Policies & Procedures Manual

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b. The dollar amount of late payments c. The dollar amount of interest payments d. The specific steps taken to reduce future late payments.

5. If the terms of an invoice provide for a discount for payments in less than the 45 days, East Central Community College shall use all diligence to obtain the savings. VI. Encumbrance files are purged annually for outstanding purchase orders over 90 days since date of issue. Requisitioners are contacted to determine if item has been received and not invoiced by vendor. If this is the case, the vendor is contacted requesting an invoice from which to pay. Business Office records are researched to ascertain that the encumbered copy is indeed outstanding and has not been invoiced or paid. Other information concerning status of order may be obtained from requisitioner, e.g., order canceled or item no longer required. As requisitioner becomes aware of any information concerning an out-standing purchase order, this information should be relayed to the Business Office for any necessary action. VII. BUDGET STATUS REPORTS are prepared and distributed online to administrators, division chair men, and budget managers at the close of each month. These reports indicate the annual approved budget amount, amount actually spent to date (invoices properly processed and checks disbursed), amount encumbered or obligated by outstanding purchase orders, and the remainder of funds for any particular line item. The Business Office should be contacted immediately concerning any questions or discrepancies so that necessary corrections can be made. VIII. Certain payments may be made prior to certification that goods or services have been received or performed. Waivers of certification that goods or services have been received or performed may pertain to, but should not be limited to, service contracts of a limited time period for lease of office space and equipment, computer software, subgrantee disbursements under federal grant programs, speakers at campus events and journal subscriptions. Waiver of Certification – In accordance with Section 7-7-27, Miss. Code Ann. (1972), the College may waive, under certain circumstances, the requirement for certification that the goods or services rendered have been delivered or performed. Waivers may be granted for payments to vendors before the goods or services are received or performed by completing a written request utilizing a letter found in the Business Office. The requestor must explain the circumstances or reasons why the waiver is being requested. A copy of the invoice or contract showing the prepayment terms must be attached to the request. Purchases where prepayments of goods or services are considered standard industry practice do not require waiver letters to be submitted. Examples of these types of prepayments include, but are not limited to, the items listed below. Monthly: (no more than 12 payments inn a fiscal year): rent (i.e. land, buildings, office space, office equipment, etc.), maintenance fees, operating fees and leases. Annual: (no more than one payment in a fiscal year): rent of a post office box, membership dues, subscriptions, software maintenance fees, etc.

Travel: registration fees for conventions and conferences and deposits for hotel fees.

Multi-Year: All multi-year prepayments require a waiver.

(Revised 03/19/2013; Revised 05/13/2014; Revised 5/17/16)