When I dreamed of what I wanted to be when I “Grew up,” I never saw myself working in a school system. I hated school, and I still hate school, but I know that it is just something that I have to do. I was surprised at how my school’s finance department operated when I started. The topic I chose to research was “Line of Credit.” I will be looking at it from a different angle than most businesses would.
When I began to learn the purchasing process, I was shocked by the lack of purchasing power. Yes, the school has money, but there is no way to make large purchases. We had a situation at the time where POs from the school were no longer accepted due to late payment (we don’t have the best system for getting things paid).
According to https://sgrlaw.com/briefings/445/, it can be tricky for schools to receive lines of credit, and I would think it is even more challenging for an organization that is not the best about paying invoices on time. I was extremely shocked to find out that when it came to actual “Credit card” limits, we did not have one card with a limit over $3,000.00. My boss and I have more personal credit limits more significant. After reading why it can be challenging for schools to obtain a line of credit, it makes a little more sense. Since I have been with my organization, increasing our credit limit has been something that we have been working on. We have made significant increases and continue to do so.
Truly Jae 