Page tree

Versions Compared

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

...

1.     Fort Lewis College students may be eligible for a reduction of their student fees if their college courses require them to be located outside of La Plata County for a minimum of 80% of the school term (i. e., 12 weeks during either the Fall or Winter terms or 4 weeks during the summer session). Students participating in any exchange program are not eligible for reduced fees.

...

The State of Colorado Department of Revenue will notify the debtor of the intent to offset, if a tax refund is due to the debtor.  If a debtor is determined by the Department of Revenue to be entitled to refund, the Department of Revenue shall transfer to the State Treasury the lesser of the refund amount or the amount owed to the College.  The State Treasurer shall disburse such amount to the College.

 

V. RECONCILIATIONS

A. Monthly Reconciliation

1. Student Accounts Receivable - A report of all outstanding accounts receivable is generated each month for the purpose of reconciling to the General Ledger. Accounts receivable balances are broken down by General Ledger account number. The account totals are compared with the General Ledger figures for the same account numbers. Any resulting differences are then investigated and corrected. This procedure is repeated each month and the related work papers are maintained in the Student Accounts Receivable area.

2.  Collections - Student accounts that have been referred to the) collection agencies for collection are reconciled monthly.

3. Deposits:

Advance Payments
Special Course Deposits
Housing Deposits

These account totals are compared with the General Ledger during the month-end closing routine. Any differences will be investigated and resolved.

VI. ALLOWANCE FOR DOUBTFUL ACCOUNTS

A. An account titled "Allowance for Doubtful Accounts" will be established in all General Ledger funds containing student receivables. Annually, as of June 30th, an analysis will be made of outstanding balances in the various funds and appropriate adjustments will be posted to this account. The offset in each case will be charged to contra revenue or bad debt expense accounts.

B. Student accounts for the purpose of this section are defined as those accounts which arise from the enrollment of individuals at Fort Lewis College. These accounts are aged on a fiscal year basis as follows: Fall, Winter. Based upon previous collection patterns the following percentages of the outstanding amount as of June 30th will be posted to the allowance accounts:

 

...


C. A hold is placed on transcripts, future registration, and diplomas for students with a delinquent or written off account. The collection agency continues to attempt collection and the College processes accounts for tax offset through the Colorado Department of Revenue.

Revision History

Policy revised November 12, 2014 to add the word "diploma" to first sentence of policy statement 6.C.

Policy revised July 1, 2019 to account for the change in summer term and the elimination of short-term loans.

...