Do you have student deposit funds (fund type 2N) within your unit? If so, do you regularly monitor and reconcile these funds to ensure these student deposits are properly accounted for?
Student deposit funds (which are accounted for within the 201nnn fund code range) are typically used to account for enrollment deposits paid by prospective students. These enrollment deposits are paid to temporarily hold a spot for the potential student until they decide whether or not to attend our university.
Then, if the potential student ends up attending our university, these deposits would be transferred out of the 2N student deposit fund once the payment is applied to the student’s SAR account.
However, if they decide not to attend our university, then their deposit would typically be forfeited and lapsed to the tuition fund. Your unit would then receive that funding back as temporary state budget.
In order to ensure these student deposits are properly accounted for, it is important to reconcile and monitor these funds on a regular basis. This helps ensure that any expired deposits are properly identified so that they do not linger within your 2N fund.
Refer to Section 5.3.1, Process Student Deposits in Banner within the Business and Financial Policies and Procedures Manual for further details. University Accounting and Financial Reporting (UAFR) can also provide guidance if needed.
Contact
For further questions, please reach out to UAFR's applicable subject matter experts within the Student Deposits (Fund Type 2N) section of UAFR's Who to Ask list.
