STUDENT ACCOUNTING, BILLING & CASHIER SERVICES Fiscal Year '23
Annual Financial Report For the months of: July 2022 - June 2023
CONTENTS 03 MISSION,VISION & VALUES
04 ASSOCIATE CONTROLLER'S STATEMENT
05 BY THE NUMBERS
06-07 BILLING & TERM BILLS
08-10 PAYMENT CENTER & REFUNDS
11-12 COLLECTIONS
13-14 ACCOUNTING & RECONCILIATION
15-16 COMMUNICATIONS & MARKETING
mission To support the educational goals of all students through the delivery of outstanding customer service and accurate information in the shortest time possible
vision To be an integral part of Rutgers University by administering the highest level of customer service with every customer/student encounter.
values Respect/Student-Centered: Having
Integrity: A firm commitment to our
respect for all customers (students,
principles is supported by honest
faculty, staff, administrators and external
and honorable behavior.
contacts) and establishing the notion that students and their needs are our Professionalism/Quality: This
number one priority.
occurs when we provide supreme, first rate information and service
Cohesion/Unity: Cohesion exists
with a high standard of excellence
when we are united with others in
that meet or exceed expectations.
purpose and achievement of one goal.
Efficiency and Continuous Improvement: We exercise efficiency and continuous improvement to best enhance the department and to align with the use of new and improved technology.
OUR ASSOCIATE CONTROLLER'S STATEMENT At the end of Fiscal Year 2023, I would like to take this time to thank you all for the support and hard work despite the many challenges. This year was an interesting one as we all navigated a new financial aid system, OSFP, which, as with any new system, had its own challenges. In spite of this, we worked together to adjust and resolved open inquiries as best as we could. Having had to deal with that directly after the COVID-19 pandemic presented its own set of challenges, which forced us to operate differently. The result was the need to explore more automated processes and rely heavily on reporting and data analysis to make informed decisions. The Student ABC staff should be commended for the phenomenal work completed over the last fiscal year, as we continue to develop new strategies and implement enhanced solutions to proactively address our customer concerns. I am elated to highlight just a few of the enhancements we enacted this year!
We launched a direct deposit campaign that realized over 10,000 additional students who signed up. This will continue to decrease the dependency on printed checks and further reduce wait times for students receiving paper checks for refunds. Kudos to our dedicated Refund Team for initiating this effort. We have also formed a tight-knit working group to keep staff across campus engaged in updates on ongoing departmental efficiencies. We are also happy to share that while we are saddened by our most recent retirements in two critical areas, we were able to quickly pivot and review our departmental needs and restructure those positions to incorporate some opportunities that will help those areas succeed even more. Lastly, let us not forget the future and all that it holds for our Gen Z and Gen Alphas and the future of AI. As we look to further improve and to start thinking about a new Student Information System, we must also be mindful of our upcoming customers and how they will be navigating the world through new and improved technologies.
- Anthea Jeffrey
BY THE NUMBERS AMOUNT BILLED
$1.6 billion PAYMENTS RECEIVED
$772 million AMOUNT RECONCILED
$1.6 billion DELINQUENT TUITION COLLECTED
$2.4 million
TERM BILLS & BILLING
PAGE 06
BILLING HIGHLIGHTS: As in years past, the billing team has worked to ensure accurate and timely bills to students in the legacy and Banner student systems. We continue to work with our campus partners on initiatives, enhancements, and implementations of new systems. FY23 was heavily focused on working groups pertaining to the new OSFP financial aid implementation, but we did have quite a few other accomplishments that were implemented. A few are highlighted below: Automated housing feed for summer session. OTB “Print my bill” function for prior terms. Barnes and Noble First Day program for summer session. Removal of health insurance for fully online degree programs. Summer/winter nightly data feed into Tableau. Automated non-matriculation fee for fully online degree programs. As we enter FY24, we look forward to continuing efforts to enhance the student experience, beginning our business process review for the new student system and as always, supporting the overall mission of Rutgers, The State University of New Jersey.
TERM BILLS & BILLING
PAGE 07
TOTAL AMOUNT BILLED OVER 5 FISCAL YEARS* 2,000,000,000
$1,580,816,467
$1,543,170,108
1,500,000,000
$1,594,687,385.54
$1,548,385,456
$1,359,165,001
1,000,000,000
500,000,000
0
FY 19
FY 20
FY 21
FY22
FY23
The number of students billed in FY 23 across all terms was 162,272. This is an increase from 161,641 students billed in FY 22.
1,000,000,000
$772,454,045.48
0
$ 654,650,674
200,000,000
$ 640,697,931
400,000,000
$ 851,999,503
600,000,000
$ 684,860,578
800,000,000
FY 19
FY 20
FY 21
FY 22
FY 23
*All data represents both legacy and RBHS
TOTAL AMOUNT OF PAYMENTS RECEIVED* Payment methods include e-check, check, credit cards and cash payments.
PAYMENT CENTER AND REFUNDS
PAGE 08
65 DAVIDSON RD, PISCATAWAY, NJ 08854
PAYMENT CENTER Due to the health and safety risks associated with handling cash, we strongly encourage students to make online payments rather than in-person cash payments when making a payment on their student account. Students can also drop off check payments at the One Stop Student Services Center.
JULY 2022-JUNE 2023
CASH PAYMENT WALK-INS
350 CASH PAYMENTS
CASH PAYMENTS RECEIVED
$1,323,417.73 LEGACY $2,379.77 RBHS
CHECK PAYMENTS RECEIVED
$52,779,715.13 LEGACY $4,172,315.29 RBHS
PAYMENT CENTER AND REFUNDS
PAGE 09
PAYMENTS PROCESSED 700,000,000
600,000,000
600,000,000
500,000,000
500,000,000
400,000,000
400,000,000 300,000,000
300,000,000 200,000,000
200,000,000
100,000,000
500,000,000
400,000,000
400,000,000
300,000,000
300,000,000
200,000,000
&
W ire s
Ca sh
O nl in e
500,000,000
200,000,000
100,000,000
100,000,000
W ire s
Ch ec ks
Ca sh
O nl in e
W ire s
Ch ec ks
&
Ca sh
tC ar d Cr ed i
O nl in e
0 ECh ec k Cr ed it Ca rd
FY 23
0
ECh ec k
FY 22
Ch ec ks
ECh ec k
W ire s &
Ca sh
Ch ec ks
tC ar d Cr ed i
O nl in e
0 tC ar d
FY 21
0
ECh ec k
FY 20
Cr ed i
100,000,000
TUITION PAYMENT PLANS 9,953 total payment plans completed in FY23 across annual and term payment plans. FY23 saw an increase in the number of enrollments for Annual (69.9%) and Winter (105%) payment plans from FY22.
Rutgers University partners with Nelnet Campus Commerce to offer the Rutgers University Tuition Payment Plan (RUTPP) to students. This allows students to pay their tuition and fees over time in an interestfree plan that automatically deducts the amount from their bank account via echeck payment, credit card, or debit card.
PAYMENT CENTER AND REFUNDS
PAGE 10
STUDENT REFUND DATA* NUMBER OF REFUNDS ISSUED* 80,000 60,000
0
FY 19
ACH (Direct Deposit)
FY 20 *
FY 21
FY22
35,850
54,593
48,450
63,052
39,379
67,141
59,189
75,133
57,890
20,000
62,117
40,000
FY23
REFUND METHOD Paper Checks
* Higher number of refunds issued due to Covid-19 relief Paper Checks 39.6%
REFUNDS BY THE NUMBERS $58 MILLION PAPER CHECK REFUNDS PROCESSED $147 MILLION ACH REFUNDS PROCESSED
ACH 60.4%
TOTAL REFUNDS PROCESSED: $212,757,348.92 38,923 STUDENTS ENROLLED IN ACH
FY 23
ACH CAMPAIGN We encourage students to enroll in direct deposit to ensure that they receive their refunds safely and conveniently. This is achieved through social media campaigns, email campaigns, and digital signage in the Student Centers. We are continuing our ACH adoption efforts in FY 24 by identifying students who are not yet enrolled and sending them notifications in the myRutgers Portal and by email. *All data represents both legacy and RBHS
COLLECTIONS AND DEBT MANAGEMENT
PAGE 11
7,500,000
COLLECTION ON INSTITUTIONAL LOANS & DELINQUENT TUITION
FY 21 5,000,000
2,500,000
Contracted Collection Agencies/Law Firms
N FL P
RU LP
Pe rk in s
LD S
RB H S
H PS L
PC L
7
Pe rk in LD s S/ RS DM De lT ui tio n
0
6,000,000
FY 22
5,000,000 4,000,000
1,000,000
4,000,000
N FL P
RU LP
Pe rk in s
RB H S
LD S
H PS L
PC L
0
FY 23
3,000,000
2,000,000
1,000,000
N FL P
RU LP
Pe rk in s
LD S
RB H S
H PS L
0 PC L
Only loans that were eligible for the payment pause are eligible for the on-ramp period. Health Professions Student Loan (HPSL), Primary Care Loan (PCL), Loans for Disadvantaged Students (LDS), and Nursing Student Loan (NSL) received waived interest from March 13, 2020, until June 30, 2023.
2,000,000
Pe rk in LD s S/ RS DM De lT ui tio n
June of 2023 also saw the end of the COVID-19 payment pause, for most borrowers, the first payment is due in October 2023. To help borrowers successfully return to repayment, the Federal Government created a temporary on-ramp period through Sept. 30, 2024. The on-ramp period prevents the worst consequences of missed, late, or partial payments, including negative credit reporting for delinquent student loan payments for twelve months. However, payments are still due, and interest will continue to accrue.
3,000,000
Pe rk in s LD S/ RS DM De lT ui tio n
In June of 2023, the Supreme Court struck down President Joe Biden’s signature student loan forgiveness program. However, his administration successfully canceled nearly $51 billion of student loan debt through the Public Service Loan Forgiveness (PSLF) program. A variety of government and nonprofit workers – including teachers, social workers, some nurses and doctors, and government lawyers – may qualify for the program.
COLLECTIONS AND DEBT MANAGEMENT
PAGE 12
SET-OFF OF INDIVIDUAL LIABILITY PROGRAM (SOILS) STATISTICS SOIL withholds New Jersey Income Tax refunds and property tax relief payments from taxpayers who owe debts for New Jersey taxes as well as Municipal, State, and Federal agencies. SOIL Process: If an agency claims a taxpayer owes a debt, and a tax refund or benefit payment is available, NJ SOIL will notify the taxpayer by mail. The notice will inform taxpayers of: The amount of tax refund or benefit payment available to pay that debt; The name of the agency or agencies that requested payment and each agency’s contact information; and Taxpayers have 35 days to contact the agency with questions, disputes or proof of payment.
FY 22
FY 23
1,570
1,377
GROSS AMOUNT OF SET-OFF
$598,803.60
$509,307.92
NET SET-OFF AMOUNT
$568,863.42
$485,055.16
COLLECTION FEE
$29,940.18
$24,252.76
NUMBER OF SET-OFFS
FISCAL YEAR 23 ACCOUNTING HIGHLIGHTS
ACCOUNTING AND RECONCILIATION
PAGE 14
FISCAL YEAR 23 ACCOUNTING HIGHLIGHTS Reporting on Foreign Source Student Payments In collaboration with the University Ethics and Compliance Office and Central Accounting, we established reporting for Foreign Source Student Payments. Federal regulations require that Rutgers, the State University of New Jersey, disclose gifts and tuition payments received and grants or contracts executed with foreign sources if the combined value of all gifts, tuition, grants, and contracts from the same foreign source, alone or combined, exceeds $250,000 during a calendar year. The reporting requirements can be found at 20 USC §1011f and in Section 117 of the Higher Education Act of 1965, as amended.
New Reconciliation Processes - Oracle Student Financial Planning (OFSP) This fiscal year the accounting team focused on reconciliation processes for Oracle Student Financial Planning (OSFP). OSFP was onboarded as a longterm solution for the financial aid aspect of the student life cycle. We worked with partners across the University to ensure financial aid is posted onto the general ledger as well as the student account. We collaborated with stakeholders across the University on developing streamlined reconciliation reports to assist identification of issues in mass and early in the process. Our focus was ensuring the accuracy of financial aid disbursements from the OSFP source system, through integration layers, to posting to the Student Accounting systems of Banner and SAR, and to the general ledger.
FY 23 ACCOUNTING DATA BY THE NUMBERS $1.6 Billion
49,525
759
59
SAR* ACCOUNTS RECONCILED
CASH JOURNALS APPROVED
STUDENT WIRES PROCESSED
ACCOUNTS RECONCILED
*Student Accounts Receivables
COMMUNICATIONS & MARKETING
PAGE 15
PUBLIC RELATIONS Student Food Pantry Drive In Fall 2022, Student ABC hosted the inaugural food drive to benefit the Rutgers Student Food Pantry. We donated 7 bins filled with food and personal items to provide students with the resources they need to thrive.
SOCIAL MEDIA OVERVIEW Across our social media channels, our efforts focus on providing students with information regarding student accounts while promoting awareness of the resources available to them throughout the University. We also create posts for holidays and special occasions to engage with followers and promote inclusivity. SOCIAL MEDIA CAMPAIGN HIGHLIGHTS Nelnet ACH Campaign: Encourage students to enroll in direct deposit to receive their refunds. Rutgers Tuition Payment Plans: Promote awareness of semester and annual payment plans and deadlines to enroll. GradGuard Tuition Insurance: Promote our offering of tuition insurance to students & their families. RU Here: Provide students with RU Here dates for each semester. Students must complete RU Here to remain enrolled in courses & to receive financial aid.
COMMUNICATIONS & MARKETING
PAGE 16
ONE STOP WEEKLY NEWSLETTER Student ABC partners with the New Brunswick One Stop Student Services Center to provide financial information to over 45,000 Rutgers-New Brunswick students in a weekly newsletter. We use this medium to communicate Student ABC deadlines, resources, and information to students. STUDENT ABC STAFF RETREAT IN CAMDEN On April 14, 2023, our Rutgers-Camden campus partners hosted the spring retreat at their campus! Staff from all three campuses watched a student performance of Rent, took a tour of the campus, ate Philly cheesesteaks, played games and watched an exclusive broadcast of RU-C TV!
Acknowledgements: This publication was designed and produced by the New Brunswick Office of Student Accounting, Billing and Cashier Services. Copyright remains Rutgers, The State University of New Jersey. Visit our website studentabc.rutgers.edu