Presentation on theme: "Third Party Sponsors & Scholarships F inancial I nformation S ervices C onnecting A nd L eading Business Office."— Presentation transcript:
Third Party Sponsors & Scholarships F inancial I nformation S ervices C onnecting A nd L eading Business Office
Student goes directly to the entity of his/her choice Student applies with entity representative If applicant meets the sponsor’s eligibility criteria, A written agreement will be prepared by the corresponding party. Entity will provide STUDENT or STC with signed written agreement Who initiates a third party scholarship sponsor? The student.
For a listing of the most common available Third Party Assistance Programs which a student can apply for, see STC Catalog “Support Services” section. Who are the Third Party Scholarship Sponsors? Federal Agencies Private Agencies State Agencies Local Agencies
Scholarship Contract Waiver Exemption An agreement between a specific student and a third party that state that the third party has agreed to pay a dollar amount or percentage of the student’s tuition and/or fees. An agreement by your institution to free a specific student from an obligation required of others, for example, payment of tuition. An agreement by your institution to relinquish claim for payment from a student for a specific charge. Is financial aid awarded to a student, for example, by a college, agency or special interest groups. What are the types of Third Party Sponsor Payment Agreements
A third party agreement constitutes a written, enforceable agreement between an STC student and a third party entity in which the third party has agreed to pay a fixed amount or percentage of the student’s tuition, fees, and/or other specified items. Remember!
General Rule of Thumb: Please DO NOT make unauthorized verbal/ written agreements!!!
The departments that can obtain written agreements are: Business Office Financial Aid Department – Academic enrollment Office of Instruction – Dual Enrollment The Partnership for Business & Industry Training (PBIT) and Continuing and Professional Education (CPE)
Financial Aid Dept. A student in an academic program and/or sponsor will forward written agreement to: Forwards agreements to the Business Office Provides statement of account to student, if applicable Processes benefit award amount Reviews written agreement specifications
PBIT/CPE A student in a CONTINUING EDUCATION program and/or sponsor will forward written agreement to PBIT or CPE Department Cashier processes benefit award amount and forwards all documentation to the Business Office Prepares Request For Student Award Form, BO 5600 Prepares &/or reviews written agreement specifications Forwards Request For Student Award Form and agreement to Cashier’s Office
Billing and Receipt of Payments: Business Office bills the third party agencies Upon receipt of payments, they are applied to corresponding fund accounts (see Chart of Accounts for FOAP (fund/organization/account/program) number
Billing and Receipt of Payments Continuation: When a sponsor donates monies, the following should be completed: 1.Sponsorship Application (if applicable/see Valley Scholar sample) 2.BO-1500 (Report of Donation form), and 3.BO-6100 (Departmental Deposit Worksheet) FOAP number must be specified on worksheet in order to post payment to the appropriate account. 4.A TFAMISC will be issued by the Cashier’s Office.
Valley Scholar Sponsorship Application Sample
The bottom section, requires the signature of the employee requesting / receiving gift along with STC’s President and, if applicable, the Board of Trustees. The middle section (source, purpose, and value of the gift) is required for Financial Reporting. The top left section of the form is required with the donor information. Description and specification of the Item (s) contributed is required. The top right section of the form (donor’s information) is needed in case we need to contact donor. Report of Donations - BO1500 Form Available – Business Office Website
FOAP # Form available at the Cashier’s Office
Accounts Receivable Staff Marittza Adame – Accountant Emergency Loan Program Allied Health Loan Program General Revenue Corporation Elena Elizalde – Accounting Assistant Federal Accounts Waivers, Exemptions Valley Scholars (Restricted Accounts) Barnes & Noble Payable (Third Party & Financial Aid Purchases) A/R Reconciliations Norma Reyna – Accounting Assistant Partnership for Business and Industry Training (Federal / State / Private / Local) Continuing and Professional Education (CPE) Agency Accounts-Allied Health & Student Insurance A/P International School A/R Reconciliations Office Fax #
Accounts Receivable Staff Maria Emma Trevino – Collection Specialist Uncollectible Accounts Payment Arrangements NCO- Financial Systems Inc. NRI – National Recovery Inc. GRC - General Revenue Corporation Yvonne Harris – Accounting Assistant State Accounts Private Local Scholarships Dual Enrollment Contract Training A/R Reconciliations Office Fax #