At the Board of Trustees Meeting on 3 February 2014, the Board approved three new policies to be applied immediately.
1. The Bad Debt Policy states that “From January 2014 onwards, the outstanding receivables from the prior calendar year will be submitted to the Board for discussion and write-off approval at the last Board meeting of the calendar year.” This is implemented to maintain that the finances of the BCCP remain in a good state.
2. The next policy refers to the Members’ Responsibility for their guests’ payments. At Chamber events, we encourage our Members to invite their friends and colleagues to join our activities; however we have had instances where guests do not pay. This policy states that Members are liable for the unpaid bill of their guests, in the rare cases where guests do not pay. In line with the No Pay, No Entry policy strictly enforced by the BCCP, this is to ensure that the Chamber receives full payment from guests attending the events.
3. The Membership in Kind Policy certifies that the Chamber is to receive the proper value in agreements where companies request that they pay their membership in services or in kind rather than in cash. “The Chamber management must ensure that any such agreement provides the Chamber measurable value of at least the membership level being requested + 20%.” Such arrangements must be approved by the Board of Trustees and are subject to annual review to ensure that the agreed value is being received.
