625 - Credit Granting and Control
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Effective: April 1, 2016
Section: Revenue Cycle
Administrator: Office of the Comptroller General
Applicability: GNWT Departments and Public Agencies
POLICY
Credit may be granted only when there is reasonable assurance of timely recovery from the credit applicant.
PURPOSE
To minimize losses to the GNWT due to bad debts.
SCOPE
This policy applies to all appropriated funding that supports GNWT departmental mandates.
RESPONSIBILITIES
Deputy Head
Ensure effective credit granting and control and that credit approving officers have the information and resources necessary to make good credit-granting decisions.
Comptroller General
May approve credit applicant or class of applicants who would not normally meet the test of creditworthiness; approve proposed credit-granting terms and conditions required before granting credit; may approve Interpretation Bulletins associated with this policy.
Financial Management Board
May issue a directive respecting the financial management or financial administration of a Public Agency.
AUTHORITIES and REFERENCES
- Financial Administration Act (FAA)
- s. 16 - Comptroller General
- s. 54 – Interest on late payments
- s. 140 – Restriction on disclosure of information
INTERPRETATION BULLETINS