Policy University Management FMPM 200 - FMPM 399 - Assets FMPM 291 Prepayments
FMPM 291 Prepayments
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Scope
This Finance Procedure sets out the requirements for Prepayments, which include part payments, upfront payments or purchases made with the University Corporate Credit Card.
Definitions
Procedure
The Financial Delegate must comply with the FMPM 710: Policy - Purchasing and FMPM 711: Procurement Procedure.
The main types of Prepayments made by the University are:
- Part Payments
- Purchases made with the University’s Purchasing Card, and
- “Up Front” payments for goods and services.
Part Payments
A supplier may request the University to pay a percentage of the value of an order in advance of the goods/services being delivered. This is most common with larger orders of specialised equipment, where the supplier incurs costs related to the manufacture and/or shipping of the goods.
Purchases made with the University’s Purchasing Card
These purchases are normally paid for at the time of placing the order, prior to delivery of the associated goods/services.
“Up Front” Payments for Goods and Services
Certain goods and services, by their very nature, require payment in advance of being supplied. Common examples of these include:
- Subscriptions
- Utility costs
- Travel, and
- Memberships.
(Up Front Payments can be made with either the University’s Purchasing Card or via Accounts Payable)
Suppliers who request a Part Payment of more than $5,000 must be asked to provide a Bank Guarantee before the payment is made. A Bank Guarantee represents a guarantee made by the Bank that they will pay the beneficiary the sum stipulated on the Guarantee. The Bank Guarantee must:
- Be in the name of James Cook University;
- Be for a sum not less than the University’s maximum exposure;
- Cover the period between the date of the payment and the expected date of when the goods/services will be delivered; and
- Be forwarded to the Manager, Finance & Taxation, Financial and Business Services.
(NOTE: this requirement does not apply to Up Front Payments)
Requests for Part Payments of less than $5,000 must be assessed for financial risk by the Financial Delegate. Where appropriate, Bank Guarantees should be sought. If a Bank Guarantee is not sought, the Division must accept the risk of the transaction.
Where applicable, the University’s need to obtain a Bank Guarantee must be clearly stipulated in all contract and tender documents in advance of any contract being finalised.
For enquiries in relation to this FMPM Procedure please contact accountspayable@jcu.edu.au.
Administration
NOTE: Printed copies of this procedure are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 01/12/2019 |
Revision History
Version | Approval date | Implementation date | Details | Author |
17-1 | 07/12/2017 | 07/12/2017 | Minor amendment to reflect current organisational structure | Quality, Standards and Policy |
15-01 | 09/09/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
12-01 | 08/02/2012 | 24/02/2012 |