Credit Card Payment Policy
Purpose
The purpose of this policy is to establish procedures regarding the award receipt and related fee disposition for Credit Card payments from sponsors.
Policy
Effective 05/07/2021, the Office of Research and Sponsored Projects (ORSP) and Contracts and Grants Accounting (C&G) will accept credit card payment on sponsored projects with the following limitations:
- The acceptable credit card payment is not to exceed $10,000
- The payment term with a credit card is disclosed at time of proposal submission
- The fee associated with credit card payment is pre-negotiate as to which party will cover the fee
- Credit card payment terms are accepted on an exception basis
Definition
- The limit of $10,000 is to insure UTEP provides maximum opportunities to sponsors to provide funds to get programs started, make a pre-payment for work to begin pending contracts, or for SBIR/STTR vendors to pay invoices that otherwise might not be paid.
- At time of budgeting/proposal preparation, it is important to ask for alternative payment options that are congruent with current payment methods, and accept credit card payment terms as last option.
- There are potentially three (3) options to cover the fees associated with credit card payments listed in order of preference:
- Funding source absorbs fees – RA include fees in total direct costs (est. 2.5% of payment amount)
- If credit card payment is on project subject to full indirect, the F&A revenue recovery cost center is charged the credit card fee
- The credit card fee is charged to a University Account
Exceptions
Any exceptions to the above require prior approval by the Vice President for Research or authorized designee (AVPR)