[New OP–initial posting 5/30/14]
Operating Policy and Procedure
OP 62.32: Budget Adjustments to the Annual Operating Budget
DATE: May 30, 2014
PURPOSE: The purpose of this Operating Policy/Procedure (OP) is to set forth the general policy and procedures for processing revisions to the current operating budget.
REVIEW: This OP will be reviewed in January of even-numbered years by the Assistant Vice President for Budget and Resource Planning and Management with substantive revisions forwarded to the Vice President for Administration and Finance and Chief Financial Officer (VPAF/CFO).
Section 07.04, Regents' Rules, governs the budgetary controls of the institution.
A budget revision request should be submitted through the Budget Revision System. The Budget Revision System Comprehensive User's Guide provides detailed instructions for using the Budget Revision System.
Required approvals for budget revisions are outlined below:
|Fund Financial Manager||Revisions utilizing prior year fund balance|
|Organization Financial Manager||Revisions where overall expense budget is changing|
|Area/Division Vice President||Revisions for any FOP whose expense budget is being decreased|
|Vice President for Administration & Finance||Revisions increasing the operating budget on state
FOPs and for all adjustments from $250,000 to
|Vice President for Administration & Finance Board of Regents||Revisions increasing the operating budget from
$1,000,001 or more
|Sponsored Programs Accounting and Reporting||Revisions utilizing transfers, revenue, or fund balance on a grant fund|
|Financial Services and Tax||Revisions utilizing transfers|
|Budget & Resource Planning & Management||For all permanent revisions, transfers, revenues, and fund balance|
The approval of any agreement or contract, in accordance with Section 07.12.1, Regents' Rules, constitutes authority to establish a maximum budget that does not exceed the amount of the approved agreement or contract.
04 Audit Services
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32 Academic Policies – Faculty
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