Accounts Payable

Please remember, many vendors have 30 day terms, it is the responsibility of the department to submit payment authorizations in a timely manner to avoid any rushed payments. 

Should you require a payment processed more quickly than our established timeline (10-15 business days from submittal) you will need to let the accounts payable team know as soon as possible (pbroderson@molloy.edu / dferrara@molloy.edu). All paperwork must be submitted to paymentrequests@molloy.edu prior to end of business no later than (5PM) on Friday. If all paperwork is correct and there are no issues the vendor can be paid the following week. 

If any paperwork or signatures are missing, your request will be returned to you and not processed until all documentation/approval is submitted.  Please do not request a rush for a vendor that has terms with us as we can add them to our weekly payments with their vendor terms. If the vendor you are requesting a rush for is a new vendor, a W9 must be sent to the accounting office prior to submitting your rush paperwork.  It takes time to verify new vendors and open the account so please add a week to the processing time.

In the event where a payment is imminently necessary and signatures and documentation cannot be gathered/provided before payment, you will need to obtain approval (email/text/written) from the Vice President for Finance or the President noting the reasoning for the expedited payment. 

If the emergency is during regular business hours (M-F, 9-5) please contact accounts payable as soon as possible for appropriate determination of payment type (ie. check, wire, or credit card). All documentation and signatures must be obtained and submitted to Accounts Payable as soon as practicable.

Manual paper checks are available in the office of the Vice President of Finance. These checks are available under very limited circumstance and only where a payment is required on demand and the amount will be finalized at the time of the event. If a paper check is required please send an email to swilliams@molloy.edu and Kfischer@molloy.edu with the request and documentation of need.

Examples: Real Estate closing, department of building works permits. The maximum dollar limit on these checks is $10,000.

Molloy University’s fiscal year starts on July 1 and ends on June 30 each year. Generally Accepted Accounting Procedures (GAAP) require entities to record expenses (and revenues) in the year they are provided/received. Meaning, if you order an item on June 28th and you receive it on July 1st, it will be recorded and paid from the new year’s budget. Accounts Payable keeps the year “open” for payments until July 31st in order to capture all expenses relating to the fiscal year

• May - Departments should evaluate their needs, check budgets and make any purchases that are necessary for operations through June 30th. These orders should be placed no later than May 31st.
• June - Contact vendors for all outstanding invoices. Each department is responsible for obtaining outstanding invoices and submitting them for payment. Purchase orders will not be issued in June unless absolutely necessary, and only with confirmation from the vendor that the goods/services will be delivered before June 30th.
• July 1st-15^th - All outstanding invoices submitted to Paymentrequests@molloy.edu for processing.
• July 15th-31st – Payments will be processed through July and paid according to GAAP standards.

Payment authorizations received after July will be evaluated and processed in the appropriate year following GAAP standards and established thresholds.