Date Created: ​June 14, 2024​       Last Updated: ​June 1, 2026

Overview:   

Cornell Conference and Event Services generates revenue with internal and external customers for goods and services and ensures revenue is recorded accurately in the financial statements for the month/period that the income is earned for housing and dining. Collection efforts are made by the Account Coordinator and/or the Event Planner. Any unpaid balances may be charged a 1.5% late fee for up to 3 months before further action is taken.

Criticality:  ​High​ 

Frequency:  ​Other​ 

Turnaround:  ​Other​ 

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, Dining, and CES 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 
  • CVENT
  • Cardpointe 
  • Kuali Financial System (KFS) 
  • NelNet 
  • StarRez 
  • Asana 
  • Paypal 
  • Oracle Analytics 
  • 25Live 
  • CVENT
  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.   

Key Risks 

Key Controls 

Non-Payment/Bad Debt - Clients failing to pay invoices on time or defaulting on payment altogether can impact cash flow and liquidity. Late payments may occur due to financial difficulties, disputes over service quality, billing accuracy, or simple oversight on the part of the customer. 

  1. Event planning team may require a non-refundable deposit and contract is a legal binding document that the client will need to pay or face collections. 
  1. We can refuse any event or charge the expected bill up front for past customer payment delays. 

Billing Errors: Mistakes in invoicing, such as incorrect pricing, missing items, or inaccurate information, can lead to disputes with clients and delays in payment. Billing errors may result from manual data entry, changes made after contract signed, or inadequate review processes. 

  1. Event planning team provides the clients with a copy of the contract prior to the event for review and asks for a signed copy to be returned after the client reviews the options and the costs. 
  1. Signed contract states fees and terms. If changes are needed, the Planners keep back up of all changes requested that will impact billing. 

 

 

Regulatory Compliance: Failure to comply with regulatory requirements related to taxation, licensing can result in fines, penalties, or legal liabilities. 

  1. CES team has ongoing annual training (and upon hire) for staff to ensure these compliance regulations are followed and understood. 
  1. The event planning team monitors any applicable licenses to ensure permits stay current. 
  1. The event planning team verifies taxes are assigned appropriately to external invoices or externally paid charges.  If sales/occupancy tax is not applied then tax exemption is required, retained and noted.  

Data Security and Privacy: Handling sensitive client information, such as payment details and personal data, exposes the university to risks of data breaches, identity theft, and PCI regulatory non-compliance.  

  1. CES team follows appropriate credit card handling procedures and are followed to prevent risk of exposure to personal. 
  1. Staff are required to take PCI training annually that handle credit card data. 


  • Internal vs External income 
  • Number of bed nights sold 
  • Attendance counts 
  • Budget vs Actual income results
  • CES – Conference and Event Services 
  • GL – General Ledger 
  • FTC – Student and Campus Life Financial Transaction Center that processes financial transactions for Conference and Event Services.