Occasionally, checks are addressed to PI s or departments. These checks should be forwarded immediately to OSA for deposit. Departments must not make deposits to sponsored accounts.
Federal agencies provide payment for sponsored projects through a letter of credit process.
Funds to cover project expenditures are made available from the Federal Reserve Bank to the University's commercial bank. Handling and Reporting Program Income Program income is any income that is directly generated by a sponsored activity or earned as a result of the award. If the PI or unit administrator receives a program income check, that person must send it to the OSA for deposit. The check must be forwarded with a note specifying the project's account number and designating it as program income. During preparation of financial reports, SPAO will attempt to verify that all expected program income has been recorded.