For example, if a payment received from a sponsor was not posted through the Sponsored Receivables system, there is a risk the revenue would be posted twice once as an accounts receivable, and once when actually received. Furthermore, the sponsor would continue to receive bills, after payment has been made. A similar problem occurs if a payment is made not through the gift system. Even if not in payment for a pledge, if a gift is not posted through the gift system, the donor will not get the appropriate tax receipt information, or the proper MIT acknowledgment of the gift. The record copy of the sponsored agreement is held in the Office for Sponsored Programs.
Most Departments also retain a copy and refer to it when questions arise.
This practice is recommended. Sponsored agreements may contain billing schedules, a useful reference in monitoring billings. Any correspondence or documentation relating to a gift, or other cash receipt, which was not submitted to CAO with the deposit slip, should be retained in the Department. Make deposits in a timely manner. For departments with a large volume of cash receipts, checks should be restrictively endorsed immediately upon receipt.