RECEIVABLES: INVOICING AND ACCOUNTING
Kansas Athletics must annually generate the revenues to substantially fund its activities. Actual monies due Kansas Athletics which are directly invoiced and/or accounted for by the Athletic Business Office are derived from the following sources:
- Television and Broadcasting Rights Fees
- Game Settlements
- Ticket Sales
- Corporate Sponsorships
- Concessions, Novelties and Licensing Fees.
The Director of Business Operations is responsible for initiating all invoicing procedures to account for monies due Kansas Athletics from the sources listed above. Computer files are used to track Kansas Athletics accounts receivable.
Each area within Kansas Athletics, except for the Athletic Ticket Office, requiring an invoice for services or goods is to provide the Director of Business Operations with the billing information (i.e. company name, mailing address goods or services provided, price, etc.). The Staff Accountant generates the invoice and mails it to the client.
The Director of Business Operations is responsible for tracking all open accounts receivable. In general, invoices are to be paid within 30 days. Second billings or telephone calls (at the Director of Business Operation’s discretion) requesting immediate payment are sent at the end of 60 days. After 90 days, outstanding invoices may be referred to a collection agency for collection.