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Policy 3.4.2

Policy 3.4.2

SUBJECT: BUDGET TRANSFERS

Approved budgets are circulated to budget directors in late spring for the next budget year. Approvals are based on analysis of strategic plans supported by the allocation of resources. Although it is preferable that budgets remain in the designated budget units and lines, program changes during a given year may necessitate budget adjustments. To initiate a budget transfer, the budget director forwards a request on the Budget Transfer Request form (attachment A), which identifies the amount to be transferred, the contributing account, the receiving account, the remaining budget of both accounts, and a justification of the transfer request to the appropriate Cabint member. Upon approval, the request is forwarded to the business office and the account budgets are modified.

Budget lines are excluded from the budget transfer process as appropriate to safeguard the intent of the approved budget. Such budget lines include, but are not limited to:

1. Personnel vacancies - These budget lines are used as a budgetary "cushion" to accommodate revenue shortfalls and emergency purchases not provided for in the budget and may not be used as a resource for budget transfers. Because personnel expenditure commitments extend beyond the current budget year, positions may not be created or expanded through the use of other budget lines available as a resource for such a transfer.
2. Student labor budgets - These budget lines are a financial aid resource for students and may not be transferred for other uses. Some transfer is permitted between the two classifications of student labor. The work-study budget is partially funded by federal grant funds and may not be transferred to institutional student labor lines. Institutional labor budgets are provided for those students who wish to work but are ineligible for work-study. Institutional funds may be transferred to increase work-study; however, under no circumstances may work-study funds be transferred.
3. Capital budgets - These budget lines are provided for the acquisition of equipment items or construction of facilities which maintain and enhance the capital asset structure of the university. Investment in the future of the university is an important aspect of strategic planning. Therefore, capital budget lines may not be transferred to operational lines.

Generally, all other budget lines are available for transfer for other operational uses. However, some budgets may be allocated for a specific project, which, if canceled, also cancels the allocated budget. The budget committee has final authority on transfer appeals.

Contact for Interpretation: Chief Financial Officer

This policy statement supersedes all previous policy statements on this subject.

Revisions:

-   08/14/2017 - Revision-title change


-   01/31/2007 - Reviewed

-   08/15/2006 - Revision-layout change

-   08/15/2004 - Revision-layout change - 09/15/2001 - Reissue as 3.4.2

-   09/15/2001 - Revision-title change

-   09/15/2001 - Review

-   12/15/1995 - Inception as policy 3.1.5.1

Printable Policy 3.4.2

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