Policy Details


Effective Date
7/31/2008

Approved By
  • President's Cabinet

Responsible Office
Business and Finance

Categories

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Invoice Payment Policy

PC 6.11

  1. Policy Statement
  2. Procedures

Policy Statement

All purchases must be made in accordance with terms outlined in the Grand Valley State University Board of Trustees' Policies. Payment of the resulting invoices is subject to the policies and procedures outlined below. 

Procedures

  1.  Vendors are to mail invoices to:

    Grand Valley State University
    Accounts Payable
    2015 Zumberge Hall
    Allendale, Michigan 49401 
     
  2. The University requires each new vendor to submit a W-9. Accounts Payable will either retain a file copy if the first invoice has an EIN included, or solicit a W-9 from the vendor. 
     
  3. Accounts Payable maintains original invoices. Departments will receive a copy of each invoice that will then require an approved signature based on the Banner approval queue information for the department. If the invoice references a valid purchase order, receipt of goods/services may be confirmed by any member of the requesting department via signature. If the invoice does not have a corresponding purchase order, the only requesting department staff members who may approve the invoice for payment are those authorized in the Banner approval queue. Departments must provide complete FOAPs on each invoice.
     
  4. Department should then return invoice copies to Accounts Payable as soon as possible. The University desires to pay its obligations within the negotiated vendor terms. If these terms include discounts, they will only be given to a department if the approved invoice is returned in time for the vendor terms to be met. Please allow up to three (3) days for processing within Accounts Payable. 
     
  5. When you use a hotel that direct bills for university guests lodging you are required to provide the guest’s name and the business purpose of the stay.
     
  6. Departments disputing an invoice must follow up with the vendor and inform Accounts Payable about reasons delaying authorization and return of disputed invoices. 
     
  7. If your department receives an invoice that is not yours, please return invoice to Accounts Payable for forwarding to the correct department. If available, please note correct destination on the invoice. 
     
  8. Invoices are processed daily. Checks are processed daily and cut based on the vendors terms. All checks are mailed or funds electronically transferred to vendors. Only those checks being presented to a guest in person will be held for pickup. The goal of the Accounts Payable department is to process authorized-for-payment invoices within five business days of receipt at 2015 James H. Zumberge Hall.
     
  9. Payments to non-employees and international guests for services rendered require a purchase order. Payments are processed in accordance with contract terms. 
     
  10. Payments to employees for services, honoraria, stipends, prizes and awards are paid via the payroll system in accordance with IRS regulations. 

Any questions should be directed to Accounts Payable at 616-331-2202.