Program Spotlight

Foundations Holiday Payment Request Schedule

By Finance Division Communications

Written by Erin Delehanty.

Foundations Accounting and Investments (FAI) processes payments greater than $5,000 on a weekly basis from Foundation projects. Occasionally, university holiday closures require a modification to the regular payment processing schedule.

In general, payments less than $5,000 from foundation accounts can and should be processed through the university’s established processes and systems, such as through Accounts Payable or the Payroll Office. Exceptions to the $5,000 minimum and payments greater than $5,000 are processed by FAI on a weekly basis for signature by the assistant treasurer or treasurer of each foundation. 

Generally, FAI must receive a completed Payment Request Form by Tuesday at 4 p.m. each week in order to be processed, signed and ready for release on Friday of that week. 

Occasionally, holiday schedules necessitate a change to the regular schedule for payment requests and check/ACH processing. Below is the modified holiday schedule for the 2024 Thanksgiving and Winter Break holidays.

Thanksgiving: November 25-29, 2024

  1. FAI is not processing manual payments the week of Thanksgiving. 
  2. The deadline for manual payment requests to be processed prior to Thanksgiving is Tuesday, November 19 at 4 p.m. 
  3. Payment requests received by this deadline will be ready for release on Friday, November 22.
  4. Payment requests received after the 11/19 deadline will be processed the week after Thanksgiving and ready for release on Friday, December 6. 

Winter Break: December 24-31, 2024

  1. The deadline for manual payment requests to be processed prior to Winter Break is Tuesday, December 17 at 4 p.m. 
  2. Payment requests received by this deadline will be ready for release on Friday, December 20.
  3. Payment requests received after the 12/17 deadline will be processed when the university reopens the first week of January and ready for release on Friday, January 10.

Additional information about FAI’s payment request process, including the payment request form, can be viewed on the Payment Request page of FAI’s website.