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Fee Payments and Credit Policy

(Technical updates by Financial Committee 4/12/99)

  1. Paying by Installments. All members may pay by the installment terms approved by the Financial Committee.
  2. Fee deadlines. Deadlines for fee payments shall be determined as follows:
    • The first fee deadline shall be defined as follows.
      • The first fee deadline of each term shall be no fewer than three (3) and no greater than ten (10) days following the designated move-in day.
      • An installment of at least one third (1/3) of the term fees any balance from a previous term shall be due from resident members on the first fee deadline. All fees for the term shall be due from boarders on the first fee deadline.
    • The second fee deadline shall be defined as follows.
      • The second fee deadline shall be a date no fewer than thirty (30) and no greater than forty (40) days after the designated move-in day.
      • An installment of at least one third (1/3) of the term fees plus any balance from a previous term or previous installment shall be due from resident members on the second fee deadline.
    • The third fee deadline shall be defined as follows.
      • The third fee deadline shall be a date no fewer than sixty (60) and no greater than seventy (70) days after the designated move-in day.
      • All fees and debts owed shall be due on the third fee deadline.
    • Members who move in after the beginning of the term shall be treated as follows.
      • A member who moves in after the beginning of the term and before the second fee deadline shall pay within one (1) week of occupancy fees sufficient to reduce his/her balance to the amount due on the second fee deadline.
      • A member who moves in after the second fee deadline shall pay all fees upon occupancy.
    • A fee deadline stated in an approved promissory note shall supercede subsections A and B of this section for that member.
  3. How/Who to Pay.
    • Payments are to be made to the member's House Treasurer. If the House Treasurer cannot be located, members may pay either the Corporate Treasurer or the SCA Business Manager.
    • Payments are accepted in cash, check, cashiers check, travelers checks, and money orders. In addition, certain third party checks may be accepted with the approval of the Business Manager.
    • All payments are to be made in U.S. dollars.
    • Members should receive receipts immediately upon making a payment, especially if the payment is made in cash.
    • Additional payment restrictions may apply to certain delinquent accounts and guests: see individual policies as appropriate.

PROMISSORY NOTE POLICY

(Technical updates by the Financial Committee 5/05/97)

  1. SCA shall approve promissory notes from members requesting credit according to the following statement of credit and collections philosophy:
    • SCA shall extend rent credit to members when it helps SCA to meet it's organizational goals.
    • SCA shall not extend rent credit when such an act will harm SCA.
  2. To request rent credit, a member must submit to the Business Office a completed promissory note, which consists of the following documents:
    • Member Credit Request;
    • Background Information Sheet; and
    • Promissory Note.
  3. All promissory notes submitted must include proof of ability to pay, consisting of one or more of the following documents which show adequate funds to pay SCA fees and other financial obligations:
    • Financial aid statement;
    • Two (2) months' pay stubs;
    • Three (3) months' bank or credit union statements;
    • Documentation of a trust fund (including dates of disbursement).
    • Letter from parents stating their level of parental support.
  4. If the promissory note does not include proof of ability to pay, the promissory note must be co-signed.
    • Co-signers must provide proof of ability to pay as outlined above. Fees outstanding to SCA shall be considered a reasonable financial obligation.
    • No member who has received a seventy-two (72) hour notice at any time may co-sign a promissory note.
  5. The following special provisions shall apply to promissory notes.
    • Promissory notes submitted by members who have received two (2) or more seven (7) day notices within the two (2) previous terms must be co-signed.
    • Parents must submit and sign promissory notes for members under 18 years of age at the time of submission.
    • Promissory notes may be granted only to members staying in SCA more than thirty (30) days.
    • If source of income changes (parental support ends, expiration of trust fund, termination of financial aid), then evidence of a new source of income must be provided.
  6. The Business Manager may approve a promissory note under the following conditions:
    • The member has never been evicted from SCA for non-payment of fees;
    • The member has not received a seventy-two (72) hour notice within the previous two (2) terms;
    • The member provides satisfactory proof of ability to pay;
    • The member presents a valid reason for inability to pay according to the SCA installment schedule;
    • The member's requested credit does not exceed fees for the current term;
    • The member has paid all amounts owed previous to the term;
    • The member has a full deposit on file;
    • The member will not, under the proposed payment schedule, owe more than his/her deposit later than twenty-one (21) days before the end of the term;
    • The proposed payment schedule does not allow the member to exceed the daily rate by more than half of the deposit amount;
    • The member is not re-negotiating a promissory note previously approved by the Financial Committee or Board of Directors;
    • The member is not under a 72-hour notice at the time of submitting the promissory note;
    • The note does not require a co-signer; and
    • Any other conditions required by the Financial Committee.
  7. The Financial Committee may approve all other promissory notes unless:
    • The member is under a 72-hour notice at the time of submitting the promissory note; or
    • The member is re-negotiating a promissory note previously approved by the Board of Directors.
  8. The Board may approve all other promissory notes if the promissory notes have been reviewed by the Business Manager and the Financial Committee. The member requesting credit may appear on his/her own behalf before the Board, or must appear if requested by the Business Manager, Financial Committee, and/or the Board.
  9. It is suggested that members wishing to submit promissory notes meet with the Business Manager to review the proper completion of forms prior to the fee installment due date.
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