1. Financial Overview of Center and Institute Q&A Session 9-7-2010 Kathleen Bradley-LockhartKathleen Bradley-Lockhart

2.  Centers and Institutes are not FIXED PRICE accounts. The Center Director is accountable to his Board. All charges must be reviewed for reasonableness and must be beneficial to the purpose and goal of the center/consortium. Spending should be directly related to the stated objectives of the Center/Institute (Are the Center or Institute clients being served?).

3.  Annual membership payments should be appropriated to fund 1. Individual projects (9.5 TDC) 2. Administrative Operation budget (up to 16.5) 3. Future encumbrances (e.g. planned procurement of large-scale instrumentation for the benefit of membership projects, etc). 4. Marketing Account (up to 10%)

4.  A clear breakdown of how membership receipts will be allocated should be noted in the annual minutes of the Center’s Industrial Advisory Board meeting (IAB).  The pool account end date is determined by the end date on the membership agreement.

5.  Active members with current signed agreement on file will be invoiced. Members will be invoiced according to their level of membership, payment schedule and membership period as stated in the signed agreement.  All active members are invoiced 30 days prior to the start of the next membership year. A copy of the invoice is forward to the Center Director or Administrator to monitor payments

6.  As membership payments are received they are applied against the outstanding invoice for that center and deposited directly into the pool/prime account as other receivables (see report 4) within 24hours of receipt.  Payments received by the Center Director from pending members WITHOUT a signed agreement must be placed in the college’s holding account until such time an agreement is fully executed.

7.  Deposits for membership payments can be viewed at anytime via WolfPak Report System (WRS).

8. Select # 4 for deposits Select #5 to view budget updates

15.  The Office of Contracts and Grants reviews outstanding membership payments monthly. Center Director or Administrator person will be notified to follow up on payments that are 60 days or greater past due.  Upon follow up by the Center Director or Administrative person – If it is determined that payment was sent, please provide the following information:  Check Payments – o Check number, Date, Amount paid, Location check was sent to, was it a company o Check  Wire Payments – o Amount of wire payment, date, routing number and transaction number