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· Payment Policies & Procedures

Payment Policies

 

   Delivery to Accounts Payable

  • Invoices and Check Requests may be mailed via interoffice mail to ADM 140, scanned and emailed to ap@regent.edu, or faxed to extension 4342.  To ensure that all discounts are taken and that invoices are processed by due dates, it is critical that invoices be forwarded to Accounts Payable as quickly as possible. 

 

   Processing Time/Payment Terms

  • Properly authorized and coded paperwork will be processed within five (5) business days of receipt or by due date.  The University's payment terms are net 30 for all vendors. Departments are not authorized to negotiate different terms or make special arrangements concerning payment terms.  Variances from this policy can only be approved by the VP of Finance.

 

   Frequency of Check Runs

  • Checks are issued twice a week on Tuesdays and Thursdays.  If checks must be printed outside of the normal processing schedule, the department requiring the additional check must have approval from the Accounts Payable Manager or VP of Finance.  All checks will be mailed unless otherwise stated.

 

   Expense Authorization

  • A full, legible signature of the individual authorizing payment is required.  Initials will not be accepted.  Only those individuals having budget responsibility may approve expenditures. When a business purpose is not evident for any item purchased, a brief description should be added.  Expenses must be coded with the correct cost center and account number. Please see the Chart of Accounts for account codes and descriptions.

 

  Tax Exemption

  •  The University is tax exempt for purchases made within the Commonwealth of Virginia only. Buyers are required to inform suppliers of our tax status and ensure that we are not charged for sales tax.  The exemption is not applicable to taxable services such as travel, events, entertainment, catering, etc.  Please reference the University's Tax Exemption Form.

   Void Checks

  • Please do not destroy voided checks.  If a check is no longer needed, send to the Accounts Payable Office for tracking purposes.  If a check needs to be reissued, please contact the Accounts Payable Manager to submit your request.

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Employee Information

 

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Vendor Information


Payments to Employees

   Expense Reimbursements

  • Expense reimbursements should be requested using the Expense Report form and completed by following the instructions within the document.  Attach appropriate expenditure receipts to the Expense Report.  Expenditures will not be reimbursed without appropriate receipts. 
  • Expense Reports should be submitted no later than five days after each trip ends or every two weeks if expenditures are incurred on an ongoing basis.  Expenditures submitted more than sixty (60) days after the trip has occurred or item is purchased will not be reimbursed.
  • Reimbursements are processed within five (5) business days and will be direct deposited into the same bank account employees set up with Payroll unless otherwise specified.  To change your direct deposit banking information, please complete the AP Direct Deposit form.

 

   Cash Advances

  • An approved Travel Request form must be completed before any business travel may be initiated. This form will also serve as a Cash Advance request.  Please note that Cash Advances require a minimum dollar amount of $150 and are reserved for travel expenses that need to be paid by cash such as per diem, tolls, taxis, etc. Other expenses should be paid with a University credit card or submitted on an Expense Report for reimbursement.
  • Employees should allow a minimum of 5 business days from date of submission for processing.  Advances will be direct deposited into the employee's bank account on the check run day closest to the traveler's date of departure.
  • Employees who receive a Cash Advance must satisfy the advance with an Expense Report within 5 days of returning from the trip.  No further advances or reimbursements will be made until the outstanding advance has been reconciled.

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Payments to Vendors

  Invoices

   Original Invoice Required

  • It is the responsibility of the department to provide an original invoice and ensure duplicate copies are not submitted to Accounts Payable.  Payment will not be made from anything but an original invoice.  Packing slips and statements should not be submitted for payment. 
  • Do not submit a Check Request with an invoice.  All authorizations and account coding should be made directly on the face of the invoice. Please avoid writing on the remittance portion of the invoice.

   Form W-9 Required

  • A completed Form W-9 must be on file in the Accounts Payable office for all vendors before payment can be made.  The Accounts Payable team will be responsible for obtaining W-9 forms from new vendors. 

 

  Check Requests

   Supporting Documentation

  • Supporting documentation must be submitted with all Check Requests for vendors. The back-up paperwork should verify who the check is made payable to, the remit to address, the amount due, and the business purpose. 

   Remittances Requiring Enclosures with Checks

  • Any forms to be included with the check when mailed should be attached to the Check Request. The Accounts Payable team will be responsible for enclosing the document with the check.

 

  Purchase Orders

  • Purchases costing more than $1,500.00 require a Purchasing Requisition form prepared by the cost center and submitted to the Purchasing Department for approval.  The Purchasing Office will prepare a Purchase Order from the information on the Purchase Requisition form and send it to the vendor or supplier.  Please see the Purchasing Office site for procedural details.

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 Payments to Individuals

   Tax Implications

  • It is extremely important that any payment for work done by a student or employee of the University be processed through Payroll rather than Accounts Payable.  Payments in excess of $600 made to individuals through Accounts Payable are reported annually to the IRS on Form 1099.  If you are unsure as to the proper handling of payments to be made to an individual, please contact the Accounts Payable Manager for clarification.

   

   Honorariums

  • An honorarium is a gift, not a form of payment for services.  If a person is deemed to be "earning" and/or "expecting" payment, then an honorarium is not appropriate.  Instead a contract for services rendered should be drafted.
  • In situations where an honorarium is appropriate, e.g. to express gratitude to a guest speaker who has not requested payment, submit a Check Request to Accounts Payable with the name, address, and social security number of the individual receiving the check.
  • If the amount of the honorarium exceeds $500, prior approval must be obtained from the Vice President of Finance, or the Executive Vice President if a school is making the request.

   

   Independent Contractor Agreements

  • Before preparing a contract, please use the following prerequisites for an independent contractor to ensure the individual should not be paid as an employee of the University:
    • The University controls or directs merely the end to be accomplished, not the means and methods for accomplishing it.
    • The work or project is a "one time thing" not to be periodically continued throughout the academic year.
    • The individual develops and/or performs the service in his or her own time schedule, and does not spend most or all of his or her time serving the University.
    • The University does not furnish tools or normal workplace to the individual.
    • The individual holds him or herself out as available to perform similar services for the general public or other organizations similar to Regent University.
  • Independent Contractor or Employee? The IRS 20-Question Test
  • Services that do not meet the above criteria should be arranged as employment using a New Employee Form and other required paperwork (I-9 Form, state and federal tax forms, etc).
  • Accounts Payable will automatically process payments as scheduled in an executed contract unless they are informed of changes due to incomplete or unsatisfactory work or for any other reason.  Alternatively, the contracting department may reserve the option to prepare a check request for each payment due according to the contract.
  • When drafting an Independent Contractor Agreement, please keep the following items in mind:
    • Please type the information into the template rather than handwriting it.
    • The contract should be printed on university letterhead.
    • The contract should be completed and submitted before the event or work begins.
    • Please ensure that pay dates are not prior to the date the contract is submitted to Human Resources. Remember to provide ample time for review and approval of the submitted contract in relation to the listed payment dates, as well as time for payment processing in Accounts Payable following approval. Please note that payments for contracts received late due to the contractor's error will be delayed as stated in the contract.
    • All contracts not in compliance with the guidelines listed above will be returned for correction.

 

Independent Contractor Agreement Template
This template is for general use.
Independent Contractor Agreement Template
This template is to be used when the contractor is performing services outside of the United States
Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (W-8BEN) Instructions & Form
This tax form is required for non-resident aliens performing a service outside of the United States.  Part I and IV must be completed.  Must also be completed by foreign-owned companies doing business with Regent University.

 

  • Please submit all independent contractor agreements for review and approval to the Vice President for Human Resources prior to their becoming effective.  Independent Contractor Agreements are not maintained in Human Resources.  Once approved and signed, they are sent back to the department, and then must be taken to Accounts Payable for processing.

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