As a 501c3 non-profit organization with a large portfolio of federally funded cost reimbursement awards, management of cash is of fundamental importance especially for maintaining quality subcontractor partnerships. Though Parallax has made significant improvements from the prior year as it pertains...
As a 501c3 non-profit organization with a large portfolio of federally funded cost reimbursement awards, management of cash is of fundamental importance especially for maintaining quality subcontractor partnerships. Though Parallax has made significant improvements from the prior year as it pertains to indirect rate management, in conjunction with an increased line of credit, there is still some room for improvement as it pertains to internal controls and formalized policies.
In the spirit of continuous improvement and increased management visibility, Parallax has established a formal Billing Policy which will include improved coordination with the Billing department and Program Managers, Accounts Payable and Finance to review vendor payment schedules before submitting a payment request to the U.S. Government to ensure typical payments to vendors are made within 30 days of Parallax’s request for payment. We believe this policy, in conjunction with better cash flows from indirect rate management and the increased line of credit, will assist with ensuring future compliance.