Category: Accounting

The Data You Need to Collect for Sub Recipient Invoice Late Final Invoices Homework Answers

Accounting Homework Help
By Phillip L'Hoette
9 Jul, 2017

Universities offer several projects for their students on wide variety of topics. Some of them are internally funded and managed. But some big projects need external funding and other forms of assistance from external agencies. The concept of subrecipients or subawardees draws attention in this context.

Who is a subrecipient?

A subrecipient, in the context of sponsored projects, means a subcontractor who is entrusted with the task of completion of any part of project work. The main awardee will receive funding from external sponsors and hand over a part of it to some external organisation specialised in the field. Part of payment received by original awardee from sponsor is given to subrecipient in consideration of work done by them.

Mode of working of subrecipients

Method of working of working of subrecipients is similar to that of main awardees. They need to guarantee that all deliverables are submitted in time to the main awardee. A sub recipient has to provide timely invoices to the main recipient of award. Not complying with these conditions or late filing of invoice may delay payments. Subrecipient invoice late final invoice homework answers are slightly confusing as students are not aware of the exact terms and conditions.

Subrecipient of federal award

An organisation is considered as eligible to become subrecipient of federal award only if certain conditions are fulfilled.

  • It should be ready to have its performance measured to determine whether it matches federal conditions.
  • It should be capable of fulfilling responsibilities with regard to programs and manuscripts.
  • It should adhere to federal laws pertaining to the subject matter.
  • It should use federal funds only for designated purpose.

By knowing the conditions required to be fulfilled by subrecipients, Subrecipient invoice late final invoice homework answers can be done easily.

Role of Principal Investigator

A Principal Investigator is the holder of a grant or project authorised by a university. He is the head of research team. It is the duty of principal investigator to monitor activities of subrecipients. These responsibilities may be summarised as follows:

  • PI has to maintain communication with subrecipients throughout the course of work.
  • It is the duty of principal investigator to oversee technical activities of sub recipient. From time to time technical reports should be procured for perusal.
  • Principal investigator is responsible for approving subcontractor requests.
  • It is his duty to review invoice sent by subrecipient and approve them.
  • Principal investigator has to make sure that subrecipient’s budget is reasonable and within specified limits.
  • PI has to make sure that subcontractor submits all reports in time. Any delay should be duly accounted for.

Understanding the role of principal investigator is a must for solving Subrecipient invoice late final invoice homework answers.

Terms of final invoice by subrecipient as laid by FDP

If the project awardee is a member of Federal Demonstration Partnership or FDP, it has to follow the rules laid by the Agency with regard to allotment to subawardees. In a standard federal grant, subrecipient has to submit final invoice within sixty days after the end of subaward agreement. This gives time to main awardees to arrange for reporting documents to be sent to the main sponsor.

Consequences of late invoice by subawardee

All invoices by subrecipient relating to work done under sponsored program has to be sent to Office of Sponsored programs. These invoices will then be verified and approved by principal investigator or approved authority. As this process involves time, it is apparent that subrecipient should send all invoices including final invoice in time. Late sending of invoices will lead to undesired consequences. The awarding authority will have the right to approve or reject payment against late invoice.

Trouble with Subrecipient invoice late final invoice homework answers

Getting an assignment related to subrecipient invoice may be seen as a trouble by many. Handling various tasks related to program management and submission takes lots of knowledge as well as patience. There are many reasons for this perceived problem.

  • Knowledge base:

Lack of knowledge about the topic selected for project can lead to severe drawbacks. If possible, try to grab hold of a topic that you are at ease with. But if it is allotted by the authorities, you have no say in the matter. In such cases, gather as much information as possible, on the subject matter.

  • Time schedule:

Inability to chart out timelines for various stages of work can also cause hindrances. For sponsored programs, there will be guidelines to be followed for every stage. If the funding is from federal agency, the requirements are bound to be stringent. All these get on your nerves at times.

  • Lack of expert guidance:

Sponsored programs are specialised fields.A layman is clueless about how to undertake it and successfully bring it to conclusion. This calls for expert guidance. An experienced person or agency will be able to walk you through the processes in a systematic manner avoiding all glitches. If you are finding yourself at crossroads, call for help.

Online help available for Subrecipient invoice late final invoice homework answers

As surprising as it may sound, there is help available on internet for every topic including subrecipient invoice. There are quite a few reliable websites which provide expert assistance on whatever topic you need. There are several benefits of approaching educational help websites.

  • Expert assistance:

Expert availability is what makes these sites most striking. They have a group of experts qualified to handle all types of problems.

  • Concept clarity:

Good educational websites have ways to clear your doubts and strengthen your knowledge of basic concepts. Registering in a reliable site will be of immense help in project completion.

  • Easy on purse:

Many of the good sites, though working round the clock for your benefits, are not highly demanding as to payment. It will not burn a hole in your pocket. But if you approach anyone in person for expert help, they are going to quote sky high prices.

Though it is good to get expert assistance from online resources, it would do well to be diligent in selecting the right provider.

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