Office of the Bursar

Returned Check Policy

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Title: Returned Check Policy
Policy Owner: Office of the Bursar
Applies to: Faculty and Staff
Campus Applicability: UConn Storrs and Regional Campuses
Effective Date: August 19, 2014
For More Information, Contact Office of the Bursar
Contact Information: (860) 486-4830
Official Website: http://bursar.uconn.edu/

PURPOSE

The purpose of this policy is to ensure compliance with state guidelines on processing and accounting for returned checks. (State of CT Accounting Manual, Receipts, Section 4.1).

APPLIES TO

This policy applies to all departments receiving checks on behalf of the University as well as all customers and students paying the University for goods and/or services.

POLICY STATEMENT

Checks deposited by the University and then returned by the bank for insufficient funds or any other reason are the responsibility of the depositing department to recover any money still owed to the University.  The department or student is charged back, including any bank fees as applicable.

ENFORCEMENT

The Office of the Bursar charges customers/students a $25 fee for a check returned by the bank for any reason.  The Office of the Bursar will notify students with multiple returned checks that check payments will no longer be accepted and all future payments must be made in the form of money order, certified or cashier’s check or Western Union wire payment.  For non-student returned checks, it is the department’s responsibility to pursue collection of the funds and fees with the customer, and the individual department has the discretion to accept future checks.

PROCEDURES/FORMS

The Office of the Bursar Cash Operations unit is notified by the bank if a check is returned to the University. Cash Operations sends the notification to the appropriate depositing department. It is the department’s responsibility to then submit the appropriate entry in the general ledger system to reflect the returned payment. Cash Operations approves the entry based on the debit to the University’s bank account.

POLICY HISTORY

Revisions:  Reviewed; Procedures updated, January 24, 2022

Opening a Merchant Account for Credit Card Acceptance

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Title: Opening a Merchant Account for Credit Card Acceptance
Policy Owner: Office of the Bursar
Applies to: Faculty and Staff
Campus Applicability: Storrs and Regional Campuses
Effective Date: August 19, 2014
For More Information, Contact Office of the Bursar
Contact Information: (860) 486-4830
Official Website: http://bursar.uconn.edu/

PURPOSE:

The purpose of this policy is to ensure University compliance with the Payment Card Industry Standards which can be found at www.pcisecuritystandards.org.  Credit card transactions are monetary transactions and therefore are subject to the same control and reconciliation policies as cash transactions.  No department may open a merchant account to accept credit card transactions without the approval of the Controller and Bursar.

APPLIES TO:

This policy applies to any department seeking to accommodate customers wanting to pay by credit or debit card and thereby opening a merchant account.

DEFINITIONS:

Payment Card Industry Standards:

PCI security standards are technical and operational requirements set by the Payment Card Industry Security Standards Council to protect cardholder data.  The standards globally govern all merchants and organizations that store, process, or transmit this data – with new requirements for software developers and manufacturers of applications and devices used in those transactions.  Compliance with the PCI set of standards is mandatory for their respective stakeholders, and is enforced by the major payment card brands who established the Council:  American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa Inc.

POLICY STATEMENT:

All University approved accounts must adhere to the Payment Card Industry Security Standards including the performance of the SAQ (Self-Assessment Questionnaire), annual attestation and successful University computer and network scans.

ENFORCEMENT:

The Controller’s Office may at any time terminate the department’s merchant account for a policy/procedure violation.  In addition, payment card industry compliance violations may result in fines from the payment brands (VISA, MasterCard, Discover, American Express, JCB, BC Card, DinaCard and Diner’s Club) to the acquiring bank, at their discretion, from $5,000 to $100,000 per month which may be charged back to the department in noncompliance.  Fines are dependent on volume of credit cards breached and remediation efforts required.

Violations of this policy may result in appropriate disciplinary measures in accordance with University Laws and By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Conduct Code.

PROCEDURES/FORMS:

The Office of the Bursar has the authority to recommend approval from any department to the Controller of an application for opening and operating a merchant account.  These transactions are monetary transactions and subject to the same governance as cash.

Detailed procedures and resource documentation may be found on our website at:  http://bursar.uconn.edu/cash-operations/.

POLICY HISTORY

Reviewed with no revisions January 14, 2022.

Non-Student Receivables Invoicing Policy

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Title: Non-Student Receivables Invoicing Policy
Policy Owner: Office of the Bursar
Applies to: Faculty and Staff
Campus Applicability: Storrs and Regional Campuses
Effective Date: August 19, 2014
For More Information, Contact Office of the Bursar
Contact Information: (860) 486-4830
Official Website: https://bursar.uconn.edu/

PURPOSE

University departments provide goods and/or services to the general public and organizations world-wide.  In accordance with Section 3-39a of the Connecticut General Statutes, it is the responsibility of the University to invoice customers notifying them of their financial obligation to the University.

APPLIES TO

This policy applies to University departments, faculty, and staff of all campuses and programs who provide goods and/or services to customers on credit.

POLICY STATEMENT

University departments/units are required to invoice customers at the time goods and/or services are rendered utilizing the Kuali Financial System (KFS).  The Office of the Bursar may grant exceptions to this policy after ensuring the department/unit’s alternative billing methods adhered to proper internal control procedures.

ENFORCEMENT

Violations of this policy may result in appropriate disciplinary measures in accordance with University Laws and By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Conduct Code.

PROCEDURES/FORMS

For additional information, access the KFS Cash and Accounts Receivable Procedure Guide at the following link: Accounts Receivable | Office of the Bursar.

POLICY HISTORY

Reviewed with editorial revision January 24, 2022.