Collecting funds on behalf of the Institute is a complex task with many moving parts. In addition to billing and collecting, the Accounts Receivable team tracks the inflow of payments from many sources, creates invoices and bills in foreign currencies, and sends out dunning letters for overdue payments. The team closes out receivables for the Institute and ensures MIT’s compliance with Massachusetts collection laws.
While Accounts Receivables does not handle the actual billing for tuition, they do close the books each year on tuition as a receivable. They handle billing for a diverse portfolio of entities including Endicott House, MIT Libraries Document Services, MIT Medical, the Office of Major Agreements, the Deshpande Center, the Broad Institute, and many others.
The Accounts Receivable team is charged with knowing—at any given moment—exactly how much is owed to the Institute as a whole. Timely payments and accurate information help the Treasury and Planning team to effectively manage cash flow, which in turn supports MIT’s overall financial strength.