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Scope

This policy establishes authority for refunds in the form of cash.

Reason for Policy

To avoid a financial loss resulting from issuing refunds inappropriately.

Policy Statement

Cash refunds are permitted only for merchandise returns and for other small refunds (e.g. key, breakage, library and locker deposits).

Refunds to the customer that paid with a credit card, must be processed as a credit to the customer’s credit card account.  The customer’s copy of the charge slip/receipt may be used to issue the refund.  When the customer’s copy is unavailable, the merchant’s records must be reviewed to obtain the necessary information to issue the refund.

Definitions

Accountabilities

Campus Division of Finance:

• Authorize the types of refunds that are allowed to be made by the department

Additional Details

Forms

Related Information

History

Formerly Cash Receipts Manual 703 – Refunds (created 2/28/1997)

Procedure