Purpose:
• To provide policy surrounding the carrying of monetary credit balances as a result of overpayment, refund, or monetary credit awarded as part of a contest or incentive program.
Policy:
1. Monetary credit balances carried by the association are non-interest bearing.
2. Any monetary credit balances will be automatically applied to the member’s renewal notice.
3. A member’s monetary credit balance carried by the association whose value is under $10 shall be forfeited to the association on December 31 of any given year, except in cases where the balance is a result of a billing error.
4. A member’s monetary credit balance carried by the association whose value is $10.00 or greater shall be carried forward from year to year until the credit is used, or the person ceases to be a member of the association.
5. No monetary credits will be recorded where an overpayment would result in a balance that is less than $10.00, except when the overpayment is due to a billing error, in which case the credit will be accurately documented.
6. A monetary credit balance will not be refunded to any person and may only be used for services or products provided by the Association.
7. Monetary credit balances belonging to non-members shall be forfeited to the association no matter the dollar value of the credit.
Original Date of Policy Adoption: September 20, 2024
Date of Last Policy Revision: November 7, 2024
©2024 CMMOTA, All Rights Reserved.