10.2 Granting Credit
(Last Modified on February 9, 2015)
The granting of credit is not a primary function of the University System. Therefore, credit will be granted only as indicated below:
Credit is granted to students as required for the administration of fines and the assessment of additional fees that may be determined to be applicable after the student registers.
Credit is also granted to students in accordance with Section 7.3.3 of the BoR Policy Manual, Tuition and Fee Payment and Deferral. Short-term credit may be granted to students while waiting for financial aid funds or scholarship funds from third parties. This credit is granted only when a notice of award or a written agreement from a third party has been received.
Credit is automatically granted to faculty and staff for travel advances. Travel advances to non-University System personnel may be granted only in unusual circumstances and must be approved in advance by the president or chief business officer.
Credit is granted to retirees and other persons receiving benefits under COBRA. All credit granted under this provision should be kept current; i.e., collected within thirty (30) days. If continued collection efforts are not successful, then termination of benefits must be accomplished according to the deadlines established in Section 5.1.5, COBRA and Retiree Billing.
Credit may be granted to the general public, which may include students and staff, by campus departments that are authorized to provide services or products; these services or products are normally provided as an adjunct to instruction or research activities. Although cash should be collected whenever possible, credit may be granted when there are no facilities for the collection of cash, or when non-collection of cash is deemed to be in the best interest of the college/university. In these cases, prudence with respect to the credit risk incurred must be observed at the time of transaction.
Credit is automatically extended to governmental units and foundations during the time claims for reimbursement are outstanding. Diligence must be exercised to ensure timely billing and collection efforts to minimize the receivables arising from these claims.
Implicit in the granting of credit by institution departments is the intention that payment will be made in full upon receipt of a bill. Any formal arrangements authorizing credit for more than thirty (30) days must be approved by the president unless other institutional or USG policies or regulations operate to the contrary.