Good project management includes reconciliation of payments from the sponsor, particularly nonfederal sponsors.

Work with Sponsored Project Accounting and Compliance (SPAC) to reconcile payment problems.

SPAC Banking Information

Cost Basis

Cost reimbursement (Costs Basis): Payment is based on actual expenses incurred. SPAC issues invoices based on project costs recorded in Quantum Financials and charged to the Project(s) for the award. Any amount advanced by the sponsor but not expended for project costs must be returned to the sponsor.

Fixed price (Scheduled or Volume): Payment is made based on completion of a specific deliverable or milestone. Examples of deliverables or milestones include per patient, per procedure, per hour (for some service agreements), per test, completion of a report, submission of a set of data. UMB, through the PI, is required to provide the agreed-upon work (deliverables) for the contracted amount, whether the out-of-pocket expenses are greater than or less than the amount of the agreed fee.