FIACCT 06-00_00: Receivables Overview

Effective: July 1, 1998
Revised: December 1, 2016
Reviewed: December 1, 2019

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Purpose

This policy provides an overview of the policies for recognizing, measuring, reporting, and collecting Receivables as required by the Division of Finance and the Office of State Debt Collection (OSDC).

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Policy

A. OSDC establishes and maintains policies and procedures for the collection of Receivables within all state agencies. OSDC is responsible to report the status of Receivables and their collections to the Governor and Legislature.

B. The Division of Finance establishes and maintains policies and procedures for recognizing, accounting, controlling, measuring, and financial reporting of Receivables.

C. All state departments, agencies, and divisions must comply with all Receivables policies and procedures established by both the Division of Finance and OSDC. Request for departure from any policy and procedure must be documented and approved by the Division of Finance.