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                          TO: Interested Schools                                                                                                               FROM: Jim Bramer, Retired Auditor-CPA 
                                                                                                                                                                                     FILE: 7403-01/schar 

                          RE: Credit Unions and Schar Loans                                                                                        Originated:  February 2002                     

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        In the sister writings found in  7401 and  7402  we have provided Christian School Onliners with some suggested ways to account for and collect monies from Parents/Students who have NOT paid their monthly balance of Tuition and Fees as agreed to in writing at the time of Registration.

        What we did not pursue in depth was the possibility of the School's Credit Union being a part of this effort.  May I suggest the following:

•      At the time of registration Parent/Students agree in writing to pay their monthly Tuition/Fees at a specific time of month; let's say the 10th of the month.  They also agree to what follows in the next paragraph..

•     The School and their Credit Union enter into a partnership whereby if the April 10th monthly Tuition/Fees amount is unpaid by the due date of the next month, or May 10th, then the School receives the unpaid Tuition/Fees amount from the Credit Union.  

•      The Parent/Student now owe the unpaid amount (converted now to an interest bearing loan), plus an agreed Loan Fee, to the Credit Union.

•      The School is timely made aware by the Credit Union of the status of all such loans during the School year.

•      The Parent/Student must pay off this Credit Union loan before the student can register for the new school year.

•      The School can accept payments on such loans at the School and operate as the Credit Union's agent.     

    Let us know at 7403@bcidot.org is you have any comments or suggestions on such matters.

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      Please click here for a list of Schar resources on www.bcidot.org .This publication originated in February 2002 and was. 
UPTD: May 02, 2008

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        (1) An Online Document, or WRIT (Writing), may be applicable to all Ministries, or it may be designed for just groups like: Evangelical Church, School, Missionary Agency or Organization, Christian Camp / Conference, or other named group.
        (2) WRIT formats include the perspective of  Jim@bcidot.org  via IOMs (Inter-Office Memos) to the Ministry Finance Team (MFTeam); THRDs, or a hypothetical Online conversation (thread) with members of a MFTeam; FWIW; A periodic editorial (For What it is Worth); TRUISM, or believed Ministry Finance principles; or via a FAQ, or a response to Frequently Asked Questions.   

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