September 13-14 - Nebraska State College System

4.6.-1
Fiscal and Facilities Committee
Larry Teahon, Chair
Cap Peterson
Jennifer Myers
September 13-14, 2007
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ACTION:
Approve the Requests to Write-Off Specific Uncollectible Student Accounts
as Submitted by the State Colleges
Priority: Financial Strength of the System
Goals: 1. Ensure financial accountability
4. Improve efficiency of operations
Strategy: f. Keep Board of Trustees informed on the financial status of the colleges and system
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At the end of each fiscal year, the Colleges review the status of their student accounts and
determine which are uncollectible. The criteria adopted by the Board for writing off uncollectible
accounts require that accounts be over two years old and that the institution exhaust all
reimbursement means, including turning the unpaid accounts over to a collection agency.
The following "bad debt" designations are submitted to the Board for authorization to cancel as
uncollectible accounts:
Chadron State College
Cash Fund Accounts (Tuition and Fees) $24,031.85
Revenue Bond Accounts 21,188.96
$45,220.81
Peru State College
Cash Fund Accounts (Tuition and Fees) $20,338.39
Other Fund Accounts 57.00
Revenue Bond Accounts 12,459.59
$32,854.98
Wayne State College
Cash Fund Accounts (Tuition and Fees) $16,818.93
Other Fund Accounts 734.50
Revenue Bond Accounts 12,612.71
$30,166.14
Official approval by the Board is required by the auditing agencies before they can "recognize"
the written-off accounts. The NSC System Office has received detailed information on each
past due account. Due to privacy regulations, the detailed information is not published but is
available to Board members upon request.