Collection Policy

Thank you to the sponsors who support this organization.

NJASFAA — New Jersey Association of Student Financial Aid Administrators — referred to as NJASFAA or the Association.


History: Beginning with the 2016-2017 Academic-year NJASFAA implemented its new on-line payment option for yearly membership payments, as well as training and conference registrations. In addition, NJASFAA has not had a documented collection policy to assist in its handling of delinquent account receivables.

Purpose: The purpose of this policy is to:

  • Define the parameters for the registration of NJASFAA events when the registrant has an outstanding balance due.
  • Define the collection of delinquent accounts receivable for monies owed to NJASFAA at any particular time.
  • Define the authority for the write - off of receivables.
  • Communicate to the Board of Directors and the membership the formal policy of the Executive Council regarding the collection of delinquent accounts receivable.

Authority: Executive Council of NJASFAA

Application: This policy applies to all Funds of NJASFAA recorded as part of their accounting activities on the General Ledger of the Association.

Responsibility: The Treasurer shall be responsible for the implementation and administration of this policy.

Definitions: Delinquent accounts receivable are monies greater than 90 days past the date the payment was due that are legally owed to the Association at any particular time and represent assets. Examples may include, but are not limited to, the following:

  1. Amounts billed by the Association for conferences, trainings and memberships.

Write — off: The write-off of Accounts Receivable is the removal of an amount, or part of an amount, of money owed to the Association that had been determined to be a receivable, from the accounts receivable ledger.

Amounts for which the Association has attempted to collect in good faith that exceed a two year period shall be deemed eligible for a write-off via a vote from Executive Council.

The write-off will not remove the adverse history notation from the on-line registration system. On a case by case basis individuals can petition for removal by contacting the Treasurer and submitting an explanation of why payment cannot be made.

Administrative Procedures: The Association, upon generation of a receivable, shall maintain accurate and current aged accounts of receivables for the purpose of prompt and efficient collection and reporting.


  1. All event and annual membership registrations/renewals are done on-line at
  2. Upon registration for an event, or an annual membership renewal, the on-line system will review the registrants account to determine that there are no outstanding receivables older than 90 days from a previously registered and attended event.
    1. If the registrant has no outstanding receivables they will be given the option to pay on-line via credit card or to print out an invoice and pay via hard copy check. The registration will be processed.
    2. If the registrant is determined to have an outstanding receivable that is older than 90 days they will be presented with only an option to pay with a credit card in order for their registration to be processed. If they do not/cannot pay via credit card the registration will not be processed and a message to contact the Treasurer will be displayed.

    Collection procedures for receivables:

  3. An invoice must be prepared, recorded and delivered to the debtor as soon as practical after the receivable is created and the debtor must provide payment prior to the event registered for or, if possible, 60 calendar days from the date of the invoice (whichever comes first).
  4. If payment is not received prior to the event date, the registrant shows up for the event and the registrant has no adverse payment history, they will be allowed to attend.
  5. If payment is not received prior to the event date, the registrant shows up for the event, payment arrangements have not been made in writing with the Association and the registrant has adverse payment history, they may not be allowed to attend.
  6. If within 60 days from the date of the registered and attended event payment has not been received the debt is considered an overdue receivable and a reminder will be sent to the registrant.
  7. If payment is not received during the next 30 days, i.e. within 90 days from the date of the event, the Treasurer shall attempt to collect again by notifying the debtor in writing that payment is now overdue and payable immediately.
  8. If payment is not received during the next 30 days, i.e., within 120 days from the date of the event, the overdue receivable becomes a delinquent account receivable. The Treasurer shall:
    1. Notify the debtor in writing that payment is now overdue and payable immediately; and,
    2. If no payment is made within 10 days from the date of the notification, the delinquent account will prevent the individual from attending future Association sponsored events.
    3. If the payment is received after this 10 day period the Association reserves the right to limit future payment options for events.
    4. In addition, the Association reserves the right for the outstanding debt to be referred to a collection agency or collections bureau immediately.

Referral for collection:

  1. The Association may refer to a collection agency on the 11th day that no payment is received once the account is at least 120 days old.

Review: The Treasurer may review this policy and make recommendations for changes as needed.

Adopted: May 2015

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