All accounts not collected within time frames agreed by both parties or a time span as generally accepted in the business sector of society shall be deemed delinquent. All reasonable efforts will be exerted by the accounting office to collect delinquent accounts. After reasonable efforts to collect have failed, the delinquent party shall be notified by letter they have thirty (30) days to clear delinquency or said account will be turned over to a collection agency. The chief financial officer shall select the appropriate collection agency for handling delinquent accounts and will be informed of all accounts turned over to the collection agency.
All accounts uncollected at the end of a second fiscal year from the date of delinquency shall be presented to the board of trustees as uncollectible and a recommendation made to the board to authorize write-off of said uncollectible accounts.
A record shall be kept of all delinquent student accounts; re-admission to college and providing of transcripts are contingent upon payment in full of delinquent account or at the discretion of the chief financial officer. At the end of the tenth fiscal year from the date of delinquency, only accounts with balances greater than or equal to $500.00 will be kept and maintained.
Subsequent collections will be shown as “recovery income”.
Revised October 26, 1995