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Going Paperless with Student Refunds A win-win for everyone

TACCBO Conference June 12, 2013. Going Paperless with Student Refunds A win-win for everyone. Your Presenter. Diane Novak, CPA Associate Vice Chancellor, Accounting Lone Star College System for 8 years

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Going Paperless with Student Refunds A win-win for everyone

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  1. TACCBO Conference June 12, 2013 Going Paperless with Student Refunds A win-win for everyone

  2. Your Presenter • Diane Novak, CPA • Associate Vice Chancellor, Accounting • Lone Star College System for 8 years • Responsible for Accounting, General Ledger, Financial Reporting and Student Financial Services. • Previously Internal Audit Director at LSCS

  3. LSCS Fast Facts Lone Star College System • 78,000 credit students, total enrollment of 90,000. • Added 30,000 students in past five years • Six colleges, five centers, two University Centers. • Largest institution of higher education in the greater Houston area. • 2012 – 2013 operating budget $278 Million. • PeopleSoft Student, Finance and HR systems.

  4. Time for a Change • Prior to 2011, we used Datatel Colleague ERP student system. • Student refunds were issued by paper check only. Loan proceeds were issued on stored value cards. • We used the transition to PeopleSoft as an opportunity to streamline and update our processes.

  5. Direct Deposit Program • Direct deposit program began spring 2011. • Marketing Campaign. • Signage and email blasts to students “Receive your money in 3 days vs. 2 weeks”. • Advertised in admissions, business offices and financial aid offices. • Goal by year 3 is 80% participation.

  6. Fall 2010 • 28,000 refunds = $28M • Paper check = 92%, • Stored Value Card = 8% (Loans)

  7. Fall 2011 • 46,590 Refunds = $61M • Paper check = 64% • Direct Deposit = 36%

  8. Fall 2012 • 48,000 Refunds = $71M • Paper check = 34% • Direct deposit = 66%

  9. 2013 to Date • 46,000 Refunds = $68M • Paper check = 29% • Direct deposit = 71%

  10. Third Party Partner • Partnered with TouchNet for eRefunding. • Students can enroll on-line via their myLonestar account. • Banking info is stored on TouchNet’s site not LSCS database. • TouchNet sends students an email letting them know their refund was processed. • Other TouchNet products – cashiering, payment gateway and payment plans.

  11. WIN – WIN ! • Cost savings from fewer printed and mailed checks. (Est. $100k in 2012) • Fewer returned checks in mail due to bad addresses. • Student receives money in 3 business days.

  12. Happy students = Happy business office

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