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Managing and Accounting for Loan Funds

    • Last Updated: 05/12/2017
    • Effective Date:

    Policy Statement
    The Bursar’s Office Division will maintain Loan Funds in compliance with the Board of Regents of the University System of Georgia and Federal Regulations.
    Reason for policy
    The Bursar’s Office Division Managing and Accounting for Loan Funds policy is needed to ensure all Loan Funds at the University of Georgia are maintained and managed the same way in compliance with accounting and auditing standards, the Board of Regents of the University System of Georgia policies and Federal Regulations.
    Procedures
    Bursar’s Office Division personnel provide the maintenance and complete the fiscal accounting for loan funds. This office is responsible for preparing monthly reconciliation reports and financial accounting reports to the Accounting Department and other external auditing identities.
    Additional contacts

    Michele Sellers

    Phone Number: 706-542-2965

    Responsibilities

    Responsible University Senior Administrator: Vice President for Finance & Administration

    Responsible University Administrator: Associate Vice President and Controller

              Policy Owner: Bursar’s Office Division

              Policy Contact: Michele Sellers

              Phone Number: 706-542-2965

    Record Retention

    This series documents potential or realized private, corporate, or public agency funding to the institution, including endowments and trusts. This series may include but is not limited to award guidelines; letters and agreements of gifts; copies of bequest instruments and wills from individuals or estates; financial statements and reports, including records of fund disbursements; and related documentation and correspondence.

    Record Copy: Institutional Archives; Administering units

    Retention: Permanent for letters and agreements of gift, copies of bequest instruments and wills from individuals or estates, and related documentation and correspondence; 7 years for all other records. BOR 0472-02-018