Implementing Improved Financial Service Systems

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Implementing Improved Financial Service Systems
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FINANCIAL SERVICES
Office of Admissions and Registrar
Departments Schools
Student Financial Services
HOUSING LOANS
Student Employee EMERGENCY LOANS
SUNDRY DEBTOR DEPT AR
STUDENT FINANCIAL AID
SIS
SFA
PSoft
STUDENT ACCOUNTS
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Financial Service System

• Scope
• This proposal will enable the usage of
  UCSFs AR/Billing modules to track student
  tuition and fees due, student loan activities,
  employee and student emergency loans, department
  billings and the university housing loans on
  behalf of the campus community in an integrated
  environment. External data can be uploaded into a
  single financial service system.
• Rationale
• In 2008 Student Accounts processes about
  25,000 financial transactions with a total value
  of 28,000,000 on behalf of the departments and
  schools. The Account Receivable portfolio managed
  by Student Accounts for the Campus is
  approximately 11,000,000. Student Loans
  receivable is approximately 35,000,000.
• A Financial Service System will create a
  more integrated and cohesive processing
  environment by bridging the gaps between the 3
  student service groups serving the campus
  resulting in greater efficiencies, cost savings
  and data reliability. With greater efficiencies
  more time can be spent on serving the students
  and other cross campus customers.

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Benefits

• Improve Cash flow through timely billing and
  collections
• Increase timeliness of processing transactions to
  prevent lost of revenue (bad debt write-offs) for
  schools and departments
• Automatically generate invoices, eliminating
  manual invoices
• Facilitate the departments collection efforts by
  delivering collections tools such as dunning
  letters.
• Compliance with Family Education Rights and
  Privacy Act (FERPA) Gramm-Leach-Bliley Act
  (GLBA) by utilizing Student User Id
• Streamline processes
• Eliminate Shadow systems
• Reduction of manual entries
• Improve workflow
• Accurate Reporting Accounting
• Facilitate data analysis by department and
  central office
• Improve source data integrity
• Implement the use of Sub-ledgers - Best Practice
  for tracking detail transactions rather than
  using the General Ledger

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Employee Student Receivables
Bad Debt Expense Schools and Dept.
Receivables as of 1/09
Activity
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FERPA GLBA Compliance
Our current open item reference system used to
identify transactions by students raises
compliance concerns with FERPA and GLBA.

• GLBA 1999
• Safeguards information
• Identify and reasonably foresee internal and
  external risks to the security, confidentiality
  and integrity of customer (student) information
  that could result in the unauthorized disclosure,
  misuse, alteration, destruction, or other
  compromise of information and assess the
  sufficiency of and safeguards in place to control
  the risks.
• Penalties are up to 10,000 per violation and/or
  5 yrs in jail for officers and directors.
  Institutions can be fined 100,000 per violation

• FERPA 2008
• Guarantees Privacy
• SSN and proprietary student I.D. numbers issued
  by an institution will both be treated as private
  information and cannot be disclosed as directory
  information but, a User I.D. can be disclosed
  in some cases.
• The Department of Education has the right to
  investigate an institution if they believe FERPA
  policies have been violated even if no one has
  complained. Penalties include losing the
  institutions financial aid funding.

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Project Timeline and Resources