Policy Summary

Refer to Policy 3605 (PDF)

Amounts owed to the University including, but not limited to, tuition, fees, room, board, loans, notes receivable, and amounts due for goods and services provided are considered accounts receivable.

It is the policy of Virginia Tech that all receivables are to be processed through the university's central receivable system that is managed by the Office of the University Bursar (OUB). While there are efficiencies gained by using a central system, there are circumstances under which it is reasonable for a department to have decentralized receivables. A department or unit that wishes to manage their own receivables, and can provide evidence of efficiencies and the ability to comply with state and university guidelines, whether through an automated or manual system, must get permission from the University Controller. This permission is necessary prior to purchasing software or hardware for such a system. This document is intended to define what is necessary in order to meet state and university guidelines for handling receivables.