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 October.

Preparation of the budget submission and any subsequent revisions are the responsibility of the Associate Vice President for Fiscal Affairs. The budget preparation process is as follows:

• Revenue estimates for the subsequent fiscal year are submitted to the President in November and are approved at the January meeting of the Board of Trustees.
• The Associate Vice President for Fiscal Affairs submits divisional budget proposals to the President’s office in early December.
• Budget hearings are held in mid-December and last for approximately one week.
• In February the President will disseminate by memoranda the approved budget allocations to the appropriate vice presidents.
• The budget document is finalized, printed and made available to the Board of Trustees at the May Board meeting for approval.
• Approved budgets are made available to all vice presidents in May.
• Budgets for the new fiscal year are posted into the computerized accounting system in early June.

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 Director of Accounting, a BUDGET ADJUSTMENT FORM (see example) that must have appropriate approval.

Only those responsible for department budgets can request budget changes. Restrictions in making budget changes are:

• Available budget funds from vacant faculty or staff positions cannot be used to increase supply and expense budgets. Exceptions must be submitted by memorandum or e-mail to the Associate Vice President for Fiscal Affairs to be presented to the President for final approval.

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.

• Transfer requests from supply and expense budgets for the purpose of equipment purchases in excess of $2,500 must have the President’s approval. All requests for the purchase of microcomputers must have the approval of the Director, Information Technology Service (see the chapter on "Equipment Purchases and Sales").

Approval necessary on the BUDGET ADJUSTMENT FORM will depend on who initiates it. The usual two signatures would be as follows:

Chairperson, Director
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.