slide 1 going paperless with student refunds a win-win for everyone taccbo conference june 12, 2013
TRANSCRIPT
SLIDE 1
Going Paperless with Student Refunds A win-win for everyone
TACCBO ConferenceJune 12, 2013
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• 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
Your Presenter
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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.
LSCS Fast Facts
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• 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.
Time for a Change
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• 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.
Direct Deposit Program
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• 28,000 refunds = $28M• Paper check = 92%, • Stored Value Card = 8% (Loans)
Fall 2010
8%
92%
Electronic Paper Check
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• 46,590 Refunds = $61M• Paper check = 64%• Direct Deposit = 36%
Fall 2011
36%
64%
Electronic Paper Check
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• 48,000 Refunds = $71M• Paper check = 34%• Direct deposit = 66%
Fall 2012
66%
34%
ELECTRONIC PAPER CHECK
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• 46,000 Refunds = $68M• Paper check = 29%• Direct deposit = 71%
2013 to Date
71%
29%
ELECTRONIC PAPER CHECK
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• 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.
Third Party Partner
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• 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.
WIN – WIN !
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• Happy students = Happy business office