Vendor Management
At OCV and OCV companies, we work with a network of quality service providers and technology vendors who are aligned with our mission and values.
Vendor selection
In selecting vendors for a specific business need, we generally interview 2-3 industry leaders and make a final selection based on a combination of factors such as price, quality and speed of service, and long-term scalability.
Vendor invoicing and payment instructions.
Invoice approval process
Invoices received in the e-payment system will be routed for approval:
Accounting Team Review: Accounting Team performs initial review (first approval) to ensure payment amount, terms, hourly rates, etc. are consistent with executed vendor contract on file.
Management Review: After Accounting Team’s sign-off, the invoice is routed to a designated executive for Management Review and approval in the e-payment system. Management may tag a secondary review in the system for team members who were overseeing the vendor directly. For example, review of contractor hours from the contractor’s direct supervisor.
Once an invoice is approved by Management, Accounting Team schedules batched payments.
Contract management
Once a vendor has been selected and approved internally, we can move forward with contracting. In general, other than employment agreements, OCV would review and sign a vendor or service provider’s own contract.
All contractual agreements with OCV must be reviewed and approved by the Chief Financial Officer of the management company. If deemed required, the contract will be reviewed by the legal team. For Finance review, please provide the following details:
Purpose of contract
Cadence or one-time expense
Estimated cost
Final redline or clean copy of contract
Contact Email
Timing of approval requested
Finance team will request W-9 (Domestic Vendor), W-8BEN / W-UBEN_E (Foreign Vendor) from the vendor to complete onboarding. Invoices should be sent to [email protected]
Authorized signatory
An authorized signatory is a person who is legally allowed to act on behalf of the business. These are typically corporate officers through designations in the company’s bylaws, board resolutions, or applicable corporate law.
In the absence of the Chief Financial Officer, contracts may be executed by the General Partner or by a Corporate Officer of the Management Company acting within the scope of their authority.
Signing authority at OCV companies
Prior to an external fundraising event, OCV is an authorized signatory for our companies either through an executive officer position and/or board member status. This is required for OCV to complete entity formation steps as well as provide oversight and streamline business operations processes.
Typical engagement agreements signed by OCV for OCV companies:
Banking services
Content / creative services (e.g. writers and logo design)
Finance & accounting services
HR / recruiting services
Tax services
Recurring vendors
We love repeat business with our existing vendors. This means the business is growing for both OCV and our partners. To help us streamline the contracting process, we ask our partners to highlight any changes to contractual terms since the last signed & approved agreement.
Unless required by law (i.e. specific government filing forms that require wet signatures), OCV executes all signatures digitally.
Expectations for our vendors & OCV
We look to OCV’s vendors as our partners to accomplish our long-term vision, which results in high expectations. It is imperative for the OCV team to treat external partners with the same level of respect and professionalism as we would internally. This includes providing well-documented guidance and information that the external teams need to do their jobs well and in a timely manner.
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