To improve internal control, payment requests cannot be authorized by the same person to whom the payment will be issued. For instance, if a Fund Administrator is submitting a request to reimburse her/himself for an out of pocket expense, s/he may not sign the payment request. Instead, the payment request must be authorized by a supervisor who can verify the expense.
A processing time of approximately 3 to 5 business days is required for non-tax levy payments. The processing time approximation starts from the date when all the completed required paperwork is received in the Business Office. If payment is to a new vendor, then please allow 3 additional business days for processing.
Blank Payment Request and Deposit Request forms for the Graduate Center's non-tax levy Funds can be downloaded in Argos. All completed payment request forms, along with the appropriate supporting documentation must be submitted to the Business Office (Suite 8401).
Although the paperwork associated with contracts and grants often seems involved, all reports and other accounting documents need to be handled promptly and properly. These records are crucial to the Graduate Center, the granting agency and each department involved with administering the grants. Accountability, making sure that the money is spent correctly and on time, is essential in managing grants.
All grants must be carried out within budgetary and other guidelines that the funding agency and the Graduate Center have agreed upon. Expenditures need to be closely monitored and well documented.
To ensure the Graduate Center's grant activities for the General Fund are communicated to and coordinated with Principal Investigator, Project Directors, the Office of Sponsored Research and the Business Office, the following document which contains information pertaining to grant procedures and process has been established. Please click on the following for more details:
All payment transfers must be requested on the updated ACH / Wire Transfer Request Form. The requestor must select one of two options: Wire Transfer or ACH Transfer. To ensure legibility and accuracy, complete the PDF fillable form before printing. All of the required fields (including Memo Information) must be completed and must be clear and legible. The form must also include the Fund Manager's signature. Incorrect information may delay the processing of a transfer request.
All Departments/Funds that request to have their funds wire transferred will be charged as follows:
International wire transfer : $ 20
Domestic wire transfer : $ 10
For domestic transfers, the requestor has the option of having their funds transferred using the ACH network instead of a wire transfer. The ACH network takes one to two business days to settle and there is no charge for ACH transfers.
All faculty and staff who are authorized to review the financial reports for their specific non-tax levy Funds, have access to those financial reports using a web-based reporting tool named Argos. With Argos, reports can be accessed anytime during the month and they will include the entire Fund's financial activity, even the most recent transactions. The benefits of Argos are:
Easier access to financial reports
All reports can reflect current financial activity, including transactions that were recorded right before the report was ordered
Flexibility in choosing the reporting period.
A Banner account is needed in order to access Argos. The Banner account can be requested by filling out the PDF form below and submit it to the IT Helpdesk:
For step-by-step instructions on how to access those financial reports, click on the following document:
When is it appropriate to request a wire transfer?
Wire transfers are generally issued to foreign (international) payees only. Domestic payees (U.S.-based) are generally paid via check or ACH transfer, unless extenuating circumstances exist. A wire transfer may be the best payment method if/when the vendor will have difficulty cashing a check drawn on a U.S. bank account or issued in U.S. dollars; or there is risk the payment will be delayed or the check may get lost if mailed overseas.
For international wires, you need to provide the beneficiary information and the beneficiary bank information, including the SWIFT or the BIC code. Additional information may be required for some countries, but that will be requested as needed. If the payee's bank is part of the European Community, the IBAN and SWIFT are required as well.
For domestic wires, you need the beneficiary information and the beneficiary bank information, including the account number, the ABA or the Routing number.
The IBAN (International Bank Account Number) is a series of alphanumeric characters which uniquely identify an account held at a bank. It can be up to 34 characters long and contains a two-character country code, two check digits, and the basic account number. The basic account number identifies the bank as well as the account holder. In printed format, spaces are inserted for better readability (i.e. DE16 5003 3300 0532 0130 00).
The BIC (Bank Identifier Code) is an 8-character code also known as the SWIFT address and is uniquely assigned to banks. Branch codes can be added to the BIC to further designate which branch of a bank should receive the SWIFT message. When a branch code is added, the BIC has 11 characters (i.e. BARCGB22 or DEUTDE3B400).