According to policy 115, what type of refund policy is in place?

The rationale behind a "no refunds" policy is often based on the need for institutions or service providers to maintain financial stability and operational integrity. Such policies may be established to ensure that once a financial commitment is made, the organization can allocate resources effectively without the uncertainty of potential refund requests.

In this particular context, a no refund policy suggests that customers or participants forfeit their payments regardless of the circumstances after a certain point, which could cover various situations including administrative costs, planning, and commitment to services provided. This policy can also simplify administrative processes, as fewer transactions will require handling and reconciliation, ultimately benefiting the organization.

In reviewing the other options, full refunds within a specific timeframe, partial refunds for unused services, or limiting refunds to specific payment methods could potentially open avenues for complex logistics or disputes, which the organization may aim to avoid.