Cash Equivalent and Incentive Payment Update

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Presentation transcript:

Cash Equivalent and Incentive Payment Update HEALTH SCIENCES CENTER Cash Equivalent and Incentive Payment Update (Incentives for Program Participants – Policy 2480) RAFT September 22, 2016

HEALTH SCIENCES CENTER Current Policy for Study Participant Payment (established November 14, 2012) The preferred mechanism for disbursing monetary participant payments (not being paid by check to the participant) is via merchant cards (e.g. Wal-Mart or Target) or pre-loaded bank cards (e.g. Visa or MasterCard). This mechanism provides increased internal controls and minimizes the risk of not being able to properly account for petty cash. However, in extreme circumstances, there is an option to use petty cash, but it must be used under tightly controlled situations and procedures. Beginning 30 days from this notice, advance cash payments to participants will not be allowed at the Health Sciences Center for a period greater than 3 business days from cash receipt date to disbursement date. Any cash not disbursed to the participant within 3 business days must be returned to the Cashier. These payments must follow UBPPM 2480 policies.

Current options for alternative methods for payments: HEALTH SCIENCES CENTER Extreme circumstances are rare and we do not anticipate petty cash for participant payments to be approved in the future. Current options for alternative methods for payments: Merchant Cards (Wal-Mart or Target) Gift Cards (incur service fee) Reloadable ClinCard (Available for CTSC Supported awards only) DPI Payment Current state – Reloadable for CTSC Supported award only is due to the limited amount of staff support/access to the Greenphire software.

Future options for payment include: HEALTH SCIENCES CENTER Currently are scoring RFP responses for reloadable and one time load card options. Future options for payment include: Reloadable ClinCards available to all awards (built in reporting options) Prepaid (one time load) Debit Card RFP Panel has representation from both campuses departments and core office. Will be meeting next week to finalize scoring and administrative support structure with the options to be available soon after that. Reloadable ClinCard options will have automated taxation reports that should help to alleviate the manual (current state) tracking burden. The new /future alternatives will also have options to receive cash from the participants or near by banking institutions.

Reminder – NO UNAUTHORIZED Petty Cash HEALTH SCIENCES CENTER Reminder – NO UNAUTHORIZED Petty Cash Remind attendees that there have been a few instances recently of unauthorized petty cash accounts. Reference handout that was available for them to pick up at the sign in tables.

HEALTH SCIENCES CENTER Questions