Policies & Related  Issues re Schar    7009-01  ZZar

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                             TO: Interested Christian Schools                                                                      FROM: Jim Bramer, Retired Auditor-CPA 
                                                                                                                                                                 FILE: 7009-01/Schar

                              RE:  Policies & Related Issues re SCHAR                                                      Originated:  October 1985


            It is essential for every Christian school to have viable policies in managing this extremely important asset of School Acct Receivable (SCHAR).    The board should establish the policies and the principal/superintendent should administer them along with any other appropriate staff member. The board also needs to provide for any possible policy deviation. We suggest the following possible board resolution:

BOARD RESOLUTION:

            Inasmuch as this school must meet its financial obligations and have the proper witness in the community and to our staff by paying our bills when due, and since the major source of our finances are tuition and fees as paid for in an agreed fashion, and since it is illegal in some localities and a negative practice to not send grades upon completion of the school, and in spite of the need to be under-standing when parents have a financial emergency; since our stewardship of finances includes using the available leverage at our disposal to insure payment of such tuition and fees.

            Be it resolved that:

            Our accounts receivable (Schar) collection policy shall include:

A.     It is our posture to work with the parents in all reasonable attempts by the parents to keep their payments current. Deviations from these policies are to authorized by _________.
B.     Parents will be encouraged to pay their semester or (?)/annual tuition and fees at the first of the academic year; we will offer financial discounts of ______when this happens.
C.     We realize that most of the parents will have to pay in monthly installments and therefore set forth the policies that appear below:

INSTALLMENT POLICIES

   1.    The amount of monthly payments are to be agreed to in writing at the time of registration.
      2.    Payment coupons are ___ or are not ___ provided.
      3.    A direct deposit plan whereby parents can send their payments directly to our bank is ___ or is not ___ provided
     4.    Regular monthly payments will be due the first day of the month - unless specifically agreed otherwise.
     5.              A  9-month payment plan will be offered.       ___
                 A 10-month payment plan will be offered.      ___
                 Both 9-month and a 10-month payment
                            plans will be offered.                        ___
     6. There is a ___ -day grace period; if payment was due on the ______, no late fees will be charged until after the ______; (example is a 10-day grace period, with payments due on the 1st).
     7. A late charge of ______(example is $10.00) will be assessed when a payment arrives in the Business Office one or more days after the grace period (example is the 11th of the month or after).
     8.
"PAY-TO-STAY" is a policy where monies due are paid by a specific date or the student is not allowed to attend classes until this is caught up. The "PAY-TO-STAY " date" will apply to payments that have been delinquent ___ days or more.

POSSIBLE TERMS TABLE

                                             Due Date      Late Charge Date   Action Date

                   1.     09-01-xxxx  09-10-xxxx    10-10-xxxx
                   2.     10-01-xxxx  10-10-xxxx    11-10-xxxx
                   3.     11-01-xxxx  11-10-xxxx    12-10-xxxx
                   4.     12-01-xxxx  12-10-xxxx     01-10-xxxx
                   5      01-01-xxxx  01-10-xxxx     02-10-xxxx
                   6      02-01-xxxx  02-10-xxxx     03-10-xxxx
                   7      03-01-xxxx  03-10-xxxx     04-10-xxxx
                   8      04-01-xxxx  04-10-xxxx     05-10-xxxx
                   9      05-01-xxxx  05-10-xxxx     06-10.xxxx

        Accounts must be current (last monthly due has been made, fees paid, etc.) before final exams - all students must have Business Office clearance before tests can even be taken. 


  Please click here for list of Schar resources on www.bcidot.org .This publication originated in October 1985 and was.  
UPTD: June 04, 2010
 

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