Month Closing Late Fee

At myXP we are passionate about the importance of being able to close your previous month and provide a monthly reporting package so that you can review the information we have provide compared to your bank statement, ask any necessary questions.  Our turnaround is much quicker that many other similar companies as we provide a reporting package on the 10th business day of the monthly following the month we are closing.  

The ability to do this relies completely on the churches we support providing us with the necessary information to close the previous month. We have this all laid out in monthly reporting commitment article (see related articles below).  We understand that from time to time things will come up causing you to get behind in your monthly reporting to our team.  The challenge comes in that the further you get behind in ensuring everything is submitted to our team, the longer it takes and the more difficult it is to get everything ready for closing and to ensure everything balances out.

To be able to compensate this additional work to get a church that has fallen behind fully caught up, moving forward a $100 per month late fee will be assessed for each month your church falls behind in providing information to our team.   Here is how this will work:

• If your church has gotten a month behind in providing necessary information to our team the late fee will be assessed on the 1st of the following month and will continue to be assessed each month you church does not get fully caught up. 
  • For example: Everything from September is due by 8th business day of October.  If you have still not provided all necessary information to myXP by the 1st of November, a $100 late fee will be assessed, compounded**, & continue to be assessed each 1st of each month thereafter until the church has submitted all necessary information.
• If your church is in a unique situation that requires consideration for exemption from this late fee, please contact Tyler by sending an email to help@myxp.church.

*This fee does not apply to RemoteXP Churches

**For each month a church is late the late fee will increase as it will also apply all missed months as well.  Month 1 is $100, month 2 is $200, month 3 is $300 and so on.