In this issue you will find:
1. AP Processing Update & Paying Bills Now
2. Sharing Revenue for Online Workshops
3. SOM Minute – Vendors over $5,000
4. Thanks to SCORE’s Treasurer Advisory Group
5. Panther Group Bills Reminder
Accounts Payable Processing Update
Bills being mailed to HQ are being forwarded and will take an extra 1-2 weeks for us to receive them.
We want to make sure that your chapter’s phone is working, the rent is paid, and other utilities are covered during the COVID-19 phases when it may be difficult for you to forward the bills to us and for us to get mail. Currently, we are paying telephone and internet each month with or without a bill unless you have told us not to pay in advance. For chapters whose bills do NOT come directly to HQ, we will pay the bill out of local unrestricted funds coded to 59900. Once the bill is provided to us as back-up, we will reclassify the bill accordingly.
If we paid the bill in advance, we need a copy of the bill. How to tell if we paid it in advance? If the bill number starts with ADV PMT, we will still need a copy of the original bill. Even if it is getting mailed directly to us, if you have the ability to get it online, we would appreciate you sending a copy directly to your A/P specialist (see staff list below)
As of the date of this bulletin, we are processing bills received June 5 and June 8, including the delayed bills being held by the post office that just arrived. By Friday, if you do not see a bill submitted earlier on your chapter's bills register in Sage Intacct Accounting system, please let us know. Please contact your accounts payable person directly or send an email to firstname.lastname@example.org.
Splitting Revenue with Another Chapter for an Online Webinar?
Chapters wanting to transfer Webinar Revenue to another chapter will need to fill out a Form 14 payable to the receiving chapter, have it approved by the chapter chair or designee and then send it into email@example.com. We will do an ACH transfer into the receiving chapter’s Bank of America account.
SOM Minute – Guidelines for Contracts Explained
The updated SCORE Operating Manual (SOM) is up and available on the Support Center. You can also search for SOM from the Support Center homepage to find both the online version and the PDF.
The requirement for contract documentation is for all vendor relationships exceeding $5,000 in any one fiscal year. All contracts or agreements that are for more than $5,000 must be approved by HQ. Three price quotes from qualified sources are required. If the lowest price quote isn’t chosen, then an explanation needs to be also submitted. This is covered in the SOM under General Operations and Guidelines Lesson 42, or Page 35 of the PDF version. If you have any questions, please contact Doug Nohe or Rick Peluso.
In the event that multiple chapters use the same vendor and the total SCORE payments will exceed $10,000; we will also need the same documentation.
Thank you to our Treasurer Advisory Group
Thank you to the volunteers that are working through updating the Chapter Accounting Policies and Procedures (CAPP) through May and June. Stuart Epstein, Michael Tarren, Pat Lambert, Bill Ringler, Joe Pohlots, Patrick Coleman, Edward Stone, Terry Liggett, Malcolm Platt, Nathan Ruiz, Michael Lopata and Eric Robertson. We appreciate your expertise and commitment to SCORE. The group expects to publish the updated Policies and Procedures in July. The CAPP will reflect the treasurer’s role with Centralized Accounting as well as best practices and compliance standards of the federal grant.
Panther Group Bill Processing Change is Now in Place
Starting with bills dated June 1st, Panther Group will send all bills to HQ directly for payment. This change will reduce the duplicate bills we receive and also ensure that all bills are being recorded. Panther will also send a copy to your chapter for your own records. We will assume that your chapter’s approval on the timesheet itself is authorization to pay. Linda is working closely with Panther to get any special coding instructions on the invoice. If your chapter is ready to change now, please contact your Panther representative to give authorization to send the bill to us directly for payment.
Weekly Intacct Webinars will resume in July. If you have questions regarding using Intacct before then, please contact Erin Schultz.
Thank you for all you do for SCORE and please stay safe.
VP of Finance