Juventus Policy

PURPOSE

The purpose of the Vendor Management Policy is to provide written guidelines surrounding the procurement and payment of third party services and products in accordance with the Juventus Sport Club’s (JSC) mission, obligations, and ongoing administration of functions.

BACKGROUND

JSC utilizes vendors to provide services and products for the benefit of JSC membership. Vendors include but are not limited to venues, equipment, event planning, financial institutions, software providers, referees, managers, and coaches, etc. The JSC utilizes some one-time vendors and some vendor relationships are ongoing. Due diligence, particularly for vendor engagements exceeding $5,000, is necessary to limit the risk of financial loss or reputational harm to JSC. Depending on the size and scope of services or products needed, the procurement of vendors may also include the solicitation of bids, execution of a contract, and down payments. 

·       For information regarding the payment of vendors and accounts payable and authorization limits, see the Expenditure Policy.  

·       For information regarding the booking of expenses see the General Accounting & Finance Policy. 

VENDOR MANAGEMENT POLICIES

I.               Due Diligence

1)     When a significant outlay of the JSC’s cash 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://goo.gl/forms/Sx49sNidVDHZDyQs1

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: https://docs.google.com/document/d/1Nm8AXjDmBKUdjbj1ReeYF5_fbXRFjIPpMDz4LCERrw4/

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: 

Email to: finance@juventusacademy.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. 

Friday Batch Schedule: 

In-Person Payment Nights

Juventus offers In-Person Payment Nights for those players or families that would prefer to make their payments in person.  During these sessions we will be glad to accept payments via: Cash, Check, or Credit Card.

All payments will be managed by the following process: 

1. During this session we will be able to inform and provide status on your player's account balance. 

2. We will provide you with a receipt for all payments received.  We strongly encourage you to keep this for your records.  As well, Juventus will keep a carbon copy of this receipt of our records.

3. All payments will be held in a Payment Envelope that includes the payment received, player name, account details and any additional notes related to how best to apply funds.  All Payment Envelopes from the night will be counted and totaled.  These Payment Envelopes will be provided to the Juventus Bookkeeper for deposit and account reconciliation.  The deposit totals will be matched against the total and the deposit submitted to the Juventus Accounts.  Please allow up to 10 business days for all accounts to reflect an update as payments will not be reconciled until funds have been deposited and clear into the Juventus Account. 

4. Please note that a separate record of payments received are maintained by the Juventus Treasurer and Juventus Bookkeeper.  The Juventus Treasurer maintain a record of all receipts.  While the Juventus Bookkeeper maintains a record of all Payment Envelopes.  Payments made for Player accounts are verified by cross-referencing the Receipts, Payment Envelopes, Deposits, and Player Account Entries.

Invoice Review & Approval Process

All disbursements of Club funds shall be by check drawn on the Club bank account or logged cash for Club tournaments.  All checks, debit card charges, and electronic funds transfers drawn on the Club bank account shall require dual approval meaning the signature of the Treasurer (signer) with written approval from the President or Vice President or, with the written approval of the Treasurer, and the signature of the President or Vice President.

The signature authority appearing on the Club bank account shall be updated regularly to reflect the elected officers of the Treasurer (signer), President (signer), and Vice President (signer).  Individual team bank accounts shall be established with the approval of one of the aforementioned officers.

The process for this is administrated as follows:  

1. Invoice Submitted: All requests for payment by Juventus must be submitted here: https://sites.google.com/a/juventus-sc.org/finance/invoice

This form requests that the Requester provides their contact details, vendor details, payment information (with required invoice), related account code, with additional notes. 

2. Invoice Review / Approve: Once submitted the Requester will receive an email notification with an identifier for easy the tracking of their request.  This submission is saved on a shared sheet know as our General Ledger to manage all requests made to Juventus. The submission of this form initiates the Review and Approval workflow.  The workflow process follows the steps noted below: 

a.  An email alert is sent to either the President of Vice President for their review and written approval.  They have the ability to update this request with the following status: Approved, Declined, On Hold, or Send Back to the Requester.  They are able in include any additional notes as required. 

b. An email notification is sent to the Requester with the notes and status provided above. 

c. An email alert is sent to the Treasurer to support the processing for payment.  The Treasurer will review that this vendor is currently listed as an approved vendor.  If they are not included the Treasurer will request this vendor to submit a New Vendor form, found here: https://sites.google.com/a/juventus-sc.org/finance/vendor. The Treasurer will ensure that the Account Code is applied correctly and included any related confirmation/tracking details for this approval.  As well, the Treasurer has the ability to update this request with the following status: Approved, Declined, On Hold, or Send Back to the Requester.

d. An email notification is sent to the Requester with the notes and status provided above. 

e. The Juventus Bookkeeper reference the details included in the General Ledger to reconcile all payments in the Juventus Accounts.

For expectations related to our review and approval process please reference the section above:  Vendor Payment Timeline and Expectations

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