A non-refundable fare is generally less expensive than a refundable ticket and thus the recommended option that aligns with the University's Travel Policy (the lowest reasonable coach/economy fare that meets the business needs of the university). A refundable fare can be purchased in certain circumstances with the unit's discretion and support documentation.
In the event of cancellation, the non-refundable fare will be converted by the airline into an "unused ticket credit" worth the value of the original ticket. This unused ticket credit can be used by the traveler towards the purchase of future airfare with the same airline. Whereas, a refundable fare will have the value of the original ticket refunded back to the original form of payment.