Columns:: Banking division changes its name to Bursar’s Office

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Campus News

Banking division changes its name to Bursar’s Office

The university unit known as the Banking, Loans and Receivables Division has changed its name to eliminate confusion and better reflect the work the unit performs. The division, which is part of the office of the vice president for finance and administration, is now known as the Bursar’s Office.
The change also involves name changes for two of the three departments that were in the Banking, Loans and Receivables Division. The functions of the banking and trust department are now part of the overall Bursar’s Office, and that department name will no longer exist.
The student loans, grants and scholarships department is now called student accounts. The third department--accounts receivable--retains its name.
Holley Schramski, director of the Bursar’s Office, says many colleges and universities use the name “bursar” for the office that handles banking and cashiering functions, especially collection of student tuition and fee payments. Schramski says the Bursar’s Office and its departments will still perform the same functions, but the new names, which became effective Aug. 27, make clearer what those functions are.
The old banking and trust department was where students paid tuition and fees, but that wasn’t evident from the name, Schramski says. The department was sometimes confused with the banking and finance department in the Terry College of Business.
The student loans, grants and scholarships department distributed financial aid to students and collected on student loans. But many students thought it was the place to apply for financial aid or determine eligibility for scholarships, which actually are functions of the student financial aid office.
For clarification, here are the functions of the Bursar’s Office and its departments:
• Bursar’s Office: Responsible for the collection, control and custodianship of all university funds and securities and related records. The department processes and receives student tuition and other payments and distributes payments to appropriate revenue categories; administers endowment funds held in trust; and plans and forecasts cash flow requirements and availability of funds for temporary investment.
• Student Accounts: Responsible for student loan, grant and scholarship disbursements. The department collects promissory notes from students who have loans; provides counseling for borrowers; administers and collects student emergency loan funds and university loan funds; and authorizes tuition deferments and deferments of fees for residence halls, meals and books.
• Accounts Receivable: Responsible for the control, collection and maintenance of records concerning money due to the university from goods sold or services rendered. This includes credit card sales, deferred student fees, returned checks, reimbursable agreements and certain insurance recoveries. The department also maintains all university insurance records concerning property loss or damage and vehicle liability.

--Larry B. Dendy

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