on the specific milestone prescribed in the contract.