From: Steele, Juliana (steelej@sacredheart.edu)
Date: Thu Jan 27 2000 - 11:17:41 EST
It would depend on what sort of deposit it is. At Sacred Heart University
we have residence halls and hold a $150 security deposit for students living
in the dorms against damages. In Connecticut there is a state statute that
exempts educational institutions from interest on those deposits as long as
the person living in the form is a student or family member thereof (I would
assume that to mean that the spouse of a student living in the dorm doesn't
get to claim interest even if she is not a student.) I would check your
states ruling on this. It's usually listed in the state statutes under
landlord/tenant laws. If you want to hold a deposit for non-resident
students, I would be curious if anyone knows if that is legal or not.
Let me know and I hope that helped!
Juliana M. Steele
Bursar
Sacred Heart University
5151 Park Avenue
Fairfield, CT 06432-1000
Phone - (203) 371-7927, fax - (203) 365-7536
steelej@sacredheart.edu
> ----------
> From: Lori Sundberg[SMTP:lsundberg@lfc.edu]
> Sent: Thursday, January 27, 2000 8:20 AM
> To: bursar-l@virginia.edu
> Subject: Deposits
>
> We are considering asking students for a $200 deposit, which we intend
> to hold until they leave the College. We will then assess outstanding
> fines, etc. against this deposit before returning the balance to them.
>
> I am fairly certain I will need to apply interest to these deposits.
> Can anyone steer me in the correct direction regarding applicable
> laws? Are other schools doing this?
>
> Lori Sundberg
>
> __________________________________________________
> Lori Sundberg
> Controller at Lake Forest College, Lake Forest IL
> Phone: (847) 735-5034 Fax: (847) 735-6276
> __________________________________________________
>
>
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