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.

Accountability

 

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.

Our Role

  • 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.

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 weekÂ’'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 didnÂ’t 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 CashierÂ’s Office in the basement of the Administration Building offers check cashing services for student, faculty and staff.  Check amounts cannot exceed $50. Proper identification is required. Office hours for the CashierÂ’s Office are 8 a.m. - 5 p.m., 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 studentÂ’s 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.

Q: How do I change my “address?

A: The RegistrarÂ’s 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 instructions are available for your convenience.

You may mail a check or money order to:

Pfeiffer University
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.

Other Charges

Medical Charges

Charges for medical services provided by the retained physician are assessed to the student’s 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 student’s insurance will be done by Student Services. Any payment received from the insurance company will be applied to the student’s 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.

Room Damages

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 student’s 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. 

Book Vouchers

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. 

Credit Balance Refund Policy

Credit balances on student accounts are refunded within 10 business days of the creditÂ’'s creation. The Business Office conducts a review of the account. The Director of Financial Aid and the Controller must approve any refund before its release.

An email notification will be sent to the undergraduate student’s Pfeiffer email account to notify them of the availability of the refund check.  Refund checks will be available in the Business Office for two weeks, then mailed to the address on record.  Graduate and Adult Studies refund checks will be mailed to the address on record.


Payment Plans

An interest-free monthly installment plan is available for the payment of tuition, room, or board due at the time of registration. Any balance not paid by the student and not paid by financial aid may be placed on this installment plan. This unpaid balance can be divided by the number of months in the appropriate plan. This determines the equal installment amount that will be due monthly to satisfy the balance owed.

If additional financial aid is received after the plan has been established, the student must inform the Business Office so that the proper adjustments can be made to the plan.

If additional charges for tuition, room or board are applied the account after the plan has been established, the student must either pay for this additional amount outside the plan or inform the Business Office so that the plan may be increased to allow for the increased charges.

Early enrollment and establishment of the plan is strongly encouraged. Enrollment fees are assessed by the third-party management company and are payable at the time of enrollment. Late fees will be assessed if payments are not received in accordance with the terms of the plan. Additionally, the management company will terminate your plan due to non-payment. In such a case, the balance owed to Pfeiffer University will be due and payable.

Fall Semester Plan
3-Month Plan August - October
   
Spring Semester Plan    
3-Month Plan January - March
Summer Semester Plan (beginning Summer 2009)
3-Month Plan April - June
     
Annual Plan (Undergraduate Only)  
 
8-Month Plan August - March
   
9-Month Plan  July - March

 

The payment plans are structured to permit students that have remained current in the plans to participate in the preregistration opportunities for the next semester. If a student's plan is delinquent, the student will be banned from preregistration.

If a student has not honored prior payment plan terms, Pfeiffer University reserves the right to deny enrollment in future plans.

 

Drop Class Refund Policy

Refund Policy for Partial Withdrawal – Full Time Students Only

If a student does not withdraw from all classes and is enrolled for 12 or more credit hours, this policy applies.

During the specified drop period, if the number of credit hours taken by the student falls below the minimum 12 hours, the status of the student will be changed from full-time to part-time.  Tuition charges will be recalculated using the stated hourly rate.  This change may affect the financial aid package awarded.  Consultation with a financial aid counselor is strongly recommended, if a student is considering this type of change in status.

Classes withdrawn after the drop period are assigned a grade in accordance with the Academic Policies.  Once a grade is assigned, there will be no reduction to the tuition charges.

Refund Policy for Partial Withdrawl – Part Time Students Only

If a student does not withdraw from all classes and is enrolled for less than 12 credit hours, this policy applies.

Tuition charges associated with classes that are dropped during the specified drop period of the semester will be prorated in accordance with the number of weeks that have passed as a percentage of the total number of weeks in the semester. 

Classes withdrawn after the drop period are assigned a grade in accordance with the Academic Policies.  Once a grade is assigned, there will be no reduction to the tuition charges.

Summer School

Due to the short duration of summer school sessions, summer school charges are non-refundable once the first class has met.  The drop must be recorded by the registrar prior to the first class so that no charges will be assessed to the student.

Withdrawal Refund Policy

REFUND POLICY FOR FULL WITHDRAWAL– FULL AND PART TIME STUDENTS

Pfeiffer University has established a fair and equitable refund policy in accordance with the requirements of the University's accrediting agency.  This policy pertains to all students who cease attendance in all classes, either through official withdrawal or without notification. 

Effects of Withdrawal to Financial Aid Package

When a student enrolls, he/she receives an aid package for the entire semester.  On the date when the semester is 60% complete, the student has earned 100% of this package.  If a student withdraws before this date, known as the 60% point, Pfeiffer University is required to determine the amount of federal financial aid the student has earned from the time of enrollment to the point of withdrawing.  The Office of Financial Aid performs a calculation known as Return of Title IV, which was developed by the US Department of Education and is defined below.  Federal aid administered under Title IV of the Higher Education Act of 1965 includes PELL Grants, SEOG, Perkins Loans, Stafford Loans and PLUS loans.

In additional to federal funds, Pfeiffer University also applies this same methodology to calculate the amount of state aid, institutional aid and other scholarship awards that has been earned by the student.   Special mention is needed for the North Carolina Legislative Tuition Grant (NCLTG).  Full-time students pursuing an undergraduate degree that meet North Carolina residency definitions are eligible for this grant.  A student does not earn the award until October 1st for the Fall Semester and until the 10th classroom day of the Spring Semester.  After the grant is earned and before the 60% point, NCLTG funds are subject to being refunded to the State of North Carolina and the award amount is calculated using the Return to Title IV Calculation. 

Outside scholarships (those received from non-federal, non-state or non-Pfeiffer agencies or organizations) are also subject to the calculation.  Any unearned portion of a scholarship will be returned to the granting agency or donor.

Effects of Withdrawal to Charges

Refunds of tuition, room and board charges are based on the date of the official withdrawal.  If the student does not officially withdraw the University will attempt to establish the last date of academic activity; if no clear date is determined, the mid-point of the semester will be the default date.  No refund is allowed for fees, books or other charges.  Tuition is earned at the same rate as financial aid.  Room and board plan charges are pro-rated using the number of weeks that have passed to the number of weeks in the semester.

  • Return to Title IV Calculations
  • Number of Days Completed =     Withdrawal Date – Date Semester Began
  • Percentage of Aid Earned =     Number of Days Completed / Total Days in Semester
  • Aid to be Returned = (100% - Percentage of Aid Earned) X Aid Disbursed to Student for Institutional Charges
  • Percentage of Tuition Earned = Percentage of Aid Earned
  • Tuition to be Refunded = (100% - Percentage of Tuition Earned) X Total Semester Tuition Charges

These calculations determine the amount of financial aid the student has earned during the semester, the unearned aid to be returned, the tuition earned by the University and the amount to be credited back to the student account.

Federal regulations have mandated the amount of unearned aid will be returned in this prescribed order:  1) Unsubsidized Federal Stafford Loans, 2) Subsidized Federal Stafford Loans, 3) Federal PLUS Program. 

The student should realize that a balance might be owed to the University after aid is returned.  The student should contact the Business Office to establish payment arrangements or pay the balance in full.

Example

The Spring Semester began on 1/15/20xx and ended on 5/3/20xx.  The total number of days in the semester minus scheduled breaks of 5 days or more is 109.  A student withdrew on 2/3/20xx.  The number of days completed in the semester was 19.  19 days completed divided by 109 total days in the semester yields 17.4% of the semester was completed by the student.  Therefore, the student has earned 17.4% of federal, state, institutional and all other scholarship aid; the University has earned 17.4% of the tuition. 82.6% of the aid disbursed to the student would need to be returned; 82.6% of the tuition would be credited back to the student account.   The student withdrew in the third week of the semester.  There are 16 weeks per semester.  3 weeks divided by 16 weeks =18.75%; therefore, 18.75% of the room and board fees would be earned and 81.25% of these charges would be credited back to the student account.

Suspension/Dismissal  

In unusual and unfortunate circumstances, a student may be suspended or dismissed during the semester for academic or disciplinary problems or nonpayment of account.  In such cases, a student will not receive a refund for tuition, fees, room or board charges.  If the suspension/dismissal is prior to the 60% point in the semester, all sources of financial aid awards (federal, state, institutional, and any other scholarship) will be adjusted using the Return to Title IV calculation. 

Military Activation

In the event a student is called to active duty, he or she must complete the formal withdrawal process and provide a copy of the deployment orders.  Until the student has done both, special consideration will not be granted under this policy.

The student's account will be credited with 100% of the tuition charges assessed for the semester in which the activation occurred.  Room and board charges will be pro-rated based upon the withdrawal date.  Any other charges, such as vehicle registration, parking fines, citations, etc, will not be adjusted or refunded.

If the activation is prior to the 60% point in the semester, all sources of financial aid awards (federal, state, institutional, and any other scholarship) will be subject using the Return to Title IV calculation. 

Summer School

Due to the short duration of summer school sessions, summer school charges are non-refundable once the first class has met.  Recipients of Title IV funds that withdraw from all classes will receive a refund in accordance with the Return of Title IV funds calculation.