Skip to content
Invoices, Letter of Credit Drawdowns, & Financial Reports
- Sponsored projects are generally financed as cost reimbursements – expenditures are made on a project and the sponsor is then billed for those expenditures.
- ORS Accounting is responsible for preparing all sponsored projects invoices and/or drawing down cash on letters-of-credit (LOC) awards for sponsors that use LOC systems instead of invoicing. ORS Accounting prepares periodic and final financial reports as required by the sponsor.
- Instructions on how to view periodic and/or final invoices that have been submitted by ORS accounting to the sponsor
- If a sponsor requires detailed costing information or additional costs breakdown, the departmental fiscal administrators (FAs) are responsible for providing this information to ORS Accounting.
- Prior to the closeout period, ORS Accounting will request confirmation from FAs and principal investigators (PIs) to ensure all the expenditures are recorded in the UH financial system, KFS.
- Before confirming closeout to their ORS Accountant for a FINAL Invoice, FINAL LOC drawdown and/or FINAL Financial Report, as required by the sponsor, it is the FA’s responsibility to confirm with the PI that all expenditures are recorded properly in KFS
- The fiscal administrator should verify and check that:
- All encumbrance(s) are liquidated in KFS;
- There are no RCUH FREDI suspense transactions;
- There are no KFS continuation account transactions that should be transferred to the project account
- Costs are recorded to correct budget categories;
- Once ORS Accounting receives the confirmation from the FA to close the account, ORS Accounting will submit the final invoice, final LOC drawdown, and/or final financial report as required. No further expenditures will be allowed, the department/unit will be responsible for all expenditures not included in the finals.
- If no response or notification by the FA is received within a reasonable amount of time to confirm closeout to finalize an account, ORS Accounting will do the final LOC drawdown and/or file the final invoice and/or final financial report as required and a copy will be sent to the FA, PI, and Dean/Director. No further expenditures will be allowed, the department/unit will be responsible for all expenditures not included in the finals.