Policy Statement:

Lakeway Christian Schools (LCS) recognizes the critical role of billing and accounts receivable processes in maintaining financial stability, transparency, and accountability within the organization. This policy outlines the goals and principles that guide LCS in managing its billing and accounts receivable functions.

Goals of Billing and Accounts Receivable:

• Timely and Accurate Billing:
  • LCS is committed to issuing clear, accurate, and timely bills to families for tuition, fees, and related educational expenses. Bills will provide a detailed breakdown of charges, payment due dates, and instructions for remittance.
• Transparent Fee Structures:
  • LCS will maintain transparent fee structures and policies, ensuring that tuition, fees, and charges are clearly communicated to all families. Fee structures will be reviewed periodically to align with the school's financial objectives.
• Payment Options:
  • To accommodate the diverse needs of its families, LCS will offer a variety of payment options, including online payments and installment plans where applicable.
• Payment Reminders and Notifications:
  • LCS will implement procedures for sending payment reminders and notifications to ensure that families are aware of upcoming due dates and have sufficient time to remit payments. Notifications may be sent electronically or through traditional mail channels.
• Compliance and Regulatory Adherence:
  • Billing and accounts receivable practices at LCS will adhere to all applicable laws, regulations, and accreditation requirements related to private K-12 education. The school will regularly review and update its processes to ensure compliance with legal and regulatory obligations.
• Need-Based Financial Aid:
  • LCS is committed to making quality education accessible. The school will establish and administer need-based financial aid programs to eligible families based on demonstrated financial need, as defined by the Board of Directors.
• Confidentiality and Data Security:
  • LCS will safeguard the privacy and security of financial information related to billing and accounts receivable. Access to sensitive financial data will be restricted to authorized personnel, and the school will employ industry-standard security measures to protect financial records.
• Record Keeping and Accountability:
  • LCS will maintain accurate and organized records of all financial transactions related to billing and accounts receivable. The school will establish internal controls and accountability mechanisms to ensure the integrity of financial data.
• Continuous Improvement:
  • The school will engage in a process of continuous improvement, periodically reviewing and enhancing its billing and accounts receivable processes to optimize efficiency, accuracy, and family satisfaction.
• Communication and Customer Service:
  • LCS will maintain open and responsive communication channels with families regarding billing inquiries, disputes, and concerns. The school will prioritize high-quality customer service to address financial matters promptly and professionally.

Implementation and Compliance:

This policy will be consistently implemented throughout LCS to ensure that billing and accounts receivable practices align with the school's mission, values, and commitment to financial responsibility.