|
Number: |
ABUSF 115 |
|
Section: |
Finance & Administration |
|
Subject: |
Accounts Receivable/Allowance for Doubtful Accounts/Write Offs |
|
Date: |
March 19, 2008 |
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Issued by: |
Vice Chancellor for Finance & Administration/CFO |
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Authorized by: |
Vice Chancellor for Finance & Administration/CFO |
I. Policy
The campus (housing and general) allowances for doubtful accounts are reviewed annually by the Directors of Housing and Business Services and the Vice Chancellor for Business and Finance and may be adjusted based upon actual experience or anticipated losses. An allowance is established for housing separately from the general allowance for all other campus activities.
II. Procedure
All campus receivables are aged at least annually. Based upon this aging, accounts may be written off using the guidelines for write offs below:
|
DESCRIPTION |
OLDER THAN |
OFF SET |
|
Tuition Fee Payment Agreements _ No Housing or Meal Plan |
1 Year |
Campus Allowance |
|
Tuition Fee Payment Agreements _With Housing or Meal Plan |
1 Year |
Allocated between Housing and Campus Allowances |
|
Tuition / Fees |
1 Year |
Campus Allowance |
|
Returned Checks _ Tuition and Fees |
1 Year |
Campus Allowance |
|
Returned Checks- Bookstore |
1 Year |
Bookstore ( Expense) |
|
Returned Checks _ Application Fees |
1 Year |
Application Fees ( Current Year Revenue) |
|
Returned Checks _ Housing |
1 Year |
Housing Allowance |
|
Financial Aid _ Campus |
2 Years |
Campus Allowance |
|
Financial Aid _ Federal |
2 Years |
Campus Allowance |
|
Financial Aid - State |
2 Years |
Campus Allowance |
|
Financial Aid Advances |
1 Year |
Campus Allowance |
|
Bookstore |
1 Year |
Bookstore ( Expense) |
|
Other Campus Activities |
1 Year |
Campus Allowance |
|
Parking Tickets |
1 Year |
Campus Allowance |
The determined ADA adjustment and any current year write offs are submitted to the University Bursar for approval.
Accounts including several categories (e.g. Tuition, Financial Aid and Parking), will be written off using guidelines for the longer period before write off. (E.g. Account with Tuition, Financial Aid and Parking may be written off after two years)
Documentation for accounts written off is retained for at least seven years. Account Records are noted with the write off date.