Retention of Money by Deduction or Set-Off, and Write Off of Debts and Obligations

March 7, 2005 - June 30, 2008

FN-08

General Information

On occasion, the board purchases goods and services from vendors, service providers, and other entities that owe a debt or obligation to the board. By application of this policy the board may retain, as a deduction or set-off, the entire amount (or a portion of the entire amount) that would otherwise be paid to the vendor, service provider or other entity, in satisfaction of the debt or obligation owed to the board.

There are instances in which the board cannot recover a debt or obligation owed to it, in which case the debt or obligation may be written off by application of this policy.

Purpose

The objective of this policy is to clarify when and how the board will retain money by way of deduction or set-off, and when and how the board will write-off a debt or obligation.