19 Accounts Receivable
Policy Statement (Board Approval Date: 03/22/11)
The College will implement procedures to optimize collection of funds due to the institution.
Procedure:
The following procedures will be used in collection of accounts receivable.
- Students should pay or make arrangements to pay their charges on or before the beginning of the term.
- Students may use anticipated financial aid to cover all or part of their charges. If financial aid is not sufficient to cover the total, student must make arrangements to pay the balance.
- Students may make arrangements to pay their bill through the MSC Business Office. A down payment is required with the balance split over the semester.
- Student account balances will be available online for the student to view.
- Student with outstanding accounts will be billed at least two times during the semester.
- Student account balances remaining after year end (calendar) will be forwarded to the Oklahoma Tax Warrant Intercept Program for collection.
- After the warrant intercept process, if balances are still remaining, account will be turned over to collection agency.
- Student will not be allowed to enroll and records will be held as security until accounts are paid in full.