Purpose
To establish guidelines for the timely billing, collection, and management of accounts receivable in a manner that supports student success, ensures fiscal responsibility, and protects college resources.
Policy Statement
Grays Harbor College manages accounts receivable in a manner that ensures fiscal responsibility, timely collection of funds, and compliance with applicable laws and regulations. The College establishes and maintains processes to effectively administer credit, billing, collections, and writeoff of receivables.
Policy
The College shall:
- Extend credit only to individuals, organizations, or entities when appropriate and in alignment with institutional guidelines.
- Issue invoices or requests for reimbursement in a timely and accurate manner, including applicable fees or overhead costs where appropriate.
- Monitor accounts receivable to ensure prompt payment and maintain accurate financial records.
- Pursue collection of outstanding receivables using lawful, ethical, and cost-effective methods.
- Approve the adjustment or write-off of uncollectible accounts in accordance with applicable laws, regulations, and College procedures.
Responsibilities
- The Vice President for Administrative Services (or designee) shall ensure implementation and oversight of accounts receivable processes.
- Appropriate College offices shall maintain procedures consistent with this policy, including billing, collections, and write-off processes.
Compliance
All accounts receivable activities shall comply with applicable federal and state laws, State Board for Community and Technical Colleges (SBCTC) guidance, and related College policies.