Related Topics
 

Accounts Payable
Budget Office
General Accounting
Purchasing
Whistleblower Policy
Financial Services Website

Contact Information
 

Accounts Payable Phone: x4206
Accounts Payable Fax: x
4611

Budget Phone: x4048
Budget Fax: x3882

Controller Phone: x
Controller Fax: x3882

Purchasing Phone: x5588
Purchasing Fax: x5841

   

 

 

Payment of Purchase Order Invoices
Checks are issued and sent via first class mail for Vendors that have furnished PO goods and/or services. These are paid 30 days from the date of the invoice assuming timely receipt of the invoice by Accounts Payable.

Vendor Invoice Mailing Address

All vendor invoices must reference the college's PO number and should be mailed directly to the following address:

BABSON COLLEGE
Accounts Payable Office
Babson Park MA 02457-0310

Payment of Check Requests
A Request for Check form is utilized when an individual needs to purchase something that could not be paid for on a Babson P-Card or items that do not require a PO.  This form must include the valid General Ledger account number to be charged, supporting documentation (e.g., invoice or receipts), and be approved by an appropriate department manager.  Completed forms should be forwarded to Accounts Payable.

Wire Payments

The preferred method of payment by Accounts Payable is by check or electronic funds transfer.  Some payments may need to be paid by a wire transfer.  Both Domestic Wire Transfers and Foreign Wire Transfers are processed on Friday.  Accounts Payable must receive all completed paperwork by 4:30 on Thursday. 

Employee Reimbursements
An Employee Expense Report is used for employees to request reimbursement for goods or services paid for on behalf of the College.  It is most often used when a staff member travels on College business.  To the extent possible, the majority of expenses incurred on a business purpose trip should be paid for using the P-Card or Corporate American Express card. 

Travel Advances
A Travel Advance Request form is utilized when an employee is going on a business trip in excess of two days and funds are required to cover out-of-pocket expenses not chargeable to a P-Card or Corporate Amex card. 

Tax Reporting Requirements

A W9 Form is required to be on file (by the IRS) for all payees for year-end 1099 tax reporting purposes.  Non-incorporated companies or individuals (including consultants and speakers) that are compensated by the College for goods or services must furnish their social security number or Federal Tax ID number on this form.  Accounts Payable will not release a check to a vendor without a completed W-9 form on file.

Non-Resident Alien Tax Policy Guidelines
Babson is required by the IRS to comply with federal tax withholding and reporting regulations when issuing payments to non-resident aliens.  Payments affected include compensation, wages, honoraria, scholarships, fellowships and, in some cases, reimbursement for travel expenses. The general IRS rule is to withhold taxes at a rate of 30% for all payments made to non-resident alien individuals. However, an individual’s visa status, length of stay in the United States, or tax-treaty exemptions with specific countries could possibly reduce or eliminate the 30% tax withholding requirement in certain situations.