Chapter 2. Accounting Services
Section 2.11. Credit and Collections
All contracts and grants received by the University are to be directed through the Research and Sponsored Programs office to avoid any contractual liabilities. It is also the responsibility of the principle investigator (PI) and the respective department to determine the financial viability of sponsors before entering into a contractual agreement.
Research and sponsored programs collection efforts on past-due accounts held by the University will be conducted under the supervision of the director of research accounting. Under various circumstances the director of research accounting may request the assistance of the other departmental personnel to effect collections on past-due accounts; this assistance should be provided as needed in the interest of protecting the assets of the University.
The chief financial officer, controller, and the director of research accounting shall ensure that every available effort is made to effect collections prior to the initiation of legal action to collect on any overdue accounts.
Accounts deemed uncollectable will be written off to the departmental index where the receivable was incurred. In the event that the receivable is paid, the department index that funded the write-off will receive the credit.General Information
Collections involve efforts to obtain monies due the University from debtors; normally, the amounts due have extended beyond the credit terms offered by the University. This section does not apply to federal loan programs that have separate collection guidelines.Procedure
To expedite payment of the past due accounts, the principle investigator does the following:
Copyright © 2003. Michigan Technological University. All Rights Reserved.
Address questions about this page to Ann Roth at email@example.com.