PT THE AUDITOR


I I JustWant to Validate!


T ISA RARE EARTHMOMENTWHEN a parking ticket is validated. This activity is most commonly found in the U.S. parking industry.As we travel outside the U.S., the use of validations becomes less and less.


Even within the U.S., the use of validations varies widely


depending on geographical areas. Tenant-provided validations in the larger EastCoast cities are rare, but in Southern California, these often account for as much as 90% of all of the transient tickets col- lected during the day. So what then makes valida-


tions so important to understand when setting up a program? Depending on the choices made, a different amount of revenues will be produced by the valida- tion program: Is the use of the validations an


There are three grace periods commonly in use in the parking industry: the Turnaround, Continuous and Exit


accounts receivable event or debit/COD against an account bal- ance? Is the validation time ormoney off the fee? Consider the costs of maintaining anA/R validation versus


a debit or CODprogram. In anA/R pro- gram, the operator must maintain an ongoing account of the validations used and their value. Periodically, an invoice must be gen- erated requesting payment for the collected validations. If the operator missed a validation when searching the tick-


ets, then no one is charged for the ticket and it was truly a “free” ticket. Consider the cost ofmaintaining the account, invoice gen- eration and cost ofmoney when float- ing the value of the tickets until the account is paid. The opposite option is to have the


account holder of the validation pre- pay for the validations. This is always a better situation for ownership, because the owner now has the access on themoney float until the validation is redeemed. We also know that many tenants


over-validate tickets and that not all validation “stamps” are ever used;


they simply get “lost” somewhere in the drawer.At a minimum, the over-validation and lost factors result in a 12%to 15%factor.


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28 JULY 2009 • PARKING TODAY • www.parkingtoday.com Toll free: 800.667.8743 Direct: 604.430.1476


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