Financial Support Disbursement Procedure

Document Title: Financial Support Disbursement Procedure

Document Number: FIN-P-003

Effective Date: June 8, 2024

Review Date: June 8, 2025

1. Purpose

The purpose of this procedure is to outline the process for applying for and disbursing financial support and scholarships at Rosehill College. This ensures a fair, transparent, and efficient management of financial assistance to eligible students.

2. Scope

This procedure applies to all domestic students at Rosehill College who are eligible to receive financial support or scholarships. It covers the application, review, approval, disbursement, and management of financial assistance.

3. Definitions

  • Financial Support: Monetary assistance provided to eligible students to help cover tuition fees.
  • Scholarship: A form of financial support awarded to students based on specific criteria such as academic achievement or financial need.
  • Applicant: A student who applies for financial support or a scholarship.
  • Disbursement: The process of distributing approved financial support or scholarship funds to the student’s account.

4. Procedure

4.1 Application for Financial Support

  1. Complete Application Form:
    • Form: Fill out the Tuition Fee Discount Application Form available on the Rosehill College website.
    • Supporting Documentation: Include required documents such as income statements, tax returns, and proof of application to Rosehill College.
    • Submission: Submit the completed form and documents online by the specified deadline.
    • Assistance: Contact the Student Service Officer at [email protected] for help with the application process.
  2. Document Checklist:
    • Ensure Submission: Check the documentation checklist before submitting the application to ensure all necessary documents are included.
    • Formats Accepted: Accepted file formats include PDF, DOC, DOCX, JPEG, PNG, with a maximum file size of 10 MB per file.

4.2 Review and Approval Process

  1. Initial Review:
    • Responsibility: The Financial Support Committee reviews the application for completeness and eligibility.
    • Timeline: Conduct the initial review within 5 working days of receipt.
  2. Detailed Assessment:
    • Evaluation: Assess the application based on financial need and supporting documentation.
    • Criteria: Apply criteria specified in the Financial Support/Scholarship Policy.
    • Decision: Make a decision within 15 working days of completing the detailed assessment.
  3. Notification:
    • Method: Notify the applicant of the decision via email and the online portal.
    • Outcome: Include reasons for approval or denial and any further steps required.

4.3 Acceptance of Financial Support

  1. Complete Acceptance Form:
    • Form: Fill out the Tuition Fee Discount Acceptance Form to confirm acceptance of the financial support.
    • Submission: Submit the form within 14 days of receiving the notification.
  2. Acknowledgment:
    • Confirmation: Rosehill College will acknowledge the receipt of the acceptance form and update the student’s financial records.

4.4 Disbursement of Funds

  1. Process Disbursement:
    • Timeline: Disburse approved funds within 10 working days of receiving the acceptance form.
    • Method: Apply the financial support directly to the student’s tuition fee account.
    • Documentation: Update the student’s financial records and account statements accordingly.
  2. Notification:
    • Confirmation: Send a confirmation email to the student detailing the disbursement amount and updated account status.

4.5 Monitoring and Reporting

  1. Monthly Reconciliation:
    • Procedure: Conduct monthly reconciliations of disbursed funds to ensure accuracy and compliance.
    • Template: Use the Monthly Reconciliation Template for tracking disbursements.
  2. Annual Audit:
    • Review: Include financial support disbursements in the annual financial audit.
    • Checklist: Use the Annual Audit Checklist to review and verify the accuracy of disbursements.

4.6 Appeals Process

  1. Submit Appeal:
    • Form: Complete the Appeal Form for Financial Support Decisions if there are any disputes or issues with the disbursement.
    • Timeline: Submit the appeal within 14 days of the decision notification.
  2. Review Appeal:
    • Committee: The Financial Support Committee reviews the appeal and makes a decision within 10 working days.
    • Outcome: Communicate the final decision to the appellant in writing.

5. Responsibilities

5.1 Financial Support Committee

  • Role: Review and approve applications, oversee disbursements, and handle appeals.
  • Responsibility: Ensure fair and transparent management of financial support.

5.2 Student Service Officer

  • Role: Assist students with the application process and answer queries.
  • Responsibility: Ensure students submit complete applications and provide necessary guidance.

5.3 Administration Manager

  • Role: Process disbursements and maintain accurate financial records.
  • Responsibility: Conduct reconciliations and support audits of financial support disbursements.

6. Review Compliance

  1. Monthly Review:
    • Meetings: Include financial support processes in the monthly Financial Management Meeting agenda.
  2. Annual Review:
    • Tool: Use the ASQA RTO Self-assessment tool template for the annual review.
    • Audit: Include in the annual financial audit for comprehensive compliance checks.

7. Document Control

  • Version Number: V1.0
  • Approved By: CEO
  • Approval Date: June 8, 2024
  • Review Date: June 8, 2025