Annual Operating Budget
There are only two times that you can request a reallocation or increase to your budget:
- For the April Board of Trustees Meeting when the proposed new fiscal year budget is presented for approval.
- For the November Board of Trustees Meeting when the revised current year’s budget is presented for approval.
The Revised Budget is based on final fall enrollment. Requests are due to the Budget Office by late September. We do not open the process to the entire University, so you need to keep this deadline in mind if you anticipate needing additional funding or plan to reallocate funds within your existing budget.
Upon approval of Revised Budget
Once the board approves the revised budget at the November board meeting, you will receive notification of any changes. This is the budget you will be held to until the end of that fiscal year.
Tuition and room & board rates for the following academic year are voted on by the Board at their February meeting. The Budget Office contacts the deans as well as the Enrollment Management and Dean of Students divisions in December to get their input with regard to adjustments to undergraduate and graduate tuition and room & board rates. Any increases in fees should be considered at this time as well.
In December you will be asked to submit proposals for new initiatives. In January & February, the Budget Office will prepare the initial draft of the budget. We will then go back to the deans and department directors with their new annual budget and ask them to allocate available funding within their existing accounts.
Upon approval of Proposed Budget
Once the board approves the budget at the April board meeting, the academic deans as well as directors will be notified what their annual budget is for the coming fiscal year. The by-laws do not allow us to change the budget once it is approved by the board.
Preparing for Year End
The University’s fiscal year is July 1 – June 30th. On or about the 15th of each month, your department receives a Budget Status Report which is a detailed report of what has been charged to each account. In April you will receive a calendar from the Business Office which will outline the deadlines for purchases, journal entry adjustments, deposits, etc. It is to your advantage to adhere to the deadlines. When the goods or services are received is the criteria for which year the charge is made against. In other words, if you submit a purchase order in March for equipment and it gets back ordered and doesn’t arrive on campus until the first week in July, it will get charged to the new fiscal year. Do you have adequate funding in the new year’s budget or were you counting on it being charged to the current fiscal budget? It’s up to you to make sure the equipment is delivered in the fiscal year that you have the funding.