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

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Presentation transcript:

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

SLIDE 2 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

SLIDE 3 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 – 2013 operating budget $278 Million. PeopleSoft Student, Finance and HR systems. LSCS Fast Facts

SLIDE 4 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

SLIDE 5 Direct deposit program began spring Marketing Campaign. Signage and 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

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

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

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

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

SLIDE 10 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 letting them know their refund was processed. Other TouchNet products – cashiering, payment gateway and payment plans. Third Party Partner

SLIDE 11 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 !

SLIDE 12 Happy students = Happy business office