| VOLUME I: |
POLICIES RELATED TO ACCOUNTING ADMINISTRATION |
| SUBJECT: |
Write-off Accounts |
| SOURCE: |
Financial Management Services |
| DATE ISSUED: |
November 1999 |
| POLICY NO.: |
I-500 |
| RATIONALE: |
To ensure that uncollectible monies are written-off in a timely and expeditious fashion.
|
| POLICY: |
All accounts deemed uncollectible must be submitted to the Board of Trustees for write-off at the end of the fiscal year; the account must be at least 12 months old and show no current productive activity. Debts may be written-off prior to 12 months if they are coded as deceased or bankrupt. This policy includes all auxiliary enterprises, student and non-student receivable accounts. This policy specifically excludes accounts being administered by Student Loan Administration and Contracts and Grants Administration |
| DEFINITIONS: |
Productive Activity -- Having a recent (within 30 days) promise to pay, in writing and signed by the debtor, or a current payment plan in place on the account.
|
| PROCEDURE REFERENCE: |
Procedures that provide specific details with regard to this process are maintained by Financial Management Services. |
| RESPONSIBLE ORGANIZATION: |
Financial Management Services |
