blog posts System Government Costing's Monthly Facts and Reminders for May May 19, 2021 9:15 amBuying and ContractsAccounting and BudgetingDo you wonder when you should process your billings for your 3E self-supporting funds? Have you heard of “timely billing” but are not quite sure what that means? Billings should be issued to customers as soon as the service is rendered, or the goods delivered. Performance of monthly billings is recommended and is considered a good business practice. In addition, any self-supporting activity that provides goods or services to a sponsored project must bill the related project fund monthly due to closeout timelines and requirements. Federal sponsored project guidelines limit the timeframe in which charges to a sponsored award must be posted following the close of the funded activity's performance period (2 CFR 200.344 Closeout). Some sponsors also limit the billing timeframe for each budget year within a multi-year project. For more information, refer to University Business and Financial Policies Procedures located on the following webpage:https://www.obfs.uillinois.edu/bfpp/section-22-self-supporting-revenue-generating/charge-self-supporting-to-sponsored-project-funds Failure to perform billings in accordance with University and Federal guidance will compromise our ability to collect from customers, including sponsored projects. Untimely billings can result in the charges being subsidized by the University and transferred to the department’s state, institutional, or gift funds due to late postings on the sponsored awards. ContactIf you have questions about Timely Billing feel free to consult System Government Costing’s “Who to Ask” list to find an expert who can help.