University of Georgia Staff Council
Division Name Change
DATE: August 27, 2001
FROM: George E. Stafford
Associate Vice President
and Controller
RE: Division Name Change
For many years, the Banking, Loans and Receivables Division, a part of
the Controller's Division in the Office of the Senior Vice President for
Finance and Administration, has been providing cashiering and banking
functions, collecting student tuition and fees, disbursing financial
aid, servicing student loans and performing receivable functions.
However, the department names of two units in the division--Banking and
Trust and Student Loans, Grants and Scholarships--are particularly
confusing to students and other university personnel.
The titles of these offices are often confused with those of academic
departments in the Terry College of Business and with the Office of
Student Financial Aid in Student Affairs. A number of our neighboring
institutions use the term "Bursar's Office" to designate the functions
performed by the Banking, Loans and Receivables Division.
Effective August 27, 2001, the Banking Loans and Receivables Division
will be re-named the Bursar's Office. The change also involves name
changes for two of the three departments 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.
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 to students; 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
deferments for tuition and fees, 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.