TABLE OF CONTENTS
SECTIONPAGE
I. PURPOSE2
II. BACKGROUND2
III. COLLECTIONS POLICIES2
IV.AREAS OF REPSONSIBILITY2
- PURPOSE
The purpose of the Collections Policy is to provide written guidelines for the tracking, documentation, and collection efforts with regard to outstandingpayments.
- BACKGROUND
On occasion, entities or individuals owing money to the Chapter may not make a required payment, the payment may be insufficient, or the payment may be rejected by a financial institution. This policy outlines the Chapter’s policies on tracking and collecting the funds owed to the Chapter.
- COLLECTIONPOLICIES
1)Debts to the Chapter will be pursued.
2)The Chapter operates on a cash basis and as such, revenues are recorded when received rather than as earned. Therefore, charge-offs do not impact revenue.
3)The Treasurer and Assistant Treasurer will make reasonable efforts to notify the responsible party and request payment.
4)The Treasurer and Assistant Treasurer will track and document collection efforts.
5)The Treasurer and Assistant Treasurer are permitted to negotiate reasonable payment plans for monies owed.
6)Payments outstanding for more than (1) year should be considered for charge-off.
7)The Treasurer and Assistant Treasurer may exercise their judgment regarding the continued pursuit of outstanding payments.
8)Payments outstanding for less than (1) year may be charged-off by the Treasurer and Assistant Treasurer based on relevant circumstances.
9)Explanations for any charge-off made by the Treasurer and Assistant Treasurer should be documented and reported to the Finance Committee and the Board of Governors.
10)Entities or individuals from who required payments have not been received, not charged off, and refuse to pay will be tracked and be prohibited from attending future events or conferences until the full balance is paid.
11)Entities or individuals whose debts have been charged off may attend events or conferences provided payment is received prior to the event or conference.
- AREAS OF RESPONSIBILITY
1)The Treasurer and Assistant Treasurer are responsible for the overall implementation of this policy, processes, and prescribed controls.
2)On an annual basis, the Finance Committee will review this policy, revise (if necessary), and submit any material changes in the policy to the Board for review and approval.
Effective: 11/20/2012Revised: N/ABoard Approved: 12/18/2012