Rangiora New Life School, Rangiora, New Zealand

Student Fees Protection

Rationale

International Student fees must be handled in a way that ensures those funds are accessed in a way that is consistent with normal accounting practice. This means that those funds are secure from misappropriation and are only made available to the school in accord with the Refunds Policy or should the school not be able to continue tuition.

Purpose

1. To ensure that if in the event that the school is unable to continue to run a course or programme that the unspent portion of the fees are available to be returned to the student.
2. To ensure that funds from international students are accounted for separately and in such a way those individual student contributions can be protected and monitored.
3. To ensure that international students’ payment may be drawn down in accord with the Refund Policy.

Guidelines

1. Accounting procedures are in place to ensure that monies are available for release.
2. International fees shall be paid into the school’s general bank account and recorded in General Ledger 10190 (‘Foreign Fees’), and drawn down at intervals of one term in arrears throughout the academic year.
3. These monies will be audited along with the school accounts on an annual basis. These monies will be available for approved refunds resulting from withdrawal from Rangiora New Life School or in the event of the School not being able to provide tuition.

Evidence

1. Accounting records
2. General School Account

Evaluation

The Executive Officer shall report to the Board of Trustees annually with reference to the effectiveness of the policy.

Download:  Fees Protection Policy.pdf