Accounts Receivable


Purpose

The primary function of the Accounts Receivable section is to maintain an accurate register of funds due to the organization. The National Science Foundation provides funds to the AUI Corporate Office for the administration and management of operations of NRAO via the Indirect Cost Rate and Management Fee. In addition to these items AUI Corporate also receives reimbursement of shared expenses from the Virtual Astronomical Observatory LLC, and repayments for travel advances, and donations.

Procedure

  1. On a monthly basis the AUI/NRAO Chief Accountant prepares a voucher to request the transfer of funds from the NRAO First Citizen bank account to the AUI Corporate JP Morgan account in payment of the monthly management fee and indirect costs allocated to NRAO. The management fee and indirect costs are a fixed amount and transferred on a monthly basis.
  2. The NRAO Fiscal Officer approves the payment voucher and initiates the ACH transfer to AUI. Confirmation of the transfer is received by the AUI/NRAO Chief Accountant.
  3. After receipt of the confirmation, the AUI/NRAO Chief Accountant records the cash and income received through a journal entry and posts it to the AUI General Ledger. The journal entry is then filed.