SFS will maintain official copies of the credit reports in accordance with the Fair Credit Reporting Act.īYU may require a cosigner for individual credit transactions or for classes of transactions (certain types of loans, etc.). All copies of credit reports provided to individual departments shall be promptly destroyed following the credit granting decision.Department extending credit - The department extending credit reviews the application, credit report, and the SFS recommendation and makes the final credit granting decision.SFS will review the application and the credit report and make an initial recommendation to the department granting credit. BYU utilizes the services of major credit reporting agencies to provide individual and business credit reports. Student Financial Services – SFS will assist by obtaining credit reports.All individuals (other than students) or other entities wishing to be extended credit must complete a BYU credit application, which can be obtained from the SFS Collection Manager. The process of granting credit to entities other than students is a cooperative effort between SFS and the various departments which are providing the product or service and who bear ultimate financial responsibility for the receivable. Partnering with departments in credit granting decisions.This automatic extension of credit may be withdrawn for students who become delinquent in payments to the University (refer to section 7). However, BYU may obtain a credit report or check credit references as needed. Students who have been admitted to BYU are automatically granted credit for tuition, housing, other charges and student loans without the necessity of obtaining a credit application or checking credit references. Automatic granting of credit for students.The use of these Departmental Receivable accounts for anything but inter-departmental billing must be approved by the University Controller. These accounts may also be established when industry billing practices make it difficult for BYU’s centralized billing systems to accommodate unique billing requirements. On rare occasion such accounts may be used to account for receivables from outside Church related entities. These accounts should generally only be used for inter-departmental receivables. Other Department Receivables – Departments will sometimes establish “Department Receivable Accounts” using account number 1200.These receivables are generally referred to as general receivables and are accounted for separately from student and employee receivables. These parties may be either individuals or businesses who purchase goods or services from BYU. Receivables from 3rd Parties – receivables from customers of the University who are not currently students, or employees.Although BYU may apply different administration and collection procedures to these accounts, they will generally be commingled with student receivables in the University’s accounting systems. Receivables from Employees – normal extensions of credit to faculty (for purposes of this policy faculty are considered employees), staff and administrative employees for a wide variety of campus services.Receivables from Students - normal extensions of credit to enrolled students for tuition, fees, housing, traffic fines, activity fees, etc.Types of University Receivable Accounts.Therefore, if cash is not received at the time a product or service is delivered, an account receivable should be established. Accrual Accounting and Revenue RecognitionīYU records revenues on the accrual basis.The Student Financial Services Office (SFS) shall provide general oversight for all university receivable accounts. General University Responsibility for Accounts Receivable.
0 Comments
Leave a Reply. |