Procedure 7.6.2 Accounts Receivable Management - History

System Procedures
Chapter 7 - General Finance Provisions

for Board Policy 7.6

Procedure History:

Date of Adoption: 07/29/03,
Date of Implementation: 08/15/06,
Date of Last Review: 11/12/15

Date & Subject of Revisions:

11/12/15 - Amended to create new Part 1. Amended Part 2. Amended Part 4 regarding holds for registration and transcripts. Registration hold threshold increased to $100; transcript hold threshold remains at $30. Formatting and style changes throughout.

8/26/13 - Part 4, subpart A, remove verbiage requiring entry of the receivable into ISRS at the time account is first established; Part 4, subpart D, added sentence to clarify uncollectable receivables will result in a registration and transcript hold; Part 4, subpart G, added sentence to clarify application fees not earned until the fee is paid, also changed the term “canceling” receivable to “removing” receivable per Finance User Group feedback.

1/25/12 - The Chancellor amends all current system procedures effective February 15, 2012, to change the term "Office of the Chancellor" to "system office" or similar term reflecting the grammatical context of the sentence.

07/27/09 - Technical changes including changing Department of Finance to Management and Budget.

5/16/06 - To take effect August 15, 2006: Part 4, Subpart C, is added whereby colleges and universities will require students to view their account online as an electronic invoice in lieu of preparing and mailing routine paper invoices. Printed invoices with a uniform data format will be mailed to debtors selected for collection efforts in accordance with Minnesota Department of Revenue, Collections Division rules. Part 4, Subpart D, requires all colleges and universities to place a registration and official transcript hold on all unpaid student accounts with balances of $30 or more and that are more than 30 days past due before the begin date of the next term registration. Other smaller changes throughout the procedure.