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--- 300_finance [2025/01/16 19:41] – jtorgerson
+++ 300_finance [2025/04/08 23:18] (current) – [344 Partial Semester Attendance Billing] jtorgerson
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 ===== FINANCE (Section 300) =====
-==== Petty Cash ====
+==== 300 Petty Cash ====
 The primary purpose of the petty cash fund is to create cash boxes for making change during the sale of items at events. The use of petty cash should typically be avoided; if at all possible, arrangements should be made with the Business Office in advance of events to use non-cash payment methods. The school petty cash fund will be maintained at a level of $450 and stored securely.
 Cash boxes may only be distributed by the Business Office to school faculty/staff or registered volunteers. The person to whom the cash box is distributed will be responsible for the cash at the event, for ensuring the cash is correctly counted, and for returning the cash/box. When a cash box is issued, it may contain no more than $150. The individual given the cash box will be responsible for returning the cash to the Business Office, where they will count the funds being returned for deposit with a Business Office employee. If a Business Office team member is not available, a counter can be chosen from among school staff/faculty or registered volunteers who is not part of the event where the cash was used. The deposit can be dropped in the locked box in the school mailroom. Cash used or not returned will be expensed to the cost center for that event. The representative will need to clearly note why any cash was not returned.
 //Approved by Administration Team
 /2025
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 //Approved by Administration Team
 /2024//
+==== 306 Cash Management ====
+There must be a segregation of duties in order to safeguard the school’s assets. The responsibilities of receiving cash, recording cash, depositing cash, and the reconciliation of the deposit must be separated and performed by different individuals.  In no instance shall the individual accepting the cash be the same individual responsible for performing the reconciliation.  Responsibility over transaction proceeds must be clearly delineated and assigned to specific individual(s) to ensure accountability.
+Cash receipts must be reconciled to the schools Veracross system weekly (>$5,000) or bi-weekly (<$5,000) basis. The reconciliation should be reviewed by someone independent of the cash handling or recording functions and their approval evidenced by their signature and date.
+The following responsibilities should be distributed among personnel so that one individual is not responsible for all aspects of the cash collection cycle:
+  * Opening mail
+  * Endorsing checks
+  * Preparing deposits
+  * Reconciling payments in the system(s) of record
+//Approved by Administration Team
+/2025//
 ==== 308 Authorization ====
@@ Line 98: / Line 115: @@
 //Approved by Administration Team
 /2024//
+==== 310 Line Item Fidelity ====
+Expenses must be in alignment with the basic purpose of the line-item. Revenue may not be placed in expense line items (artificially reducing expenses), nor may expenses be made from revenue line items artificially reducing them. Receipts that are restricted in nature will need to be placed in the corresponding fund 05 account. No new 05 funds should be created without approval from the Head of School and the Board Finance Committee.
+//Approved by Administration Team
+/2025//
 ==== 312 Accounts Payable ====
@@ Line 139: / Line 164: @@
 /2024//
+==== 332 Fees and Charges ====
+School fees are published on the school website or intranet prior to April 1 of each school year. Nominal fees may be added throughout the year as approved by the Administration. For example: milk fee, transportation fee, broken computer fee. As much as possible, the Administration should include fee charges within school tuition.
+Each new student will be charged an application fee of $125 and an enrollment deposit, to be returned after graduation minus any applied penalties, of $500.
+The Enrollment Deposit will be refunded to the family upon Upper School graduation or timely notification (by the Re-Enrollment Deadline) of an intention not to return to CHA the following academic year, minus any outstanding fines or fees. If the family notifies the school of withdrawal after the Re-Enrollment Deadline, the tuition deposit is forfeit and non-refundable.
+Fee and tuition payments are invoiced through VC Pay, which is the preferred method of payment.
+Application and re-enrollment fees are non-refundable.
+The only exception to the non-refundable enrollment fee will be for families who have paid their enrollment fee contingent upon receiving financial aid, and then subsequently learn that they do not qualify for financial aid. These families will receive a full refund of their enrollment fee as long as they do not attend Christian Heritage Academy in the Fall. (See Tuition, Discount, and Refund Policy)
+//Approved by Administration Team
+/2025//
+==== 335 Penalties for Early Withdrawal ====
+Re-enrolled and enrolled students who withdraw after re-enrollment/enrollment and prior to the start of the upcoming school year will be charged the value of one eleventh of tuition as a fine in addition to both (a) any owed tuition/incidental/trips/invoice items  and (b) the forfeiture of the enrollment deposit (where applicable), as a process of Early Withdrawal. Untimely withdrawal causes the school to incur significant costs. CHA can withhold grades and transcripts from parents until fines and outstanding invoice items are paid.
+//Approved by Administration Team
+/2025//
+==== 336 Penalties for Delinquent Payments ====
+For accounts that are 30-45 days past due, the CHA Business Director will issue a written note to the parent (or guardian) advising them that their account must be immediately paid. The parent (or guardian) must make full payment of the past due balance within 10 days. This will start the process of charging a 2% deferment. Parents receive a 2% deferment fee on the 10th of the following month for any overdue tuition or fees.
+For accounts that are 46-75 days past due, the CHA Business Director will request a face-to-face meeting or phone call with the parents (or guardian) to explore ways to bring their account into compliance. Options included would be use of the special assistance fund, payment plans, or potential withdrawal of students from the school.
+For accounts that are more than 75 days past due, the steps discussed in paragraph 2 above will continue to be in effect, and that student’s principal must be discreetly notified. If there has not been any response to the letter or requests for a face-to-face meeting/phone call, a certified letter will be issued to the parents (or guardian) advising that their child(ren) will not be permitted to return to school until a satisfactory payment plan has been agreed to with the CHA Business Director.
+If any payment becomes more than 90 days past due, students may be restricted from attending classes until an agreement is reached with the school administration (Head of School and Business Director) on payment terms (See Parent-School Agreement). In order for a student to be admitted to class on the first day of any semester, all past due accounts for the prior school years must be paid in full, all accounts must be current or an agreement reached with the school administration made to bring them current (See Parent-School Agreement). Student transcripts, report cards and other student-related information will be withheld until account balances are paid in full.
+At the discretion of the CHA Treasurer, the family will be required to bring the account balance to zero before the next school year begins. This would normally be required in situations where the family’s late payment occurrences happen towards the end of a school year (e.g., April-June). Exceptions may be given to agreed-upon payment plans that span two school years.
+A family’s probationary account status with the school will be returned to normal at the discretion of the Business Director, provided that the family was in compliance with the terms discussed above.
+//Approved by Administration Team
+/2025//
+==== 337 Tuition and Tuition Payment Plans ====
+Annual tuition is determined by the Board of Directors (See Tuition, Discount, and Refund Policy). Tuition must be publicly posted on the school website.
+Parents may select to pay the full year of tuition in full by August 28th or one of two payment plans:
+-Month Payment Plan. Eleven equal payments due on the 8th of each month, from July 8 to May 8 of each school year. Payment should be made through VC Pay unless special permission is given by the Business Director.
+-Month Payment Plan. Eleven equal Payments due 28th of each month, July 28th thru May 28th.
+//Approved by Administration Team
+/2025//
+==== 338 Continuous Enrollment ====
+CHA practices Continuous Enrollment, meaning that, per the Enrollment Contract, parents are automatically re-enrolled if the school is not notified of withdrawal prior to the Re-Enrollment Deadline (March 15).
+//Approved by Administration Team
+/2025//
+==== 342 Tuition and Fee Schedule ====
+Administration should publish no later than December 1st of each year the tuition and fee schedule for the following school year. The schedule should be posted in the appropriate accessible location on the public and internal websites.
+//Approved by Administration Team
+/2025//
+==== 344 Partial Semester Attendance Billing ====
+//Late Enrollment//
+If a new student enrolls before the 15th of the month after the start of a school year, a full month’s tuition is due, based on the 11-month tuition schedule. If a student enrolls after the 15th, a half month tuition fee is due, based on the 11-month tuition schedule.
+//Early Withdrawal//
+Students will be charged for the entire month’s tuition regardless of the number of days attended during the month. For example, if a student attends class from October 2-5 and then withdraws from school, he/she will be charged tuition for the entire month of October. No partial month refunds will be issued.
+Early withdrawals prior to the end of a semester will also incur an Early Withdrawal Fee, calculated according to the following chart. In addition to the Early Withdrawal Fee indicated below, the Enrollment Deposit will not be returned for withdrawing students who do not withdraw during the annual withdrawal window between February 1st and March 15th (see [[300_finance#332_Fees and Charges|Procedure 332 Fees and Charges]]).
+|**Withdrawal during…**|**Early Withdrawal Fee**|
+|March 15 to semester start|One eleventh of annual tuition (see [[300_finance#335_Penalties_for_Early_Withdrawal|Procedure 335 Penalties for Early Withdrawal]])|
+|Semester start through September|$1,000|
+|October|$750|
+|November|$500|
+|Semester start through February|$1,000|
+|March|$750|
+|April|$500|
+//PreK and Kindergarten Section Transfers//
+Any PreK or Kindergarten students who switch from full day to half day enrollment or from full week to partial week enrollment at any point between March 15 (re-enrolling students)/enrollment (new students) and the end of the following school year will incur a $125 Transfer Fee. Students who switch from half day to full day will incur no fee.
+The Business Director may grant a partial or prorated refund for tuition and relevant fees if extenuating circumstances exist such as moving outside a 30-mile radius, family death or severe health situation, or job transfer. Requests and approvals must be made in writing.
+//Approved by Administration Team
+/2025//
 ==== 364 Budget Preparation and Calendar ====