Budget & Financial Planning
The Office of Budget & Financial Planning is responsible for developing and managing the annual operating budgets for the University, including the College of Arts & Sciences, the Sawyer Business School, the Law School and central administration. The University's gross annual operating budget is $300M for FY17. Additional Information about our office and selected policies and procedures can be found below. We invite you to contact us regarding any questions about these and any other budget-related topics.
Annual Operating Budget
In January you will be asked to submit proposals for new initiatives. In January and 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.
Timeline for Budget Process
The University operating budget process for fiscal year 2017-18 will begin in January 2017 and development will continue up until its approval at the May Board of Trustees meeting.
Transfers Request Form
Please note that this form can be used for transferring expenditures to the correct general ledger account, paying internal invoices, interdepartmental contributions, etc. The department's account from which the funds are coming from should be listed under "Debit" and the recipient's account should be listed under "Credit" and a complete explanation is required. Transfers will not be made for amounts under $25.00 and the transferring of funds from one account to another to balance an account or to increase its original allocation will not be allowed.
Completed forms should be forwarded to Mary Ann Sacks, Senior Budget Analyst.
Please see the Payroll Office’s page for the payroll schedule.
University Capitalization Policy
Costs incurred for the purchase, construction, or renovation of buildings or portions thereof should be capitalized only if:
- the total eligible costs related to a capital construction project (see definition) equal or exceed $50,000.
Costs incurred for the purchase of furniture or equipment should be capitalized only if:
- the cost of an individual piece of furniture or equipment, including delivery and set up charges, equals or exceeds $10,000.
- the amount of a single item is less than $10,000 but the aggregate cost of a quantity of the same item being purchased is in excess of $10,000. The items should be capitalized as a group, if it is Suffolk’s normal business practice to purchase and replace the items as a group. Examples are: computers purchased to create a computer lab; a single purchase of computers with a total cost exceeding $10,000 to be used in multiple offices; the bulk purchase of lap tops each costing less than $10,000 for the faculty.
All other costs not specifically addressed in this policy statement are to be considered as operating expenses and should be included in the administration, school or department budgets.
The Budget Office is located on the 13th floor of 73 Tremont Street.
Our mailing address is 8 Ashburton Place, Boston MA 02108.
Our fax number is 617-305-1767.
Vice President, Finance
Mary Ann Sacks
Senior Budget Analyst
Associate Director, Academic Financial Operations
Associate Director of Financial Reporting and Analysis