9.22 Budget and Financial Management Responsibilities

Purpose 

This policy covers the responsibilities of University employees for effective planning and management of University fiscal resources.

Who Should Know This Policy

  • Institutional Officials
  • Directors and Department Heads
  • Assistants to Vice Presidents
  • Clerical & Secretarial Staff
  • All who prepare, initiate or approve requisitions, payment requests and Personnel Action Forms

Policy Statement

It is critical that all areas of the University actively review and maintain General Education Fund operating budgets and that Self-Supported Funds operate within realistic budgets while maintaining positive cash balances.  To maintain the integrity of the budget and financial systems, the following principles must be followed:

  • Personnel lines must have a budget which reflects the salary and fringe benefit expense for the respective employee.  Salary and fringe benefit savings on a personnel line may be reallocated for other purposes.
Chapter 9: University Services
  • Non-personnel lines for supplies & services, equipment, student aid, utilities and building repairs must also operate within approved budgets.  Savings on non-personnel lines may be reallocated for other purposes.
  • All accounts are expected to be reviewed, no less than monthly, as per email notification of ‘Statement of Account’ from the Office of Business Operations.
  • Advance Commitment Funds are one-time funds carried forward from the previous fiscal year and budgeted for approved one-time purposes. (see Policy 9.27 Advance Commitment Funds)
  • General Education Funds with over-expended year-end budgets will have their next year budget reduced by the over-expenditure and reallocated to the respective administrative Division.
  • Self-Supported Funds with either a carry forward deficit or projected year-end deficit, will need to be addressed within the fiscal year.
  • It is the responsibility of each divisional area to either provide the timely funding for deficit situations or provide a funding plan to address the problem if longer than a fiscal year.
  • The Director of Budget Development & Analysis is responsible for periodic budget projections to keep the Executive Management Team apprised of the General Education Fund budget status.

Procedures  

See Budget Development & Analysis at https://fo.uni.edu/budget

Senior Vice President for Finance and Operations, approved October 7, 2016
President’s Cabinet, approved April 10, 2017
President and Executive Management Team, approved April 24, 2017