Risk Management - Billing & Collection Procedures
James R. Favor & Company will be providing the billing and collection services for the Tau Kappa Epsilon Risk Management Assessments for 2012 – 2013. All Risk Management Assessments need to be made payable to and sent directly to James R. Favor & Company, LLC, 14466 E. Evans Avenue, Aurora, Colorado 80014.
The bills will be emailed to you by August 30, 2012 and we encourage your immediate attention. Payments must be received (not postmarked) in James R. Favor & Company’s office before the close of business on the date due.
As in the past, 3 payment options will be available to our Chapters.
1) 10% Rebate for Payment in Full to James R. Favor & Company by 9-15-12
2) Full Annual Assessment paid in Full to James R. Favor & Company by 10-15-12
3) If your bill is over $2,000, payment can be made in 2 installments using a premium finance
arrangement. No discount is provided for Installment Payments.
Premium Finance Agreement returned to James R. Favor & Company by 10-15-12
50% Down Payment paid to James R. Favor & Company by 10-15-12
50% Balance paid directly to the Premium Finance Company by 3-04-13
If your payment is not received when due your insurance coverage will be cancelled and you will be charged a Late Payment or Insurance Reinstatement Charge of $250. The fraternity and your school require insurance coverage. Failure to pay your Risk Management Assessment will result in coverage cancellation and may result in your chapter’s loss of recognition.
Payments can be made via check or Electronic Funds Transfer. If you use Electronic Funds Transfer be sure your bank makes the payment before the due date. Your electronic funds transfer payment needs to be sent to Wells Fargo Bank, 14555 E. Hampden Avenue, Aurora, Colorado, 80013. ABA # 102000076. For Credit to the James R. Favor & Company Premium Trust Account #9088464394.
James R. Favor & Company cannot make any adjustments in your Risk Management Assessment.
The persons to contact at James R. Favor & Company regarding payments are:
Taryn Schoenherr, TKE Account Assistant, Taryn@jrfco.com
(800) 344-7335 or Barbara Schoenherr, Chief Financial Officer, Barb@jrfco.com
A) August 1, 2012
TKE will provide JRFCO with the following information for the Billing and Collection Process.
Chapter President / Treasurer Email Address Contacts.
Chapter Risk Management Program Assessments.
Approved Communications for Enclosure with the Billings.
B) August 30, 2012
Risk Management Assessments will be Emailed to all Chapters.
C) September 15, 2012
A 10% Rebate will be provided by TKE and will be posted on the Chapter / Colony Statement by September 30, 2012, for all Chapter Payments that are received in the office of JRFCO prior to close of business 5PM MDT 9-15-12.
D) September 28, 2012
Email Reminder #1 (copy of Bill) will be Emailed to all chapters that have not paid the RM assessment.
E) October 5, 2012
Email Reminder #2 (copy of Bill) will be Emailed to all chapters that have not paid the RM assessment.
F) October 10, 2012
Final Email Reminder (copy of Bill) will be Emailed to all chapters that have not paid the RM assessment.
G) October 15, 2012
All RM assessments must be paid in full or premium financing arranged and the down payment received in the offices of JRFCO by close of business 5PM MDT 10-15-12.
H) October 16, 2012
A Notice of Insurance Cancellation will be Emailed to all Chapters that have not tendered in full or arranged to finance their RM Assessment for 2012. The notice will advise them that their insurance coverage is cancelled effective immediately and that to restore their coverage they must pay a Late Charge of $250 in addition to any unpaid amount of their RM assessment.