BUDGET REQUEST

The purpose of the budget request is to transfer funds between budget categories within the same account or from one account to another or to request an additional allocation to the approved operating budget.Such a transfer may become necessary when anticipated expenditures exceed the existing free balance reflected in the Monthly Account Statement.

The approval of the budget for expenditures (and encumbrances) is not authorized until the necessary approvals are obtained and the budget is entered into the accounting system.In the case of additional allocations, this will require Board Approval as specified.

The requested transfer should not exceed the category’s free balance.The originating department must verify the availability of funds online, adjusted for any transactions or transfers not yet processed.

Funds cannot be transferred from a State account to a Local account.

1.   Budget Request- Change in Budget Categories

a.   The budget request should be completed and approved by the budgetary unit head.The total increase and decrease must
      be equal on this budget request.If two different budgetary unit heads are involved, both must approve the budget request.

b.   Approval must then be obtained from the Senior Administrator and the Vice President for Business Affairs and Finance.If
      the transfer involves two separate accounts, the President must approve the transfer.

c.   The Business Office will then execute the budget request by assigning the batch reference number, verifying fund
      availability, and noting the date.It is then transferred to the first account (increase) on the budget request.The approved
      budget changes are incorporated into the university’s operating budget through this process.

d.   The budgetary unit is authorized to execute expenditures against the approved budget changes when he/she receives an
      approved copy of the budget change.

2.   Budget Request- Additional Appropriations

a.   The budget request should be completed and approved by the budgetary unit head.The justification should be completed
       with detailed plans as to why the expenditure budget increase is needed.An increase must be justified with a detailed
      expenditure plan; i.e., an increase is not justified by the Senior Administrator.

b.   The budget request must then be approved by the Senior Administrator.

c.    If the additional appropriation request is less than $50,000:

• The Vice President for Business Affairs and Finance and then the Presidentmust each review and approve the budget request.
• The Business Office will complete the budget request by assigning the batch reference number, verifying fund availability, and noting the date.Funds are transferred to the account (increase) on the budget request.Through this process the approved budget request is incorporated into the university’s operating budget.
• The budget request will be placed on the next Board Agenda for ratification at its next meeting.

d. If the additional appropriation request is greater than $50,000:

• The Vice President for Business Affairs and Finance and the President  must each review and approve the budget request.
• The Board of Regents will then be asked for approval of the budget request.The Board of Regents agenda item and its date of approval will be entered on the budget request.
• The Business Office will complete the budget request by assigning the batch reference number, verifying fund availability, and noting the date. Funds are transferred to the account (increase) on the budget request. Through this process, the approved budget request is incorporated into the university’s operating budget.

3.   Budget Request- Additional Appropriations

a. The budgetary unit is now authorized to execute expenditures against theapproved budget changes.