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Enron Mail |
Larry,
The ENA Accounting groups have had wires for our NYMEX and OTC margin calls sent back due to improper signatures. The timely flow of these monies is a vital component to our trading organization. I believe that these two items fall under category "B" of the policy memo that was distributed (see email below) and therefore should only require the signature of an Accounting Director. (B) Those that ARE approved by an underlying contract or RAC require an Accounting Director approval of the payment and general ledger coding. We have a contractual obligation to our brokers and OTC counterparties to provide margin according to the guidelines set forth in our agreements with them. These margin calls / returns of margin are monitored and amounts signed off on by the RAC Credit Group (Bill Bradford's area). Backup from the Credit group should be and is included with each wire. I would appreciate your consideration of the above arguments to facilitate the movement of these monies on a go-forward basis. I will call you tomorrow to discuss the possibility of having this change in effect for Monday Dec. 11. Thank you. Greg x35399 ---------------------- Forwarded by Greg Whiting/Corp/Enron on 12/06/2000 02:54 PM --------------------------- From: Larry Dallman 11/07/2000 11:27 AM To: Ben Gwaltney/NA/Enron@Enron, Andrew Zabriskie/Corp/Enron@ENRON, Linda Martin/GPGFIN/Enron@ENRON cc: Subject: Updated - Approval Authorizations ---------------------- Forwarded by Larry Dallman/GPGFIN/Enron on 11/07/2000 11:24 AM --------------------------- Richard Causey 11/07/2000 09:18 AM Sent by: Sharron Westbrook To: Michael K Patrick/NA/Enron@Enron, Brent A Price/HOU/ECT@ECT, Rod Hayslett/FGT/Enron@ENRON, Jeffrey E Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John Echols/Enron Communications@Enron Communications, Carol Howes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Howard Selzer/Corp/Enron@ENRON, Kevin Hughes/HOU/EES@EES, Bob Butts/GPGFIN/Enron@ENRON, Wes Colwell/HOU/ECT@ECT, Keith Marlow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kent Castleman/NA/Enron@Enron, Fernley Dyson/LON/ECT@ECT, Beth Apollo/LON/ECT@ECT, Ben F Glisan/HOU/ECT@ECT, Mary Perkins/HOU/ECT@ECT, Larry Dallman/GPGFIN/Enron@ENRON, Judy Knepshield/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jim Gearhart/Corp/Enron@ENRON, Tod A Lindholm/NA/Enron@Enron, Shawn Kilchrist/NA/Enron@Enron, Terrie Wheeler/GPGFIN/Enron@ENRON, John Berggren/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lisa Sutton/FGT/Enron@ENRON, Misty Barrett/HOU/EES@EES, Dave Duncan/AA/Corp/Enron@ENRON cc: Subject: Updated - Approval Authorizations As mentioned in my previous memo regarding Cash Control Standards, approval authorizations are critical to our cash control environment. Corporate Accounts Payable is actively pursuing a "Workflow" system to route invoice images for approval and processing. This workflow solution will not be implemented until early 2001. In the interim, an approval process will be implemented by AP and Treasury to ensure invoices have proper approvals and correct general ledger coding. Effective Monday, November 20 the following approval authorizations will be required for all invoices, payment requests and wire transfer requests that are $1,000,000 or greater: (A) Those NOT approved by an underlying contract or RAC require two approvals: a Managing Director approval of the payment, and an Accounting Director approval of the general ledger coding. (B) Those that ARE approved by an underlying contract or RAC require an Accounting Director approval of the payment and general ledger coding. In both examples above, supporting documentation must be attached. If not attached, then the payment will not be processed. To assist us with implementing this approval process, I'm requesting each of you to accumulate signatures of the Managing Directors and Accounting Directors in your business unit using the attached form. Please forward this information to Larry Dallman (JFR568) by Friday, November 10th. This new process becomes effective Monday, November 20th. It important to provide this information or payments greater than $1,000,000 will not be processed.
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