CHARITABLE VENTURES OF ORANGE COUNTY DBA PROJECT KINSHIP

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• • rpeu�e..-iv Charitablle_V�res ---- -1�� Policies and Procedures_ - BID PROCESS CVOC requires three bids be solicited for all purchases of $25,000 or more. Projects must consider annual or total multi -year spending for products or services needed on a regular or repetitive basis to determine whether a bid needs to be performed. It is not determined by the average monthly spending for a particular product or service. To reiterate, just because the monthly spending on a particular product or service may be less than $25,000 does not exempt the Project from having to solicits bids. In addition, projects should generally plan to have established contracts re -bid at least every three to five years. Some contracts can be longer, primarily those that require a significant investment by the vendor. All bid openings are to be scheduled with CVOC. RECORD RETENTION Projects must maintain copies of all documentation related to purchases and shall be forwarded to the CVOC Finance Department. INVOICING/PAYMENT A purchase transaction is complete only after the goods/services have been received and the supplier has been paid. When a Purchase Order is issued, the project assumes responsibility to make sure the vendor is paid within an appropriate period of time. By issuing a Purchase Order through CVOC's accounting software in advance of the purchase, funds are properly encumbered and set -aside to pay these obligations. The encumbrance is not a contract, but ensures that the required funding is available. Accounts Payable pays invoices for CVOC. PAYMENT PROCESSING Vendors are instructed to send invoices directly to CVOC Accounts Payable for proper processing. This is the best way to ensure invoices are paid in a timely manner. Invoices will be entered by Accounts Payable. If after review of the invoice, the bill should not be entered/paid (due to a dispute with the vendor, etc.) the project shall notify Accounts Payable in a timely manner. In order to maintain a good payment record and to encourage the proper use of Purchase Orders, Accounts Payable will give the highest payment priority to original invoices supported by properly issued and approved Purchase Orders, and confirmation of receipt of goods and services. PAYMENT TERMS AND PENALTIES CVOC's standard for payment of vendor invoices is within thirty (30) days after receipt of the invoice. REQUESTING NEW VENDORS If a vendor needs to be added, projects must ask the vendor to fill out a W-9. This process is administered by Accounts Payable, who will first verify whether the vendor already exists in the system and may also check several other sources (the Federal 'Do Not Use' list, US Treasury, etc.) before adding the new vendor. A signed W-9 form must be obtained from the vendor prior to payment to vendor.