Conference and Event Services Revenue Recognition & Tracking of Receivables

Client:  The client is the party contracting with Conference and Event Services. They initiate the transaction by requesting services and are responsible for making payment according to the terms agreed upon in the contract or agreement. 

Event Planners:  The Event Planners are responsible for engaging with potential customers, negotiating contracts, and securing events. They play a critical role in the revenue generation process by identifying opportunities and understanding customer needs.  The Event Planners may be involved with establishing credit limits, determining terms and deposit requirements, and monitoring customer payment behavior to minimize credit risk.  Event planner approves all client billing. 

Account Coordinator: The Account Coordinator invoices the customer for the conference or event and/or issue credits when applicable. The Account Coordinator is responsible for providing payment link and options to all customers/clients. Once payment is received or account number is provided, the Account Coordinator provides FTC with billing distribution sheet to load to the general ledger to complete internal account billing, disburse revenue to appropriate departments, and recognize any revenue collected for the event/services or goods provided. Housing and Dining revenue is accrued and recognized monthly. It is only CES revenue, (admin fee and room rentals if applicable), that is not accrued. Follow up on collections efforts. 

Financial Transaction Center (FTC):  Responsible for the financial aspects of the transaction, including recording revenue billed in the General Ledger and tracking receivables for external customers. 

• StarRez
• Asana 
• Kuali Financial System 
• Invoices, credits to customer 
• 25Live 

• Cardpointe 
• Kuali Financial System (KFS) 
• NelNet 
• StarRez 
• Asana 
• Paypal 
• Oracle Analytics 
• 25Live 

1. Contract adjustments made after signing original agreement or after billing. 
2. Regulatory compliance and licenses for events/weddings/tents. 
3. Issues with event/housing rooms being setup correctly in StarRez. 
4. Delay in receiving charges from other departments, facilities (Maximo), Athletics. 

1. Event Inquiry: The revenue generation process typically begins with a client contacting Conference and Event Services or filling out an inquiry form online to inquire about services for an event, conference or wedding. The event planning team collects details about the event, including the date, location, number of guests, services such as housing or dining needed, etc. 
2. MOU and Contract: Based on the event details, an Event Planner prepares an MOU outlining the proposed services, goods, estimated pricing, and any additional charges (e.g., for equipment rental, staffing, or outside vendors). The customer approves the MOU/agreement specifying the terms and conditions of the agreement, including payment terms and cancellation policies. If changes are made after the contract has been signed, then an Addendum will be completed and signed by both Event Planner and the Client.  
3. Deposit: When applicable, an event, conference or wedding may require a deposit. The deposit amount is typically a percentage of the total estimated cost of the event and is paid by the client upon signing the contract. This deposit serves as a commitment from the client. 
4. Event Services: On the day of the event/wedding/conference the Event Team will help check in to housing if needed, setup event location, check that any outside services/deliveries have been completed. For long term groups they will need to be checked on throughout their stay. 
5. Invoicing: After the event, the Account Coordinator creates a final bill/final invoice detailing the services provided, including any additional charges incurred during the event (e.g., extra hours worked by staff, last-minute changes). The invoice is sent to the client along with any relevant documentation, such as receipts for additional expenses and or billing backup. 
6. Revenue Recognition:  The Account Coordinator will complete a distribution sheet detailing where revenue should be recognized (either for CES, housing, dining, catering, etc) and provide how payment was made or the internal Cornell account number that will be billed. Once that is completed, the billing/distribution information is sent to the FTC to verify and record into the university financial system. 
7. Collections: If payment is not received by the due date specified in the invoice, CES team initiates collections procedures, which may include sending reminder notices, making phone calls to the customer, potentially adding a 1.5% late fee every month overdue, and/or possibly engaging a collections agency for assistance. The goal is to resolve any outstanding balances and ensure that CES receives payment for its services.  
8. Reconciliation: The FTC reconciles revenue and accounts receivable balances monthly to the KFS GL balances. Accounts receivable is reconciled against a tracking spreadsheet of external customers with open balances.