Common use of Reconciliation of Advance Payments Clause in Contracts

Reconciliation of Advance Payments. Faculty who have received travel/conference payment advances shall file the necessary accounting forms within two (2) months of the completion date of the travel/conference. If not filed by that time, the full amount of the advance payment shall be withheld from the faculty member’s next payroll warrant. If the faculty member subsequently submits the necessary accounting forms, he/she shall be reimbursed for the amount which was withheld from her/his payroll warrant, provided this late submission occurs within the same fiscal year.

Reconciliation of Advance Payments. Faculty who have received travel/conference payment advances shall file the necessary accounting forms within two (2) months of the completion date of the travel/conference. If not filed by that time, the full amount of the advance payment shall be withheld from the faculty member’s member‟s next payroll warrant. If the faculty member subsequently submits the necessary accounting forms, he/she shall be reimbursed for the amount which was withheld from her/his payroll warrant, provided this late submission occurs within the same fiscal year.