F. Phasing-Out the WtW Program: Closing Process and Procedures

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1 F. Phasing-Out the WtW Program: Closing Process and Procedures While we hope that every WtW program will be a success for each of our partners and the people in the communities they serve, we understand that from time to time it may be necessary for a WtW office to disengage from the WtW system. If closing your program becomes necessary, or if you believe closing your program may become necessary, we ask that you communicate with us concerning your intentions as early as possible so we can assist you in the process. Step 1: Please have the President, CEO, or Board Chair of your organization send a letter to the President of WtW, indicating your agency s intent to exit the WtW program and terminate your Loan System Agreement by a specific date. We recommend that you allow 30 days from the date of your letter to complete the closing process Step 2: WtW, Inc. will respond to your agency President, CEO, or Board Chair with a letter acknowledging your termination letter and requesting that you assist us in the closing process by: Engaging in an exit discussion with the WtW Operations Manager. Staying in compliance with all agreements and obligations that are in place with WtW until all obligations are satisfied. This is also spelled out in the agreements. They survive beyond the termination of the program until all related obligations are completed. These obligations include but are not limited to: 1. Demonstrating financial responsibility by helping borrowers continue to be successful this includes: Providing ongoing monthly activity reports that include portfolio status until the final loan has matured. Retaining the WtW software to continue with your portfolio management as long as there are outstanding loans and until all items in the loan portfolio are paid. 2. Continuing to adhere to your agency s obligations as prescribed in any grant or award or funding you have received from sources other than WtW or that have been passed on to your organization through WtW. Removal of any identifying WtW logos, trademarks, or other material that identified your organization as a WtW affiliate. 51 E. Risk and Data Management: Loan Portfolio Management, Internal Monitoring, National

2 Check List for disengaging from Ways to Work, Inc. Disengaging process, initiated by the agency: President/CEO or Board Chairman of agency will send letter to President of Ways to Work, Inc. stating agency s wish to exit the WtW program and terminate Loan System Agreement as of specified date. It is recommended that letter be submitted 30 days prior to termination date. Ways to Work, Inc. responds to agency President/CEO or Board Chair with letter acknowledging receipt of termination letter and outlining closing process, to include the following: Exit discussion with National Operations Manager (optional, but strongly recommended). Removal of identifying WtW information (e.g. logo, trademark, etc.) Continue to provide agency s financial statements to WtW. Provide final activity reporting through month end of closure. Retain WtW software to continue with portfolio management. If recipient of pass-through money from WtW, all terms and obligations associated with funding need to be adhered to and maintained. Non-compliance to any or all of the terms and conditions of the signed Certification Agreement may result in either suspension (temporary discontinuation of operations) or decertification (discontinuation of operations) of the WtW program at the local agency. The following corrective action process will occur before suspension or decertification. Consideration of local agency circumstances. Initial verbal and written communication initiated by either Ways to Work s vice president of operations or president to the local organization s executive director. On-going communication between Ways to Work s vice president of operations or president and the local organization s executive director. On-site evaluation conducted by Ways to Work s vice president of operations, president of Ways to Work or designee. Written report submitted to the local organization by Ways to Work s vice president of operations or president to the local organization s executive director. At minimum, the report will include the following three components: 1. On-site evaluation findings. 2. Recommendation(s). 3. Request for written corrective action plan. 52 E. Risk and Data Management: Loan Portfolio Management, Internal Monitoring, National

3 Communication between Ways to Work s vice president of operations or president and the local organization s executive director subsequent to Ways to Work s receipt and review of local organization s corrective action plan. Conversation between Ways to Work s vice president of operations or president and the local organization s executive director to determine course of action. Written communication confirming the substance of that conversation, along with next steps, submitted by Ways to Work to the local organization s executive director. The written communication must be signed by either Ways to Work s vice president of operations or the president. In the event of an unusual and highly significant program event or situation, the loan program will be placed in immediate suspension. Once the situation becomes stabilized, the full corrective action process will be implemented. Disengaging process, initiated by Ways to Work (Decertification or Suspension): Decertification is a process by which WtW may terminate an agency s participation in the WtW program for failure to comply with any or all of the terms of the signed Certification Agreement. In most cases, termination will be a last resort measure preceded by on-going communication and discussions with the WtW President or Vice President of Operations. Please refer to Section 5 of the Certification Agreement for details. In the event that a decertification does take place, the basic steps of termination are the same as those in the closing process described above. Suspension is intended to be a temporary discontinuation of operations while the national office and the local agency pursue the development and implementation of a corrective action plan. WtW, Inc. is dedicated to assisting local agencies in this process, with the hope that the correction plan will be successful and that the local agency will return to good standing. If the decision is made by Ways to Work, Inc. to decertify or discontinue operation of the WtW program at the local agency, Ways to Work, Inc. will send letter to CEO/President or Board Chairman outlining closing process, to include the following: Exit discussion with national operations manager (optional, but strongly recommended). Removal of identifying WtW information (e.g. logo, trademark, etc.) Continue to provide agency s financial statements to WtW. Provide final activity reporting through month end of closure. Retain WtW software to continue with portfolio management. If recipient of pass-through money from WtW, all terms and obligations associated with funding need to be adhered to. Things to consider as you close your WtW program. 53 E. Risk and Data Management: Loan Portfolio Management, Internal Monitoring, National

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5 Task List Task ID Task Responsible Timing 1.0 Contact WtW President with intentions in writing President, CEO, or Board Chair of 1.1 Report on existing grant monies CFO 1.2 Engage in exit discussions with WtW Ops Mgr. contact 30 days prior to closing 1.3 Staying in compliance with all agreements and obligations that are in place with WtW until all obligations are satisfied. 1.4 Maintaining staff to manage the portfolio until all obligations are satisfied. 1.5 Adhere to your agency s obligations as prescribed in any grant or award or funding you have received from sources other than WtW or that have been passed on to your organization through WtW. 1.6 Retaining the WtW software to continue with your portfolio management as long as there are outstanding loans and until all items in the loan portfolio are paid. 1.7 Continue managing the relationship with your clients until the final loan has matured. 55 E. Risk and Data Management: Loan Portfolio Management, Internal Monitoring, National

6 1.8 Removal of any identifying WtW logos, trademarks, or other material that identified your organization as a WtW affiliate. 1.9 Continue to provide financial reporting until the final loan has matured. 56 E. Risk and Data Management: Loan Portfolio Management, Internal Monitoring, National

7 WtW Task list Task ID Task Responsible Timing 1.0 Letter acknowledging termination letter President Upon receipt of Letter of Intent 1.1 Engage in exit discussions National Operations Manager 1.12 Internal communication on closing date Admin. Person 1.11 Document conversations saving in the Site s folder National Operations Manager 1.2 Removal from Site Directory Technical Specialist 1.3 Removal of Photos from website Technical Specialist 1.4 Removal from Public Directories Admin. Person 1.5 Removal from Internal Directories Admin. Person 1.6 Removal from Group discussion LinkedIn Admin 1.7 Removal from Member Only section Technical Specialist 1.8 Site count update Technical Specialist 1.9 Internal communication on closing date Admin. Person 2.0 Removal from Monthly reporting moving forward Technical Specialist 2.1 Removal from Outlook groups Admin. Person 57 E. Risk and Data Management: Loan Portfolio Management, Internal Monitoring, National

8 2.2 Evaluate DOT and all grant funds VP Director of Funding Support 2.3 Notify Alliance member services of the change Admin. Person 2.4 Engage in final exit discussions National Operations Manager 58 E. Risk and Data Management: Loan Portfolio Management, Internal Monitoring, National