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General Statement

The Union WELL Inc., as a 501 c 3 Corporation, shall be operated in a manner consistent with cautious and appropriate fiscal policies.

Policies

Writing-Off Receivables

The Union WELL Inc., after exhausting all reasonable efforts to collect outstanding invoices, shall have the ability, with documentation, to write off un-collectible invoices. Acceptable documentation would be, for example, the dissolution of a club or organization, or an agreement for a negotiated partial payment. It must also be considered if the cost of collection (staff time invested) will meet or exceed the costs of additional pursuit of the account. The Executive Director may write off invoices of less than $2,500. Invoices in excess of $2,500.00 require approval by the Board of Directors. The Budget and Finance Committee shall be informed of all write-offs on an annual basis.

Reports will be developed monthly by ASI Accounting Office, and reconciled with the Union WELL Inc. records.

Guidelines and Procedures

Accuracy of Information

The Union WELL Inc. Business Manager, working with the ASI Business Office, shall maintain an accurate count of overdue invoices, the amount of funds and ledger of accounts receivable, which should be updated on a monthly basis.

Procedures

Invoices are due in 30 days. For invoices older than 30 days, event sponsors shall be notified that they are at risk for losing their privileges to make reservations at the University Union or The WELL. For invoices older than 60 days, event sponsors will no longer be permitted to make reservations at the University Union or The WELL. For invoices older than 90 days, event sponsors will lose all privileges at the University Union or The WELL including the canceling of all existing reservations at the Union. The Executive Director shall have final discretion prior to the cancellation of events according to this policy.

Change History 

Updated: December 12, 2001

Updated: November 15, 2012

UpdatedFebruary 19, 2014

 

 

Updated: December 12, 2001

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