The Fee Structure and Financial Transparency Policy ensures that all AIES Approved Centers operate under a clear, standardized financial framework. This policy outlines the responsibilities and measures that centers must implement to ensure accountability, transparency, and fairness in all financial transactions with AIES.
Key Principles:
1. Commitment to Financial Transparency
Centers must maintain integrity and clarity in all financial dealings with AIES. This includes:
1.1 Adhering to the approved fee structure and payment schedules.
1.2 Ensuring accurate reporting and documentation of all financial transactions.
1.3 Promoting accountability and openness in managing student fees and organizational remittances.
2. Financial Responsibilities
Centers must adhere to specific responsibilities to ensure financial compliance. This includes:
2.1 Management Responsibilities:
Ensuring timely collection and submission of all fees to AIES, maintaining accurate financial records, and addressing discrepancies promptly.
2.2 AIES Responsibilities:
Providing clear invoices and payment schedules to centers, issuing receipts for all payments, and offering financial support or clarifications as needed.
3. Late Payment Policy
To ensure financial consistency, the following penalties apply to late payments:
3.1 A late fee will be imposed for payments made after the due date.
3.2 Centers with overdue payments exceeding 30 days may have their access to AIES resources temporarily suspended.
3.3 Non-payment beyond 60 days may result in termination of the center’s partnership with AIES.
4. Transparency and Reporting
AIES is committed to maintaining transparency in all financial matters:
4.1 Documentation: Centers will receive detailed invoices, receipts, and financial statements.
4.2 Annual Reports: AIES will provide a comprehensive financial report outlining the utilization of fees for program development and support.
5. Non-Compliance and Penalties
Failure to comply with this policy may result in:
5.1 Financial penalties for late payments or inaccurate reporting.
5.2 Suspension of access to AIES resources.
5.3 Termination of the center’s approval status for repeated violations.