BURSAR S DIVISION BURSAR S OFFICE
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1 Summary of Major Accomplishments Student Account System BURSAR S DIVISION BURSAR S OFFICE The student account system continues to grow and improve. In fiscal year 2004 the Bursar s Division added to the student account system all course and lab fees and the health insurance assessed to international students. Additional improvements were as follows: Additional internal reporting. Improvements of the automated flagging/unflagging of students accounts. Ability to expedite student account refunds. Ability to add a cancellation override flag to hold a students schedule during the cancellation procedures. Ability to add an override flag to keep a student from receiving an at night if we are processing something in their student account that has no impact on the payment amount. Credit card processing in the Bursar s Division increased significantly due to the additional charges in the student account system. Due to this increased activity and online payment processing delays, the Division completed a review of credit card processing. Based upon the review, the credit card processing transitioned from an ISDN line to an e-commerce application using the Georgia Technology Authority payment engine. Updated Cashiering System The Bursar s Office worked with programmers in Finance and Administration to design and build an updated cashiering system for use by the Bursar s Office and other campus cashiering operations. The updated system possesses all the functionality of the legacy system, but is updated as an Access database and is web-enabled. The system provides enhancements in the form of electronic data storage, query and report writing, and electronic data retrieval. Such information was previously available, but only in paper format. University departments making deposits with the Bursar s Office now receive their receipts via . The system was implemented in late fall The new system will also allow for data entry of credit card sales for electronic upload to the Accounting system and will eliminate the need for credit card sale batch header preparation and entry by Information Systems Scheduling. Testing for credit card sales data entry started in spring 2004 and full implementation is expected in FY Credit Card Processing With the ever increasing risk of credit card fraud to consumers and as a result of recent legislation, the Bursar s Office initiated the conversion of credit card processing hardware on campus to machines that truncate the credit card number printed on the C-109
2 receipt. Current state law requires that all new machinery truncate the credit card number on the customer receipt and that all existing equipment must be converted to new equipment by The Bursar s Office began the conversion process in spring 2004, with total conversion to be completed by December E-commerce continues to be a popular method of payment processing and currently, twenty four University units utilize this method of transacting business. In spring 2004, the Bursar s Office, the Office of Information Security, and Internal Audit initiated review sessions with units processing credit cards, especially those using e-commerce. As a result of these reviews, University policies and procedures are being updated so that units have a clear understanding of processing procedures and security requirements. Banking Items During FY 2004 the Bursar s Office assisted with the implementation of positive pay on the SunTrust payroll account. The use of positive pay reduces the risk of fraudulent check presentment. Summary of FY Goals Finalize Implementation of Credit Card Processing for Upgraded Cashiering System Testing of the credit card receipting system will be completed in mid September 2004 and final implementation of the new credit card receipting system is scheduled for October Student Accounts-Expansion Priority has been placed on design and implementation of electronic banking as an enhancement to the student account system. This will allow the University to direct deposit financial aid and other refunds to the student s bank account and allow the student to select electronic bank debit as an on-line payment method. Also expected to be completed in FY 2005 is enhancement of the on-line bill presentation in OASIS and the addition of charges for Parking Services, Family Housing, and study abroad programs. Starting with fall 2004, graduate assistants will be able to have tuition and fees deducted from four paychecks. Previously the charges were deducted from two checks. Starting spring 2005, graduate assistants will be able to payroll deduct the cost of their parking permit. Providing 1098Ts Electronically Each calendar year, the University reports certain financial information regarding all enrolled students to the IRS. In order to provide these notices faster and to save postage, an electronic delivery mechanism is under development. C-110
3 Imaging The Bursar s Division purchased a software product, Imageware, during FY 2004 that allows incorporation of digital imaging into business processes. This product will assist the division with the further reduction of paper records, increased security of sensitive financial information, and Gramm-Leach-Bliley Act (GLB Act) compliance. Bid for Banking Services In accordance with Board of Regents policy, the Bursar s Division will bid the University s banking services during FY Portal Expansion The Bursar s Division is currently researching how the UGA portal can be utilized to meet division goals of electronic information delivery. Phone Master During FY 2005 the Bursar s Division will investigate the purchase of Phone Master. This software product automates phone calls and delivery of a standard message to a select group of individuals. This system can be used to call students that are subject to cancellation due to nonpayment of their student account. The Bursar s Division makes hundreds of phone calls to students regarding their account. This system would save staff valuable time during the workday. Petty Cash Training During FY 2005 the Bursar s Office will offer petty cash training. In addition to classroom training, the division is also looking at UGA portal and other electronic delivery methods. C-111
4 Statistical Information The following charts illustrate the number of charge and payment transactions processed through the student account system from July 1, 2003 to June 30, 2004: Student Account System Charge and Payment Activity For the Period of July 1, 2003 to June 30, 2004 CHARGES PAYMENTS Charge # Transactions Dollar Amount Payment Method # Transactions Dollar Amount Tuition and Fees 1,217,278 $ 101,460, Cash/Check 24,508 $ 31,552, Housing 29,119 11,955, Credit Card 43,635 51,770, Food Services 13,737 12,144, Financial Aid 81,968 96,928, Sevis Fees 3, , Bill to Sponsor 2,707 4,589, Health Insurance 1, , Charge to Account 2,174 4,025, Course and Lab Fees 58, , Deferments 924 1,241, Deferred Charges 9,977 6,762, Payroll Deduct 5, , Financial Aid Repayments 2, , Returned Checks/Late Fees 15, , Total 1,351,465 $134,568, Total 161,148 $191,071, At June 30, 2004, the system contained the following student receivables: STUDENT RECEIVABLES AGING SUMMARY As of June 30, 2004 Total Current Over Student Account Charges Receivables Month Days Days Days 120 days Tuition and Student Fees $ 145, $ 134, $ 4, $ $ 1, $ 5, Course and Lab Fees SEVIS Fees Health Insurance for Internationals Food Services 10, , , Housing 119, , , Student Deferments 29, , , Direct Billing to Outside Agencies 280, , , , Pending Payroll Deductions Financial Aid Repayments 380, , , , , , Field Study Program Fee Freshmen College 1, , Miscellaneous Charges 77, , , , , Total $1,045, $552, $19, $35, $60, $377, C-112
5 The number of electronic funds transfers processed by the Bursar s Office continues to grow. During FY 2004, $626,974,163 was received by incoming wire transfer or ACH. The following chart illustrates the growth in cash receipts (cash, check, and electronic funds transfers), from 2000 to 2004: Amount of Cash Receipts $1,600,000, $1,400,000,000 $1,200,000,000 $1,000,000, $800,000,000 $600,000,000 $400,000,000 $200,000,000 $0 Fiscal Year C-113
6 The following graph illustrates the growth in net credit card sales from : $90,000,000 $80,000, $70,000, $60,000, $50,000, $40,000, $30,000,000 $20,000,000 $10,000,000 $0 Fiscal Year Short-term Investment Income As the Federal Reserve Board continued to lower interest rates in 2004, earnings on short-term investments were significantly reduced compared to prior years. The University continued to invest in the Government Money Market Account at Wachovia, Georgia Fund 1, the Board of Regents Short-Term Fund and callable agency notes such as Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. The following schedule reflects the net earnings and distribution of earnings for the past three years on short-term investments: Fund FY 2004 FY2003 FY2002 Plant Funds $1,862,044 $2,939,910 $3,950,013 Auxiliary Enterprises 902, ,225 1,421,629 Agency Funds 22,017 23,868 22,638 Student Activity Funds 15,000 24,682 47,054 Loan Funds 36, , ,397 Endowment Funds 268, , ,640 Total $3,106,689 $4,281,251 $5,732,371 Endowment Growth The Bursar s Office administers 185 University endowment funds which provide general support for the University, student scholarships and loans, salary supplements and other C-114
7 funding as provided for in the individual trust agreements. There were six new endowment funds established in FY The largest portion of these funds is invested with Trusco Capital Management under a plan approved by the Board of Regents. Market appreciation and the addition of new funds account for the growth in endowment funds during FY The following graph reflects the growth in the endowment funds from : Growth in Endowment Funds $45,000,000 $40,000, $35,000, $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 Fiscal Year C-115
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