1. Bucknell will buy, at a discount, the entire receivable from each fraternity at the beginning of each semester. The discount rate will be 3% initially, and subject to reviewed on an annual basis.
2. Checks for the total initial fraternity billing, minus the 3% discount, will be available on the first Account’s Payable day (Tuesday or Friday) immediately following the end of the drop/add period. This may seem late, but waiting until the end of the drop/add period helps eliminate many of the adjustments.
The Finance Office will withhold from each check, any past due amounts that exist on the fraternity’s University Accommodation Account.
3. Any adjustments after the initial check has been issued will be handled on a transaction-by-transaction basis, and will be facilitated through adjustments to the fraternity’s Accommodation Account. Should these adjustments result in a credit balance on the Accommodation Account, a refund will be issued upon the fraternity’s written request. Should the adjustments result in a balance due, it is to be paid in accordance with the terms of the billing statement.
Immediately after the initial check has been prepared for a semester, an individual moves into the house and is billed $800 for room and $625 for board. We will charge the individual for these amounts, and issue a $1,382.25 credit ($1425 minus 3% discount) to the fraternity’s Accommodation Account.
Sometime after the initial check has been prepared for a semester, it is discovered that an individual was billed $900 for room but that individual withdrew from Bucknell before the beginning of the semester. We will credit the student’s account for $900, and issue a $873 charge ($900 minus the 3% discount) to the fraternity’s University Accommodation Account.
4. Refunds for withdrawal once the semester has begun will be issued within the guidelines of the following refund policy. These refund transactions will be issued automatically by the Finance Office upon receipt of a completed withdrawal Route Sheet, and will be calculated based on the date of withdrawal.
All refunds, for both room and board, will be based on a 16 week semester. Students withdrawing, for any reason, during the semester will be eligible for a board credit equal to the number of unused weeks. A prorated room refund, however, will only be issued in the case of an approved medical withdrawal.
For example, if a student who was billed $900 for room and $800 for board received an approved medical withdrawal during the 4th week of the semester, he will be eligible for a $1,275 credit representing the 12 unused weeks. In this case, the student would receive the $1,275 credit and the fraternity would be charged a $1,236.75. However, if the withdrawal was a voluntary withdrawal, the student would only be eligible for $600 credit (3/4th of the board charge).
5. Only room and board charges are to be billed through this system. Annual dues, house maintenance fees, etc. cannot be included.
6. Once the receivable has been purchased, Bucknell assumes all risk. Should the individual fail to pay, Bucknell will take the loss.
7. This program does not cover room and board charges from semesters prior to its implementation. Bucknell continues attempting to collect these old charges through our normal process. Should these old charges become uncollectible, however, the fraternity will take the loss.
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