Business Office Philosophy
Our philosophy on fiscal responsibility is based on one main principle:
Proper stewardship of university funds based on the furtherance of education, research and public service missions of the university under guidance set forth by the Board of Trustees, Generally Accepted Accounting Principles (GAAP) and all the federal, state and local rules, and regulations while supporting the university's mission.
Benefit to the University
The primary responsibility for ensuring that expenditures are for the benefit of the University rests with the President, Vice Presidents, Controllers, Deans and Directors. The benefit to the university of expenditures must be either readily apparent from the supporting documents or explained in an accompanying benefit statement.
Steward of Funds
The university receives its funding from diverse sources which carry with them a fiduciary responsibility. The University has an obligation to demonstrate that it has been a wise steward of funds entrusted to it.
The process of accountability begins with the planning for receipt and expenditure of funds and carries through to retaining documentation of what transpired.The documentation should allow for verification of how funds were used as well as provide enough documentation to provide backup for the future. Thus, each transaction must stand on its own, with sufficient information to demonstrate the benefit to the university.
Primary Fiscal Responsibility
Primary fiscal responsibility rests at the level where the expenditures are made, with those who initiate programs and make decisions on how to actually implement plans and programs. Ultimate responsibility for ensuring that fiscal transactions are in accordance with approved plans, programs and policies rests at the Vice President/Dean/Director level. Role of Vice Presidents, Deans, Directors:
- Develop departmental plans, programs and budgets.
- Ensure that transactions are appropriate and for the benefit of the university.
- Ensure that transactions are properly documented.
- Adhere to internal fiscal policies and procedures.
- Verify purchase requests / expenditures do not exceed their established budgets.
- Personally review and monitor fiscal activities on a regular basis.
- Assist Vice Presidents, Deans and Directors in establishing appropriate departmental fiscal policies and procedures.
- Make information on interpreting and implementing policies and procedures easily accessible.
- Recommend changes in campus fiscal policies and procedures.
- Review transactions to test whether they include proper approval, documentation and comply with university policies including follow-up when necessary.
Charges for medical services provided by the retained physician are assessed to the students account. Pfeiffer University requires that all full-time undergraduate students on the Misenheimer campus have medical insurance coverage and provide carrier information at the beginning of each semester.
Questions regarding the amounts charged should be directed to the Student Services.
Claims processing against the students insurance will be done by Student Services. Any payment received from the insurance company will be applied to the students account. If a credit balance is created as a result of reimbursement by the insurance company, the credit balance will be refunded to the students. See CREDIT BALANCE REFUND POLICY.
The Director of Residence Life will periodically inspect the residence halls for damages throughout the semester and during the check-out period at the end of the academic year. Those determined responsible for the damages may be assesses fines. These fines are imposed and applied to the students account by that office.
Disputes regarding the amount or the responsibility should be address to the Director of Residence Life.
Campus Citations/Parking Violations
The Village of Misenheimer Police is the contracted agent of Pfeiffer University to enforce security and University regulations. Penalties, fines and tickets can be issued to students of and visitors to the Misenheimer campus that violate these rules.
Disputes regarding the amount or the responsibility should be address to the Dean of Students.
Non-Payment of Charges
These charges are assessed throughout the semester and are not included in the monthly payment plans; therefore, out of pocket payments will be required of the student. Nonpayment of these charges will prohibit the student from participating in the pre-registration process for the next semester and will prohibit the release of transcripts and grades.
Frequently Asked Questions
Q: When will my loan be applied to my account?
A: Pfeiffer University receives a single deposit of loan proceeds each Tuesday during the semester from the Department of Education (DOE). A roster is sent to inform us of the individual students that are included in this week's deposit. You are notified by the Business Office when proceeds of your loan have been disbursed to the account.
The Office of Financial Aid is required to review and to determine that each borrower is still eligible to receive the loan funding under the guidelines of the federal regulations. If you are no longer deemed eligible, the loan must be returned to the lender and your account will not be credited.
Provided that you remain eligible, your account will be credited no later than Friday of the week the roster was received.
Q: Why didnt I receive the full amount of my loan?
A: The DOE will charge the borrower an origination fee, and this fee will be capitalized into the loan amount. They will retain their fee and forward to Pfeiffer University the net amount, which is then applied to your account. The current origination fee is 1%.
Please review your loan documents if you have any questions regarding these lending practices. Also know that this is outside the control of Pfeiffer University.
Any amount of fees withheld by the DOE will result in a balance owed by the student. Please also review your statement of account to verify any balances owed.
Q: When will I receive my refund?
A: Credit balances are refunded within 10 days of the creation of the credit. The Business Office does validate the credit and may place a hold on the release of the credit balance refund if there are questions surrounding the accuracy of the amount.
Q: When will NCLTG and NC Contract Grant proceeds be applied to my account?
A: When will NCLTG and NC Contract Grant proceeds be applied to my account? NC Legislative Tuition Grant and NC Contractual Grants are received from the state of North Carolina, generally in early November for the Fall semester and in March for the Spring semester. Your account will not be credited with these grants until the funds are received from the state and the Office of Financial Aid validates your eligibility. If we denote there are significant delays by the state in disbursing the funds, you will be notified via an email blast to all students.
Q: Where can I cash a check on the Misenheimer campus? Is there an ATM on campus?
A: The Cashiers Office in the basement of the Administration Building offers check cashing services for student, faculty and staff. Check amounts cannot exceed $50.00. Proper identification is required. Office hours for the Cashiers Office are 8am - 5pm, M - F; Closed for lunch daily during the noontime hour and during 10 - 11 on Wednesday for Chapel services.
For check amounts between $50.00 and $150.00 Pfeiffer University can stamp/endorse the check and the student may cash the check with proper ID at the Richfield First Bank branch.
If a check is returned as non-negotiable for any reason, Pfeiffer University will charge the amount of the check against the students account and will seek payment.
First Bank has placed an ATM in the Stokes Student Center on the south campus. For more information regarding the services and fees of this institution, please review their website at www.firstbancorp.com.
A: The Registrars Office is the official holder of the student address information. If you wish to change your Legal Home Permanent address, please notify the Registrar. To establish a Personal Local Address, also send this request to the Registrar.
Q: How do I make a payment?
A: Payments can be made via credit card, debit card, electronic check by accessing your Falconn Account. The instruction sare available for your convenience.
You may mail a check or money order to:
PO Box 960
Misenheimer, NC 28109
Attn: Business Office
If you wish to transfer funds for a payment on your account electronically, you may contact the Business Office at (704) 463-3020 for more information.
Q: Do you accept credit cards or debit cards?
A: We do accept Visa and MasterCard. You may call the business office directly at (704) 463-1360 extension 2030 to request a payment be processed against your card. If you are using a debit card instead of a credit card, there are oftentimes daily banking limits that may not permit the desired amount to be approved.
For students who have completed all required paperwork for the Office of Financial Aid and who have a credit balance at the time of registration, the Business Office will issue a voucher to the student for the purchase of textbooks at the university bookstore.
Book vouchers cannot be issued to students on the payment plan.
The amount charged against the book voucher will be applied to the student account and reduce the amount of credit available on the account.
The amount of the voucher will be the lesser of $500 or the amount of the credit balance.
The bookstore will accept book vouchers that have been issued by the Business Office from the beginning of the semester through the published “ADD DATE” in the academic calendar.