About this Policy
Cash Refunds
Policy Number: 25404
Effective Date:
Dec 12, 2017
Last Updated:
Responsible Office:
UM System Controller's Office
Responsible Administrator:
UM System Controller
Policy Contact:
Campus Accounting
Categories:
- Finance
Menu:
- Scope
- Reason for Policy
- Policy Statement
- Definitions
- Accountabilities
- Forms
- Related Information
- History
- Procedure
Scope
This policy establishes authority for refunds in the form of cash.
Reason for Policy
To avoid a financial loss resulting from issuing refunds inappropriately.
Policy Statement
Cash refunds are permitted only for merchandise returns and for other small refunds (e.g. key, breakage, library and locker deposits).
Refunds to the customer that paid with a credit card, must be processed as a credit to the customer’s credit card account. The customer’s copy of the charge slip/receipt may be used to issue the refund. When the customer’s copy is unavailable, the merchant’s records must be reviewed to obtain the necessary information to issue the refund.
Definitions
Accountabilities
Campus Division of Finance:
- Authorize the types of refunds that are allowed to be made by the department
Additional Details
Forms
Related Information
History
Formerly Cash Receipts Manual 703 – Refunds (created 2/28/1997)
Procedure
Reviewed 2017-12-06