Uncleared/Unallocated Revenue

Purpose

To outline the steps required when we a) cannot determine the intended recipient of a grant (unallocated items) or b) cannot verify the validity of a payment (uncleared items), and to ensure thorough documentation and communication.

Steps

  1. Preliminary Verification
  • Verify financial information with the bank.
  • Email or call the payor to obtain the necessary documentation.
  • Review banking information to determine any potential project matches. Document confirmation from the bank regarding financial details.
  1. Documentation
  • Document the steps taken to verify information.
  • Record the communication and verification process in detail.
  • Maintain a clear record of the verification process for reference.
  1. Allocation
  • For uncleared items/unallocated items, allocate funds to P104-07 before the financial book closing date each month until the payment is cleared, or a decision is made. Shared platform indirect overhead won’t be imposed while the payment stays in P104-07.
  • File documentation from step 2 on P104-07 opportunity
  1. Decision-Making
  • On a semi-annual basis, Shared Platform leadership team in consultation with Director, Finance will use the Decision-Making Criteria process (ADD LINK ONCE FINALIZED) to make the final decision on fund designation.
  1. Communication
  • A representative from the Leadership Team will send an email or other formal communication to Andrea and KeunWoo detailing the decision and any necessary next steps.