[Emma]

Hi all,

Our board have been considering the state of our suspense account. It contains a lot of very old payments, both from members and from DWP/HMRC, which we are unlikely to ever be able to identify, and which also can’t be returned to sender for various reasons. We’ve floated the idea of taking these funds as income after a certain period (subject to advice from our accountants), and are thinking about what we might do with the funds in such a scenario.

I’d be interested to know what other credit unions are doing with their suspense funds, and any unexpected benefits or pitfalls you may have encountered!

Thanks,

Emma K Carpenter - Sheffield Credit Union

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[Chris]

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Chris Canham Hoot Credit Union

[Emma]

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Emma K Carpenter - Sheffield Credit Union

[Simon]

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Simon Haslam; Chair Derbyshire Community Bank

[Emma]

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Emma K Carpenter - Sheffield Credit Union

[Thomas]

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