Receiving Reports

The Office of Finance is responsible for ensuring that all payments for the University are processed in accordance with all relevant Commonwealth of Virginia and University policies and procedures, Internal Revenue Regulations, and Virginia state code regulations including prompt payment of invoices and proper documentation of receipt of goods and services.

As a state agency, Old Dominion University is required to pay for all delivered goods and services by the required payment due date.  The required payment due date is established by the terms of the contract.  If no contract exists, Old Dominion University is required to pay invoices 30 calendar days after receipt of a proper invoice or thirty days after receipt of the goods and services, whichever date is later. 

Departments are responsible for ensuring that all goods and services are received and properly documented as received.  The Departmental Receiving Report Procedure (6-085) explains how to complete the receiving report upon receipt of goods, supplies, equipment, or services.  The procedure provides departments with additional information on Commonwealth receiving report policies and procedures that the University is required to adhere to. 

Late Receiving Report Fee

The Office of Finance will begin the phased implementation of the late receiving report fee mentioned in our June 1, 2007, Disbursements Newsletter.  Situations where the Departmental Receiving Report Procedure is violated to an extent that it has a negative impact on the University's Prompt Pay Reporting to the Commonwealth of Virginia will result in assessment of the fee.  The fee assessment criteria will be modified at a later date to include all instances of non-compliance.