The Debt Management Policy establishes the University’s approach to ensuring the efficient collection and recording of monies owed to the University.
|Purpose||To ensure the efficient collection and recording of monies owed to the University.|
The University receives income from a variety of sources, enabling it to
This policy is designed to ensure the University meets the requirements of the Public Finance and Audit Act 1983 (NSW) (as amended) and the International Accounting Standards specifically with regard to the recording of monies owed to the University and debt management.
Student Debtor: an individual who has been enrolled in an award program or a unit at this University and owes monies to the University.
Trade Debtor: a debtor that operates its commercial activities external to this University.
Doubtful Debt: a debt that has a risk of non-recovery.
Bad Debt: a debt that is not recoverable.Satellite Debtors System: a debtors system that is not integrated within the University Finance System.
|Scope||This policy applies to all staff responsible for the collection of revenue to the University.|
Late Payment Fee
An extension or instalment plan may be available, subject to approval by the CFO in the Office of Financial Services (OFS).
Macquarie Graduate School of Management (MGSM) Debtors
MGSM will report outstanding debt and their risk of recovery to the Office of Financial Services on a regular basis.
The provision for doubtful debts of Student Debtors will be based on specific student debts where the student is no longer enrolled at Macquarie University.
All bad debts written off will be reported to the Finance and Facilities Committee as detailed below:
|Contact Officer||Assistant Director, Revenue Services, Office of Financial Services|
|Date Approved||2 December 2011|
|Approval Authority||Deputy Vice-Chancellor and Chief Operating Officer|
|Date of Commencement||2 December 2011|
|Amendment History||July 2012 – extend Next Review Date|
November 2011 – updated with requirement for MGSM debt recovery, and compliances and breaches statement
June 2009 – alignment with University Policy Framework
|Date for Next Review||December 2014|
|Related Documents||Public Finance and Audit Act 1983 (NSW) (as amended)|
|Policies / Rules Superseded by this Policy||Debt Management Policy approved 1 June 2009|
|Keywords||Debt, Debtor, Money, Monies|