Annual Operating Budget
In January 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 May 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.