Step 3: Revenue

Ensure the revenue received has been posted to the new award fund. If the sponsor must be billed (cost reimbursement, scheduled pay) or the revenue must be earned (fee for service/milestone/per patient) before received, there will be no revenue to deposit into the new grant fund yet.

Accounting Services has a holding account to post revenue to if received prior to the new award fund's establishment. Please see HSC OP 50.35 for more information on holding accounts.

1. Email Accounting Services after the new fund is established so that a journal entry can be done to move the revenue out of holding into the new fund.

Institutional Advancement also has holding accounts that donor/grant related revenue could be deposited into. Institutional Advancement will complete journal entries to move revenue out of their holding funds into new award funds. They will also determine if the revenue should be recorded as TTUHSC revenue or TTFI (Texas Tech Foundation Inc.) revenue. If it is determined that the revenue should be TTFI, a transfer will be done out of the Institutional Advancement holding rather than a re-posting of revenue. In this case, the award budget will need to include a transfer in budget line rather than a revenue budget line.

If the award is to be billed on a cost reimbursement basis, Accounting Services will complete this billing and posting of revenue. Please see HSC OP 50.05 and 65.03 for more information.

>> Step 4: Labor
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