Collection Policy

1. Purpose

To establish consistent procedures for the timely and respectful collection of outstanding receivables while maintaining the organization’s mission and relationships with its members (individuals, condominium corporations, professional and business partners, sponsors and advertisers).

2. Scope

This policy applies to all receivables due to the organization, including:

• Membership fees
• Events
• Seminars, webinars or other educational programs
• Advertising
• Sponsorships

3. Responsibility

The Administrator, Treasurer or other designated officer or staff member is responsible for:

• Monitoring accounts receivable
• Communicating with debtors
• Taking steps outlined in this policy
• Reporting regularly to the Board or Finance Committee

4. Payment Terms

• All invoices or fees are due within 30 days unless otherwise stated. Exception: all invoices for sponsorship or advertising are due prior to the debtor receiving the benefit of those purchases.
• New sponsorships and advertising sales will be not be entertained unless the member is current on all receivables.
• Please note that it may take up to 48 hours from purchase for you logo to be reflected on marketing materials.
• In order to be included as a speaker for an education event, the speaker and the company they represent must be current on all receivables. 
• Payment methods accepted: credit card, cheque, EFT. Cash is not accepted.
• If assistance is needed, a payment plan may be arranged upon request and is subject to board approval.

5. Collection Procedure

Day 1–30: Invoice Due

• Friendly reminder email issued 7 days before due date.

Day 31–60: First Follow-up

• Email sent to the debtor requesting payment.
• Offer to discuss financial hardship or set up a payment plan.

Day 61–90: Second Follow-up

• Formal letter issued outlining the overdue balance and deadline.
• May include notification of potential consequences (e.g., loss of access to programs, suspension of membership).

Day 91+: Final Notice

• Final demand letter issued.
• Matter referred to legal counsel or a collection agency, if appropriate.
• Board approval is required for legal action or write-off.

6. Payment Plans

• May be approved for up to 6 months with written agreement.
• Terms will include specific amounts and due dates.
• Failure to comply voids the plan and resumes collection.
• Payment plans must be approved by the board of directors.

7. Write-Offs

Debts may be written off only with:

• Documentation of attempts to collect
• Approval by the Board
• Adherence to financial policies and audit requirements

8. Confidentiality & Fairness

• All information will be handled with discretion.
• The organization will act respectfully and fairly, considering circumstances such as illness, loss of employment, or financial hardship.

9. Review

This policy will be reviewed on an as-needed basis by the Board or Finance Committee.  Any proposed changes must be approved by the Board.