Invoice Review & Approval

New Invoice Review and Approval

Invoice Review and Approval Policies

VENDOR MANAGEMENT POLICIES

I. Due Diligence

1) When a significant outlay of the JSC’s resources is expected to procure services or a product, generally $5,000 or more, due diligence should be undertaken prior to selecting a vendor or product and should be documented.

2) Due diligence may include but is not limited to speaking with the vendor or vendor’s agent, reviewing the vendor’s website, reading reviews of the vendor or product, soliciting input from the Board or other individuals with experience with the vendor or product, etc.

3) For service engagements, generally of $5,000 or more, such as event planning, sound, venues, and food services, the due diligence process should also include the solicitation of bids from multiple providers whenever possible at a minimum of every (3) years for on-going relationships.

II. Contract Execution

1) Contracts, whenever possible, should be forwarded to the President of the Board prior to execution for review and approval.

2) Time sensitive contracts, where time is not available for Board review, should be reviewed by (1) Board member in addition to the President prior to execution.

3) Contracts more than $5,000 shall be considered for review by an attorney.

4) Contracts may only be signed by the President or the President’s designee.

5) Contracts shall be retained by the President and the Treasurer/Bookkeeper will be provided with a copy of any executed contract.

6) Any required deposits to be provided to the vendor will be made via check by the Treasurer or Bookkeeper.

III. AREAS OF RESPONSIBILITY

1) The President, Board, General Manager, Treasurer, and Bookkeeper are responsible for the overall implementation of this policy, processes, and prescribed controls.

2) On an annual basis, the Board will review this policy, revise (if necessary), and submit any material changes in the policy to the Board for review and approval.

3) Each vendor will be assigned to a JSC member, such that that member will be the vendor’s Primary Point of Contact (PPOC). The PPOC will responsible for all vendor communication, information collection (inclusive of w9 forms, EIN, TIN, contact information, etc). This information will be reviewed and updated annually.

New Vendors to JSC must be submitted here – New Vendor - Link to Online Form:

https://sites.google.com/a/juventus-sc.org/finance/vendor

EXPENDITURE POLICY

I. Expense Approval and Requests

1) All expenses require prior written approval from the JSC President or Vice President.

2) The JSC PPOC for any vendor is not authorized to make a financial commitment without prior written approval.

GENERAL ACCOUNTING & FINANCE POLICY

I. Vendor Payment and Approval

1) All payment requests by a vendor must be made in writing. It is preferred that all requests are in the form of a formal invoice to ensure proper documentation.

If you are working with a vendor that this not familiar with submitting invoices, please use this document as a template:

goo.gl/joCDeH

2) The JSC PPOC for the vendor is required to submit invoice to the Treasurer. All invoices requiring payment by JSC can be emailed to: treasurer@juventus-sc.org

3) Please note that all invoices will require an additional JSC member to approve. Payments over $5,000 will require the approval of the President. All invoices/payments will be entered and reconciled in our account by JSC Bookkeeper.

II. Vendor Payment Timeline and Expectations

1) Standard timeline to Approve and Process any payment will be 15 business days.

2) JSC will process all payments on a batched schedule on Tuesday’s and Friday’s for a given week. Please note that federally observed holiday’s and weekends will not be counted within this timeline.

3) For any given invoice at the point of submission JSC will have 5 business days to review, approve, and process the invoice. In addition to the time noted above it should be expected to allow for an additional 3 – 5 business days for payments to clear our account and post to the vendor’s account. This may take the form of an Electronic Funds Transfer or a Check sent to the vendor.

To best set expectations, please use the guidelines below. In this example, let’s assume the invoice was submitted on Wednesday, this would mean that we would include this invoice in our Review / Approval for the following Friday thus providing at least 5 business days for this invoice to be submitted, reviewed, approved, and processed. We would send this invoice to be paid on the following Friday. As such, you should expect to allow an additional 3-5 Business days for this payment to clear our account and post to the vendor’s account.

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