Invoice #126093 to Eco-Enabler Alliance CIC

The objective of the Expenditure policy is to: 

a)    Set out a framework for The Eco-Enabler Alliance CIC to deal with:    

All expenditure related transactions; 

Unforeseen and unavoidable expenditure; 

Unauthorised or irregular expenditure; 

To establish and maintain procedures to ensure adherence to The Eco-Enabler Alliance CIC  review and budget processes; and 

b)    Ensure that all monies due by The Eco-Enabler Alliance CIC is paid in full within the 30 days of receipt date of invoice or statement; whichever is the latest; and 

c)    Ensure that the principles applied, as a result of this policy, will enhance and support a healthy working capital position for The Eco-Enabler Alliance CIC. 

Any changes to creditors’ banking details will only be allowed when the following procedures have been met:

a) The Creditor must inform The Eco-Enabler Alliance CIC of its’ banking details on an original letterhead from the specific company and approved by the relevant banking institution with their official stamp and signatures.

b) In the case where official letterheads and documentation is not available a letter from the banking institution duly signed by both parties and official stamp will be required.

c) Only original documentation information as set out above will be accepted for any changes to banking details.

Refunds in respect of any deposits made will only be refunded to the bank account originally certified by the beneficiary at the time of payment.

 Any withdrawal from the Open Collective (Accountable administered) fund in the name of The Eco-Enabler Alliance CIC, may  only occur in terms of this expenditure policy;

All withdrawals must comply with the approval and authorisation process as set out below:

 Any expenditure recorded on the Open Collective platform by one of the authorised administrators can only be approved and authorised for payment by the other or another administrator. 

  Any expenditure recorded by a vendor or third party on the Open Collective platform can be approved by any of the registered administrators as officially appointed from time to time. 

The delegated authority to make payments from the funds available rests with the Accountable staff as authorised and approved by the Social Change NEST CIC. 

Payments are only allowed to a designated bank account of the staff member or supplier.

No payments to PayPal is allowed.

 

All money owed by The Eco-Enabler Alliance CIC must be paid within thirty (30) days of receiving the relevant invoice or statement, unless prescribed otherwise for certain categories of expenditure.

Payments will only be made directly to the person or institution to which a contract was awarded and from which the invoice is received for legally rendering the service to The Eco-Enabler Alliance CIC.

All requests for payment, properly certified and accompanied by the relevant invoices and supporting documentation must be submitted to The Eco-Enabler Alliance CIC as soon as practically possible.  All expenditure to be paid from the Open Collective platform funds must be approved by at least one authorised administrator appointed by The Eco-Enabler Alliance CIC.

Invoices or statements submitted for payment to The Eco-Enabler Alliance CIC administrators by any person or institution shall be in such form as may be required by the FINANCE OFFICER and must state the  reference to the relevant budgetary item to meet such payment.

When an administrator authorises the payment of accounts the signatory certifies and  authorises that:-

  a) All processes in terms of the Supply Chain Management Policy of The Eco-Enabler Alliance CIC. had been followed;

  b) The goods and services have been received and rendered in good order and are under the control of The Eco-Enabler Alliance CIC.;

  c) The account has not previously been submitted for payment; (d) Sufficient budgetary provisions exists;

  d) If excess expenditure is involved, a virement should be approved authorising the excess expenditure and shall be attached to the voucher; 

  e) Authority for the payment exists, in which case the authority shall be indicated on the voucher; and 

  f) Unnecessary and wasteful expenditure has not been incurred. 

 

 Before payment is processed the Finance Officer shall ensure that: - 

  a) The prices, calculations and any taxes are correct; 
  b) Any discounts to which The Eco-Enabler Alliance CIC is entitled to have been deducted; 

  c) The account has previously not been paid; and 

  d) Sufficient budgetary provisions exist. 

All payments due by The Eco-Enabler Alliance CIC shall be made by approved electronic payment method drawn from the Open Collective platform funds account of The Eco-Enabler Alliance CIC. 

2.4 Expense reimbursement 

All personal and out-of-pocket expenses incurred by any member of The Eco-Enabler Alliance CIC shall first be pre-approved by the Finance Officer and must be uploaded by the person into the Open Collective platform. All expenses must be supported by a receipt, invoice or voucher in order to be approved and paid.  Payments will be approved once the Finance Officer has verified and approved the expense on the platform.  Payments will be made according to the Accountable payment runs, which currently is Mondays, Wednesdays and Fridays.  Payments will only be made to a person’s bank account by electronic transfer. No other payment method is available.