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(1) The amount owed equals the daily charge for the program (total institutional charge, divided by the number of days or hours in the program), multiplied by the number of days student attended, or was scheduled to attend, prior to withdrawal. (2) Except as provided for in subdivision (3) of this section, all amounts paid by the student in excess of what is owed as calculated in subdivision (1) shall be refunded. (3) Except as provided herein, all amounts that the student has paid shall be subject to refund unless the enrollment agreement and the refund policy outlined in the catalog specify amounts paid for an application fee or deposit not more than $250.00, books, supplies, or equipment, and specify whether and under what circumstances those amounts are non-refundable. Except when an institution provides a 100% refund pursuant to section 94919(d) or section 94920(b) of the Code, any assessment paid pursuant to section 94923 (Student Tuition Recovery Fund fee) of the Code is non-refundable. (5 CCR 71750 (c)) If an institution (The Accounting Annex, Inc.) has collected money from a student for transmittal on the student's behalf to a third party for a bond, library usage, or fees for a license, application, or examination and the institution has not paid the money to the third party at the time of the student's withdrawal or cancellation, the institution shall refund the money to the student within 45 days of the student's withdrawal or cancellation. (5 CCR 71750 (d)) The institution (The Accounting Annex, Inc.). shall maintain a cancellation and withdrawal log, kept current on a monthly basis, which shall include the names, addresses, telephone numbers, and dates of cancellations or withdrawal of all students who have cancelled the enrollment agreement with, or withdrawn from, the institution during the calendar year. (5 CCR 71750 (f)) The Accounting Annex, Inc. gives an enrollment agreement to the student to sign at the beginning of class on the first day of class. If a student gives a notice of cancellation that day or 7 working days from the first day of class, she/he will receive a 100% refund. Examples of cancellation and refund policy: Example 1: Student pays $4750 and enrolls on January 2, the first day of class. On January 9 the student gives an employee of The Accounting Annex, INC. a written notice of cancellation. The student will receive a 100% refund. Example 2: Student pays $4750 and enrolls on January 2, the first day of class. The student sends us a notice of cancellation to our school that is dated January15. The notice of cancellation is dated after the first day of class, after 7 days of enrollment and the student has completed 10 working days of class (10/22=45%) less than 60% of the class. The pro rata calculation of the refund is calculated by dividing the entire institution charges by 22 days, the length of the class, which is $215.91 per day. The earned amount is 10 days x $215.91 or $2159,10. The earned charges are subtracted from what has been paid to calculate the unearned institutional charges/refund,$2590..90($4750-$2159,10) Example 3: Student pay $4750 and enrolls on January 2, the first day of class. On January 23, the student e-mails our instructor a notice of cancellation. The student has attended 16 working days of class. Since the student has finished more than 60% of class, there is no refund due. Page 17 of 23- 12.11.2019 The Accounting Annex, INC Catalog Jan 1-19 to Dec 31-19