Re: Scholarship Awards from Outside Sources

From: Louis Seda (lseda@adm.schoolofvisualarts.edu)
Date: Tue Feb 19 2002 - 09:55:05 EST

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    At our College , the check is solely processed by our Office Of Student
    Accounts. Any attachments such as letters indicating the award or a copy of
    the check if there is no letter is sent to our Financial Aid office for
    recording the award.
    As a matter of separating functions and responsibilities, checks are not
    allowed to be processed or handled by the Financial Aid office.

    Louis R. Seda
    Director ,Office Of Student Accounts
    School Of Visual Arts
    NYC, N.Y.

    Deb Brondsema wrote:

    > The procedure at Davenport University is as follows:
    >
    > FA receives the outside scholarship checks, applies the payment to the
    > students FA awards and then sends the check to the business office.
    >
    > The BO deposits the check in the bank, when the student finalizes payment
    > for classes the outside scholarship award is automatically applied to the
    > student's account. The business office reconciles the general ledger
    > "Outside scholarship" account against student records at year end and
    > refunds any unused funds (a very rare occurance!).
    >
    > In some cases the FA office receives notifiacation about an award, but the
    > institution must bill the award granting agency/group. In that case, the
    > FA office applies the award to the students FA awards, sends notification
    > to the BO and the BO bills the agency/group. Let me know if you have any
    > other questions.
    >
    > Deb Brondsema
    > Director of Business Services
    > Davenport University


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