Policy FN08 REFUNDS

Policy Steward:  Office of the Corporate Controller

Contents:

  • Purpose
  • Exceptions
  • Permitted Refunds
  • Retail Operation
  • Non-Retail Operation
  • Refunds by Mail
  • Option of No Refunds
  • Credit Slip Prohibition
  • Further Information

  • PURPOSE:

    To outline the University's Policy on all refunds, except tuition refunds and other refunds covered by specific University policies or procedures, with the following exceptions:

    EXCEPTIONS:

    Bursar Refunds:

    Credit Card Refunds:

    Interdepartmental Refunds:

    Coin-Operated Machines:

    PERMITTED REFUNDS:

    A cash or check refund (dependent upon restrictions stated in this policy) may be issued if the original transaction of merchandise or services was paid by cash or check, if the request for a refund is made within a reasonable time of the original transaction, and if evidence of the original transaction is available (e.g. presentation of a sales receipt or availability of departmental sales records to confirm the transaction). If the original transaction of merchandise or service was paid by check, a 1 week waiting period (for the check to clear the bank) should be adhered to before a refund is processed.

    RETAIL OPERATION:

    > If an area of the University exchanges merchandise or services with the public for payment on a regular basis more than one day a week and credits the revenues to an 08-XXX-XX Budget (or the operation is documented in a procedure published by Systems and Procedures), that activity shall be referred to for the purpose of this policy as a "retail operation." Refer to Policy FN14 for additional information.

    A retail operation may issue a cash refund of $100 or less directly to a customer if a Cash Refund Receipt (form GF1.15a or suitable facsimile approved by Systems and Procedures) is completed, signed by the supervisor, and retained in accordance with the instructions in GURU.

    All refunds (See specific "Exceptions" above) greater than $100 to be issued by retail operations are processed on a Refund Request (form GF1.5) in accordance with the instructions in GURU. A University check will be issued to the person named on the request form. A retail operation may use the Refund Request for all refunds if it so chooses.

    NON-RETAIL OPERATION:

    All other activities not under the above definition of a retail operation shall be considered as "non-retail."

    A non-retail operation may issue a cash refund of $10 or less directly to a customer if a Cash Refund Receipt (form GF1.15b) is completed, signed by the supervisor, and retained in accordance with the instructions instructions in GURU. If current revenues are not adequate, additional sources of cash for the refunds may be a Petty Cash Fund (if available) or the Cash Operating Fund.

    All refunds (See specific "Exceptions" above) greater than $10 to be issued by non-retail operations must be processed on a Refund Request (form GF1.5) in accordance with the instructions in GURU. A University check will be issued to the person named on the request form. A non-retail operation may use the Refund Request for all refunds if it so chooses.

    REFUNDS BY MAIL:

    All refunds not issued in person must be processed via the Refund Request form.

    OPTION OF NO REFUNDS:

    Both a retail or a non-retail operation may adopt a local policy of no refunds. If an operation selects not to issue refunds, then a statement indicating the "no refund" policy must be clearly posted at the point of transaction, or appear on the sales receipt. Despite any no refund policy, merchandise must meet warranty of merchantability requirements. Defective merchandise must either be replaced or a refund must be issued.

    CREDIT SLIP PROHIBITION:

    It is prohibited to issue any kind of a credit slip (except gift certificates and refund certificates issued according to Procedure # CR2052, Accounting For Coupons and Gift Certificates) to an individual in lieu of a refund with the intent of having the individual redeem the credit slip at a later time.

    FURTHER INFORMATION:

    For questions, additional detail, or to request changes to this policy, please contact the Office of the Corporate Controller.


    Effective Date: January 16, 1996
    Date Approved: January 16, 1996
    Date Published: January 31, 1996 (Editorial changes- September 25, 2013)

    Most recent changes:

    Revision History (and effective dates):

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