Payment of College Obligations

I. Policy Title: Payment of College Obligations

II. Who Does This Policy Affect

All HFC faculty, staff, students, vendors/contractors and visitors to our campus

III. Purpose

This policy is to set forth the guidelines for prompt payment of legitimate claims by suppliers of goods and services to the College.

IV. Policy Statement

In an effort to maintain its status as a good steward in the community, the Board of Trustees encourages the prompt payment of legitimate claims for appropriate goods and services received the College. If the obligations are determined to be appropriate, the College is to render payment in a timely fashion. For example, and without limitation, when an invoice is received, it shall be verified it was properly submitted and the amount is accurate, that acceptable goods/services were rendered to the College, that the expenditure is included in the adopted budget and that funds are available for payment.

Before payment may occur, each bill or obligation of the Board must be fully itemized and verified by the appropriate College personnel.

The Board of Trustee confers upon the President/Designee the authority to implement procedures to ensure that bills and obligations of the College are appropriately evaluated in accordance with acceptable industry standards, budget determinations and in compliance with this Policy.
 
V. Definitions

N/A

VI. Responsible Party for Policy Interpretation/Review

Vice President of Financial Services

VII. Related Documents

N/A

VIII. Policy History:

a. Adopted by Board: February 20, 1995
b. Previous Policy Section: Finances; Previous Policy No. 2500

Review/Updated

April 16, 2018

This policy supersedes and replaces any and all policies related to this subject