The MFA's Procure-to-Pay Website contains numerous procedures as well as guides and manuals. These documents provide information on specific transactions and activities that you may undertake on behalf of the MFA. Those specific to the function of MFA Payables include the following:
- Accounts Payable Payment Methods
- Procedures
- The following procedures have been established to ensure accurate and timely payment of a properly authorized and documented cashier’s check that complies with U.S. immigration and tax regulations. Documentation not meeting the procedures outlined will be returned for corrective action before the request is processed.
- The supporting documentation must include sufficient information to substantiate the amount of the payment as well as the business purpose, the payee's name, address, and the date and nature of the transaction. Examples of acceptable supporting documentation include an approved invoice or a signed contract. The documentation needs to support the exact amount of the cashier’s check request. Create a spreadsheet if necessary to show how the support adds to the requested amount of the check. An authorized signer must approve the supporting documentation.
- MFA Payables will review the request and supporting documentation for appropriate tax documentation. If the payment is made to a non-U.S. citizen or foreign company, the Tax Department will review the payment request to determine the tax withholding and reporting requirements.
Check Replacement and Cancellation Instructions
- The MFA will replace a lost or stolen check after the MFA has placed a stop payment and receives confirmation from its bank that the original check has not cleared the bank. A check is considered lost or stolen when the payee has not received the check within ten (10) business days from mailing or if the payee has misplaced the check and has not been able to locate the check after a reasonable effort.
- The MFA will replace a damaged or stale dated check (except those that have been escheated) once the check has been returned to the MFA. A check will be considered damaged if the condition of the check has deteriorated to the extent that will preclude a bank from honoring it. A check is considered stale dated if it is over 90 days old.
- Replacement checks are issued to replace lost or stolen checks after the MFA has placed a stop payment and receives an electronic confirmation from its bank that the original check has not cleared the bank. In the event that the original check has cleared the MFA’s bank account, and the payee still disputes receiving the payment, the payee must file the notarized affidavit disputing the receipt of payment.
- When such disputes arise, the payee should contact the responsible department (MFA Payables, if non-employee related, and Payroll, if employee related). The responsible department will contact Accounting and Financial Services, who will begin the process of obtaining the required affidavit form from the bank and providing it to the payee. The payee is required to complete the form and return per the instructions provided by the bank. Once the bank has credited the MFA’s account, a replacement check will be issued.
- Disputes involving a notarized affidavit may involve endorsement issues or counterfeit checks. Endorsement issues it can be honored within three years of the date the check was negotiated, while counterfeit checks issues can be honored for 1 year from the check date.
International Payment Procedures
- For information about issuing payment to individuals who are not US citizens, please refer to Tax Considerations for International Activities on the Tax Department's website.
- Compliance with U.S. Laws When Conducting MFA Activities Overseas
It is important to take time to familiarize yourself with these resources, and incorporate them into your daily activities on behalf of the MFA. Contact MFA Payables at (571) 553-0247 or P2P@mfa.gwu.edu, or the MFA's Compliance & Privacy Office at (202) 677-6343 or privacyofficer@mfa.gwu.edu with any additional questions. There is also a Regulatory Compliance Help & Referral Line (1-888-508-5275) that can be utilized. This is a 24 hours a day, 7 days a week method for reporting suspected violations of laws, regulations, or MFA policies or for asking questions about the "right thing to do." You may remain anonymous if you wish.