Credit And Collections Policy - Northern Michigan University
Credit And Collections Policy
For the extension of credit.
All financial obligations to the University are payable when incurred, or in the case of advances, loans, charges, contract payment plans, etc., when due. University departments providing goods and services will operate on a cash basis. If, due to the nature of its operation, a department cannot operate on a cash basis, approval to allow charges for goods and services may be granted by the Vice President for Finance and Administration.
Payment for University goods and services may be made by cash, check or money order. If extenuating circumstances should prevent the debtor from meeting his/her obligation when due, further arrangements should be made on or before the due date with the University's Financial Services. Any arrangements made by the University's Financial Services are subject to the following terms and conditions:
- The applicant must have a good financial record with the University.
- The applicant must demonstrate a willingness and ability to pay balance due in an established time period.
- When the arrangement is for a period of more than one week, a statement showing the terms of the arrangement will be given to the individual and, when possible, it should be signed by the applicant.
- Any payment not made according to the arrangement may result in the entire unpaid balance of the obligation being immediately due and payable.
- The University reserves the right to notify third parties to the terms of the agreement, of the amounts due, and any action being taken in regard to an overdue account.
All obligations will be considered delinquent if payment is not received by the due date. The University reserves the right to withhold all services and/or the extension of credit to persons with delinquent accounts. Any refund, reimbursement or payment (excluding payroll) due a person with a University obligation may be applied against the obligation. The University will endeavor to collect all delinquent accounts in accordance with Federal and State Laws.
|Oversight Unit:||CONTROLLERS OFFICE|