To: DPIL Friends and Partners that submit payment by check
Subject: Final Notice - Paper Check Elimination Deadline
Date: April 29, 2015
In June of 2013 the Dollywood Foundation communicated a revised payment plan that included three preferred payment options. These included:
ACH Payment initiated from your bank to the Dollywood Foundation electronically Request Form
Direct Debit initiated by the Dollywood Foundation from your bank account Download Form
Minimum of 6 months Credit Balance with 1 year preferred
This approach is a move to eliminate payment by check, and we wanted to give plenty of time to make the transition to one of the preferred options. We arrived at this crossroad due to our growth rate, which is a great problem to have. The large volume of checks - approaching 750 per month - requires many hours from two employees to process them for deposit while staying within our audit guidelines. The great news is that so many of you have already moved to one of the preferred options and now enjoy the ease of these methods - we thank you for doing so.
After a lengthy staff discussion we have reached the following criteria for affiliates who send paper check payments:
An administration fee of $25 per month will be assessed on affiliates who have monthly invoices greater than $50.00 and have not moved to an electronic payment option or credit balance by July 1, 2015. (This includes the affiliates that use their bank’s bill-pay system because it results in a paper check being mailed to us for deposit.)
The Dollywood Foundation will continue to accept paper check remittances from our Affiliates that elect to fund a credit balance that will cover at least 6 months of invoices. This concession is due to the maximum number of checks being no more than two per year. Please strongly consider the credit balance option if your financial institution does not offer an electronic payment option.
Thank you for your understanding as we work to control administrative costs for the Imagination Library program.