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Policy 6.1: Allowance for Doubtful Accounts
Original Date of Issue: 3/20/85
In accordance with generally accepted accounting principles, an Allowance for Doubtful Accounts shall be established in each fund containing accounts receivable. Such allowance shall be established and periodically adjusted on the basis of the age and estimated collectability of the receivable. The allowance shall be funded by a charge to the type of revenue generating the receivable.
Accounts receivable will be reviewed by age of the debt-estimated collectability.
|Currently Due||100% Collectible|
|61 to 120 Days Past Due||50% Collectible|
|Over 120 Days Past Due||100% Uncollectible|
Loans receivable resulting from federal loan programs will be classified according to federal guidelines if different from these time periods.
The process of analyzing and adjusting the Allowance for Doubtful Accounts will be performed at the end of each calendar quarter.