FINANCIAL PROCEDURES INTERNATIONAL OFFICE STUDY ABROAD
PROGRAMMES
Study Abroad :
Aims and Objectives
- To ensure that the payments to schools are achieved with a
greater degree of accuracy.
- To ensure that all student fees are accurately paid off on FBS
and that the fees are paid into the correct accounts
- To
clearly define which fees are tuition and which are commission on
SRS
- To ensure that tuition and commission are paid into separate
accounts
- To ensure all tuition fee accounts are be cleared by the end of
the financial year (with the exception of those students straggling
two financial years)
- To ensure that the income generated by the commission is
separate from the IEOs baseline budget
- To ensure that the commission is available for expenditure in
the financial year after it is generated without being carried
forward (the auditors rules for carry forward do not permit this
income to be carried forward via the standard procedures).
Study Abroad Programme Structure
- Students may study in any of the schools across the university
and many will study in more than one school in any one
semester.
- All income is paid directly to the IEO and then the IEO pays
each school the tuition fee.
- Each school receives a set fee per module per student. For
example:
One student studies 2 module in SSHL and 1 module in WBS and 1
module in CCI @ £700 per module. Schools
therefore receive the following payments:
SSHL - £1400
WBS - £700
CCI - £700
- The IEO retains a set amount per module (currently
£50)
- A minority of students also pay a registration
fee. The amount of the registration fee alters
from partner to partner
Step
1:
Study Abroad Tuition Fee Income
Study Abroad Income is received in two ways:
1. Direct
Enrolments (Independent Students) pay directly to IEO via cheque,
credit card or bank transfer
2. Indirect Enrolments
(students from partner institutions) are invoiced each semester by
Finance and payment is received via
cheque
Direct Enrolment
- Payments for independent student fees are received by the
IEO and then passed to the cashier and all payments are put into a
suspense account (A212580 A305 for advanced
cash, A499974 A599 for ESA and for all
other cash received A499930 A599)
2. Payment is
completed by the cashier and the receipt is passed to IEO
3. Information on the
payments are then passed to the Finance
department (contact Margaret
Lennon) then who then pays the money off on fee billing and into
the accounts (see above) as appropriate.
Indirect Enrolment
1. All partner
institutions are sent invoices by the Finance department based on
the information provided by the IEO (usually in the week after the
start of the semester)
2. Payments are
received by the Finance department.
3.
Finance staff will then pay off the student debt
on fee billing and puts the income into the codes
above.
Step 2: Study
Abroad Tuition Fee SRS
- IEO enter the student fees onto SRS. The
fees are separated at this point into tuition fees and Study Abroad
'commission' (shown under BTEC fees)
2. These fees will be
entered on to the enrolment forms
Step 3: IEO Spreadsheet and
FBS
- IEO will produce a spreadsheet (see attached) of Study Abroad
income each semester in order to:
* provide a cross check for the IEO and Finances
records
* to allow the IEO to monitor income
* to allow the IEO to cross check the payments
to schools to ensure there are no underpayments/overpayments.
2.
The IEO will send Finance the spreadsheet together with all of
the
enrolment forms each semester.
Step
4:
Study Abroad Payment To Schools
1. The
spreadsheet (see above) will be sent to Margaret Lennon each
semester, usually within 6 weeks of the start of the
semester
2. The
schools will be paid the indicated amounts via
journal.
3. The
tuition fee accounts must be 'zero' at the end of the financial
year.
4.
Students who straddle more than one financial year will be
carried forward (either debt or credit)
Step 5:
Study Abroad Commission
1.Each semester a set amount will be retained by the IEO per
module
2. This will be held in an account separate
to the tuition fees
3. This income will be used in the
financial year to support marketing developments and provide
scholarships to students.
4. It is possible to carry 75% surplus in
this account forward, the centre will retain any remaining income
at the end of each year, the IEO will be responsible for any debt
carried forward. 100% of any deficit in this
account will be carried forward.
5. The IEO will submit a bid for a budget
for this account annually as part of the budget making
process.
Step 6: European Study Abroad
1. Unlike all other
study abroad students, all student on the European Study Abroad
programme (8801 and 8802) are counted as being part of the Regent
campus
2. Like all other
study abroad students, they can study in a combination of all to
the schools within the university
3. All fees will
be paid off on fee billing as usual by Regent Campus
Finance
4. All income will
initially be credited to the Regent holding account A499974
A599
5. This code should
therefore be used on the memo to the cashier for all ESA
fees.
6. Fees will
be paid off to the campuses each semester via journal
7. The IEO will provide
a spreadsheet to show how much each school should receive at the
end of each semester.
8. A
spreadsheet showing the total income in the Regent account will be
sent to Regent Campus Finance each semester
SOCRATES ERASMUS GRANT
1. The
University receives a grant from both the EU commission and UKSEC
(the national agency) each year.
2.
Both organisations pay the grant in two stages
3. The
university is liable to re-pay any of the grant not
spent
4.
The agencies can ask for the return of this income at anytime
(past experience shows that this can be years later and that there
is little prior warning)
5.
Both agencies have different financial years to the UoW and
the IEO frequently receive bills from academic colleagues (who are
claiming against the grant) after the close of the financial
year
6.
All of the grant which is unspent will be transferred to a
balance sheet
7.
Each financial year will have an individual line on the
balance sheet
8.
The agencies can be refunded any remaining grant from the
balance sheet at any time.
9.
Outstanding payments to schools/academics claiming against
the grant can be paid from the balance sheet where
appropriate
Questions:
1. As
we are in something of a transition period and it is therefore
likely that some payments may slip through with the wrong code etc,
what steps should I be taking to ensure that all errors are
rectified?
Answer: A journal should be raised for any discrepancies via
the electronic form on the finance intranet site.
2.
Where should we place the misc. income, such as fees for
transcripts?
Answer: All income of this nature should
be paid into the G831002.cost centre