This policy is designed to avoid budget deficits, generally, and manage them if they occur.
The University's policy is that all budgetary units must have a positive balance at fiscal year end. Budget deficits are prohibited unless the deficit is authorized.
The only authorized deficits are those that are approved by the Budget Office and created to facilitate the year end cash management plan of the University.
For all unauthorized deficits, the department will be asked to identify funds that will be used to eliminate the deficit. Funds can come only from other accounts that are approved for similar expenditures.
Vice Presidents, Deans and budget managers may transfer funds within or between budgets under their control, with the exception of salary lines or funds budgeted for a specific purpose.
For any budgetary unit that has a deficit balance at the end of the fiscal year, the budget for the next fiscal year may be reduced by a corresponding amount.
Notification of accounts with a deficit balance will be sent to appointed representatives monthly.
Revised and approved by the Board of Visitors, September 7, 2002.
Revised and approved by the Board of Visitors, December 10, 2005.
Revised and approved by the Board of Visitors, June 15, 2012.