student accounts best practices presented by: dee bowling east carolina university fayetteville...
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Student Account StandardsTRANSCRIPT
Student Accounts Best Practices
Presented by:Dee Bowling
East Carolina University
Fayetteville Fort Bragg
History of UNC Business Compliance Standards• Audit findings • Standardize processes across UNC system for key areas• Process areas:• Financial Aid• General Accounting• Contracts and Grants• Capital Assets• Student Accounts• Payroll (standards are drafted and being reviewed)
Student Account Standards
General Management• Polices and Procedures Manual• Training• Annual Employee Performance Reviews• Roles and Responsibilities Matrix• Segregation of Duties• Records Retention• Approved charges
Financial Aid Disbursements• Financial Aid distributes awards to student accounts• Federal Aid is applied to allowable charges• Title IV authorizations – current year and prior year• Plus Loans – parent authorizations
• Utilize security to control and segregate duties related to disbursing and payment application• Use Banner detail codes (or PeopleSoft item codes) to link student
accounts activity and financial aid awards and for updating ledger
Third Party Payments• Sub process for managing obligations to pay for all or part of the
student’s bill• Written authorizations on file• Verify and/or renew authorizations on a semester basis• Have procedures for managing student accounts that are paid by third
parties including• Bill timely• Reconcile at least semesterly
Billing • Required charges and other institutional charges• Bill students – using paper bills or ebills – and bill timely• Include required “Uses of Tuition” document• Make billing dates and payment dates public information• Have process for billing Tuition Surcharge and include required
information• Have process for Tuition Surcharge appeals• Required reports – aging and reconciliations
Payments and Credits• Publicly post accepted payment
methods• Daily Deposit Requirements• Offer online payment options • Polices on accepting debit and
credit cards• Payment Plans
• Tuition Waivers• Tuition Remissions• Requirement to Notify Financial
Aid of outside scholarships• International Payments• Wire transfers• Cash Payments >$10,000• Form 8300
Past Due Accounts
Collections Process• Past Due Policies• Charge interest• Charge late payment penalty• Mail letters at specified times• AG Referrals• SEDCA / SODCA• Collection Agencies
Accounting• Aging Report/reconciliation to
ledger• Process for write offs• Process for replenishing
allowance account
Refunds and Adjustments• General Refund Policies• Refund Schedules• Appeals process• Refunds• Timely – (specific rules and time frames for Federal Aid)• Plus Loans
• Escheat guidelines
ReconciliationsDaily, Monthly, Semesterly• Daily
• Receipts• External Processing systems• Electronic Funds Transfer
• Monthly• A/R to ledger• Emergency Loans Activity• Financial Aid
• Semesterly• Third Party Accounts
Emergency Loans• Procedure for approvals• Establish repayment terms• Procedures in case of non-payment• Reconciliation
Special Areas• Protect confidentiality of student record and data• System access requirements• Controlled access• Access removed timely• Access should be review at least every six months• Auxiliary system access reviews• Business Continuity Plans
• Physical Security• 1098T/1042S reporting• Faculty/Staff Waiver Taxation
Other• Checklists• Daily Deposit Limits – reference 2015 session law 147-77• Helpful Links:
NC Office of State Controller Accounts ReceivableUNC GA Policy ManualNC Department of Justice Collections GuidelinesNorth Carolina General Assembly - General Statutes
QuestionsYou can email questions if you’d like…[email protected] Dee [email protected] Autumn [email protected] Heather Hummer