Have you had difficulty accessing research funds transmitted electronically from your sponsor, especially from a non-federal sponsor? Ginger Simonton, University Accounting, reports that the University regularly receives hundreds of “wire transfers.” They all arrive with the name of the transmitting bank and a time stamp. However, if a transfer lacks additional processing information, it may not be possible for her office to direct the funds appropriately. The money will be deposited in a “holding” account until the intended recipient can identify and claim it. Funds may languish for weeks or even months.
There are two simple ways to avoid “lost” wire transfers.
The first is to give specific instructions to your sponsor (or originator) to be included in the “memo” field of the transfer order:
- Name of the individual or organization transmitting the funds;
- Name of the intended recipient;
- Contact information for the recipient (phone number and office location);
The second strategy is to notify Ginger (gsimonton@llu.edu, ext. 42740) when a wire transfer is expected. The following information is most useful:
- The name of the sponsor (individual or organization) transmitting the funds;
- The name and phone number of the intended recipient;
- Number of the account into which the funds should be deposited;
- Amount expected.
When one or both of these processes are followed, wire transfer funds will appear in your research account quickly.
Please distribute this information to appropriate investigators in your area.