Pol-EFT Payor (Vendors) Policy

policy EFT Payor Vendors modified Fri Jan 31 2020 11:02:44 GMT-0500 (Eastern Standard Time)

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University of Louisville

OFFICIAL
UNIVERSITY
ADMINISTRATIVE
POLICY

POLICY NAME

EFT Payor (Vendors) Policy

EFFECTIVE DATE

April 9, 2008

POLICY APPLICABILITY

This policy applies to all University Employees (administrators, faculty and staff).

POLICY STATEMENT

The University accepts payments via EFT (Electronic Fund Transfer) in lieu of a check.  If you have outstanding invoices, verify with the Vendor (hereinafter referred to as payor) their method of payment.  If payment is EFT, please inform Treasury Management via email TREASMGT@louisville.edu and provide the following information:

  1. Date EFT was received, or expected date of receipt.
  2. Name of Payor.
  3. Amount of Receipt.
  4. SpeedType and Account Number to credit.
  5. Supporting documentation for proof of ownership.  Department must be identified as the payee and exact amount must be shown on documentation (examples of appropriate documentation include:   Invoice, Request for Payment and Correspondence).


When payment has been received you will be notified and University Accounting will post funds to the SpeedType and Account number identified.  Future payments will be posted to the same SpeedType and Account number previously provided upon receipt.  If multiple SpeedTypes are involved University Accounting will contact you regarding the procedure for these receipts.

The following link is a list of Payors who currently process their payments to the University by EFT.   Please check this list periodically for any new additions.  Inquiries about the list should be directed to David Downey in the Controllers Office / University Accounting.
Link to EFT PAYOR LIST

ADMINISTRATIVE AUTHORITY

Vice President for Finance and CFO

RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION

Controller’s Office
Service Complex
Louisville, KY 40292
Phone:  502.852.7072
E-Mail: controll@louisville.edu

HISTORY

Revised Date(s): April 17, 2008

Reviewed Date(s): April 17, 2008


The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.