Student Accounts Receivable

Directive Statement

Departments should develop guidelines in the management of student, staff or faculty receivables. These guidelines should protect university resources and ensure that management goals and objectives are achieved. As a minimum they should include:

• Written policies and procedures for the recording and collection of accounts receivable
• Adequate internal controls to assure the proper separation of duties and safeguarding of assets
• A reporting system that accurately reports information
• Ability to determine compliance with policies, plans, procedures, laws, and regulations.

The University contracts with third party collection agencies, selected through a Request for Proposal (RFP) process for the collection of past due charges and defaulted loans.  Use of an agency other than those listed below should be documented with the approval of Procurement and University Counsel.

Reason for Directive

Past due accounts may be reported to the major credit reporting agencies and/or placed with a collection agency with additional collection costs and collection fees added, increasing the amount owed. See University Regulation 6C1-3.3076(20).

Who must comply?

All University Departments.

Procedure & Best Practice