UCA’s management and personnel shall aim to follow this policy. Interested and third parties can use this policy as a guide.

This policy applies guiding principles for credit and debt management including accounts payable (petty cash, supplier tax invoices, wages, salaries), and accounts receivable (customer fees, customer fees paid in advance withheld in a trust account and drawn down on a monthly basis to cover operating costs).

1. Where a product (tangible – art, crops, boats, machinery, shares, art; financial; general) and services (intangible - intellectual property and contract rights) can be offered as security for a loan and therefore listed on Personal Property and Securities (PPS) Register by notice to Insolvency and Trustee Service Australia (ITSA) [Personal Property & Securities Act (Commonwealth) 2009}. If a debtor goes into bankruptcy or is placed in liquidation, the creditor shall be placed ahead of unsecured creditors for payment.

2. Use of a fully-secured, flexible, online real-time third party Software as a Solution (SAAS), for example BPAY with:

(i)    24 hour notice for variation request or new client activity;

(ii)   48 hours to 7 days after the customer’s account has been debited the funds are in UCA’s account including credit card, direct debit transfer);

(iii)  same day reporting service;

(iv)  customised program for follow up on dishonoured transactions with optional debt collection services, freecall customer service hotline, and fee-free variations, cancellations or suspensions; and

(v)   multiple payment options.

  1. Payment shall be in Australian currency (cash, cheque, credit card or electronic funds transfer) within seven (7) days of the Tax Invoice Issue Date. Failure to pay fees may result in one or more of the following actions:

a)   Late payment interest charge of 2% per month compounded to 24% per year on the overdue amount from the date the amount is due to the date it is paid in full. A minimum charge of AU$20.00 applies.

b)   After close of business on the fourteenth (10 working) days, outstanding fees, expenses and interest shall be a debt due and payable by the Customer and if UCA engages debt recovery services, the fees, interest and recovery expenses shall be payable by the Customer on demand.

  1. conduct sound practices focussed on customer satisfaction and continual improvement. Documentation produced from credit and debt management processes shall include:

(i)    customer agreements (for projects valued at $25,000+);

(ii)   short/long-term plans – Business Plan with cascading Financial Plan; and

(iii)  regular reports – monthly Balanced Score Card, monthly Profit and Loss Statement, and Annual Report.

This policy commitment for management, personnel (employed staff & sub-contracted suppliers), customers (students), interested parties (visitors) and third parties (accredited conformity and government assessment body representatives) is essential.

Managing Director, 31 December 2017