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Research Finance Office & Team

Responsibilities of Research Finance Team

The Research Finance office within Research Management consists of two teams:

  • The Billing and Collections team/Cash Management group
  • Research Accounting and Reporting team/Letter of Credit (LOC) group

The Billing and Collections team/Cash Management group is responsible for generating invoices for contracts and subcontracts, processing payments and managing Accounts Receivable generated by those invoices. The Research Accounting and Reporting team/Letter of Credit group is responsible for the financial reporting, monitoring, compliance and accounting functions for grants, contracts and subcontracts.

Research Finance employees work closely with their colleagues on Research Management’s Pre-Award, Post-Award and Contracts teams to support sponsored research projects throughout various stages in the lifecycle of an award. The primary responsibilities of these teams are summarized below:

  • Grants Office/
    Pre-Award Team
  • Grants Office/
    Post-Award Team
  • Contracts
    Office/Team
  • Research Finance
    Office/Teams

Research Finance Office/Research Finance Teams Responsibilities

Billing and Revenue Team/Cash Management Group

  • Manages billing and collections for:
    - Federal and state contracts
    - Federal subcontracts
    - Fixed price contracts (excluding industry sponsored projects)
    - IRB and MCA fees associated with industry-sponsored clinical trials*
  • Sets up required elements in PeopleSoft to generate invoices
  • Manages and monitors accounts receivable
  • Performs daily posting and reconciliation of research cash,  which includes checks and wire payments
  • Closes out subcontract projects in InfoEd and PeopleSoft

Financial Reporting and Accounting Team/Letter of Credit Group

  • Prepares Financial Status Reports (FSRs) for federal, fed-other and non-federal awards
  • Reviews and processes Journal Entries
  • Reviews and approves late cost transfers ensuring adequacy of audit trail data for each in accordance with policy
  • Reviews and verifies incoming subcontract invoices
  • Assists with processing international payments for subcontractors
  • Issues outgoing electronic transfers
  • Performs salary adjustments for terminated employees only
  • Closes funds – financial aspects
  • Uses Letter of Credit (LOC) process to bill for and receive funds from NIH and other federal sponsors
  • Performs residual balance transfers

*Industry-sponsored clinical trials are billed by the Principal Investigator (PI) and/or the study coordinator.

Contact Information

Research Revenue Specialists and Research Finance Specialists are assigned to support Principal Investigators (PIs) and Departments Administrators (DAs) within specific departments/chief codes at BWH and MGH:

Additional Research Finance employees have been assigned to support other research entities’ research billing and accounting: