Only budget officers (President, Vice Presidents, Deans, Directors, Chairpersons) have the authority to initiate changes in the approved department budgets.
Annual expenditures are not to exceed amended budgeted amounts. The Business Office can provide details of budget amendments.
The University's fiscal year is June 1 through May 31.
The process for preparing the institution's annual operating budget begins each August.
Preparation of the budget submission and any subsequent revisions are the responsibility of the Associate Vice President of Budget and Business Operations. The budget preparation process is as follows:
*revised October 2010;
**revised January 2012;
Annual budgets are established for departments at the start of each fiscal year. In certain circumstances, it becomes necessary for a department to modify a particular category in its budget. Such circumstances may include, but are not limited to, preventing over expenditures, meeting unusual events, and others.
Budgets are established through the process of preparing the annual operating budget.
Information about approved annual departmental budgets is usually disseminated through the respective vice presidents in late May.
Budgets are modified by submitting to the Associate Vice President for Finance & Administration, a Budget Adjustment Form that must have appropriate approval.
Only those responsible for department budgets can request budget changes. Restrictions in making budget changes are:
Since Federal funds are involved with certain student wages, only similar-type transfers can be made when requesting to modify student wage budgets. For example: College Work Study for College Work Study, Institutional Funds for Institutional Funds, but not, College Work Study for Institutional Funds or vice versa.
Approval necessary on the Budget Adjustment Form will depend on who initiates it. The usual two signatures would be as follows: Chairsperson, Director and Vice President.
When an event necessitates a budget adjustment, the change request should be submitted prior to the event. The transaction will be reflected on the department report in the month in which it is processed.
If the budget change is rejected due to insufficient funds, the Budget Adjustment Form will be returned to the originator.