- * The fiscal year begins July 1 and ends June 30.
- The director of your department or chair of your program will know the program number(s) used for your department or program.
- If you are the authorized director or manager of a budget, you may obtain this information from the Treasury, Management, and Budget Office (Avo Kechichian, Ext. 4034; Vivian Chu, Ext. 4118; or Judi Stillwell, Ext. 4522).
- First digit represents fund;
- Next 2 digits represent the division;
- Next 3 digits represent the department;
- Last 2 digits represent the program location.
- The program number is that number which identifies the entire budget for a program or department. Think of the program number as the identifying number for a checking account.
- The 4-digit object code is that number which identifies a category of spending item within the budget for a program or department. For instance, all travel expenditures will come from the object code 6303 within the department or program budget.
- If you have authorization, you can view your budget online through a software system called “Dashboard”. This will allow you to view a Budget Director’s Report and Detail Trial Balance. This information is in real time and will be more current than any printed reporting you receive.
- We do not currently have the capability of changing the budget online, but will implement that capability in the near future.
- You may, however, change your budget through a budget change form click here. The completed form should be delivered to the Department of Treasury, Management and Budget.
- When you complete a “Budget Change Form” to transfer money from one line item to another or from one budget to another, it is a permanent change in the budget and will be reflected in all future budgets.
- If you are seeking a one-time transfer of funds to cover an unusual expense or purchase, prepare a memorandum to the Treasurer explaining the rationale for the transfer indicating the program numbers to be transferred to and from.
- You can print the Budget Director’s Report and the Detail Trail Balance from the Dashboard site when you have access. When you receive Dashboard training, you will receive verbal and written directions for report selections.
[A list of standard reports and dates to be announced as Dashboard is released.]
- If you require a report at times other than the scheduled report generations, please contact Saju Laskar, Senior Systems Accountant, Extension 4127, for assistance.
- You may request specialized reports by speaking with the Associate Vice President and Treasurer’s Office or the Associate Vice President of Finance’s office. Those offices will attempt to design reports to meet your needs.
- The Department of Treasury, Management and Budget oversees budget development, implementation, and monitoring.
- The Budget development cycle is the institutional process through which the University community presents its income, expense, and compensation projections for the next fiscal year. Through prioritization, the institution aligns the budget requests with the strategic plan for the institution and then funds, to the extent possible, those requests.
- The budget development cycle normally begins in October of each year. A preliminary budget is presented to the Board of Trustees in November and a final budget is presented for approval to the Board at its April meeting. The Department of Treasury, Management and Budget is currently engaged in a 3-year budget planning process to better forecast the financial planning needs of the institution.
- When a program director wishes to request an increase in an object code (line item) within the budget or a new budget, he/she prepares a budget indicating those line items that are to be instituted or increased together with a supporting explanation of the need for the increase in each area.
- If new income will also be generated to support the request for new budget or increase in object code, an explanatory report detailing the source of income should also be generated utilizing a budget change form. Click here for form.
- These documents are presented to the Treasurer’s Office or the Budget Review Board during the budget cycle.
- You can complete a Budget Change Form. Remember that this type of change will be permanent unless addressed in the budget review cycle for the next year.
- It is important that the budget office have a clear understanding of the sums being spent in each category of the budget. Paying for expenses from the appropriate line item assists with budget planning, as well as tracking inflationary trends in expenditures.
- For example, if you wish to purchase a new desk chair and there are funds in the supply line item (object code 6201) that will not be needed in that budget year, you may purchase the chair but must use the appropriate object code for furniture and fixtures (6405) on the purchase requisition.
- Budget line items that are non-recurring are zeroed out at the end of the fiscal year. For instance, object code 6405, “Furniture and Fixtures” is not a budget item that would be needed every year since those items tend to have a long life cycle. If your department needs these types of items in the coming budget year, it would require that the line item be supported with a specific budget request for that year.
- The Board of Trustees approves a final budget for each fiscal year.
- The President’s Executive Council (PEC) reviews and recommends the budget to the Board of Trustees.
- No. Monies left in budgets at the end of the fiscal year are returned to the general fund. The new budget year begins with the budget approved by the Board of Trustees for that fiscal year.
- Unspent funds revert back to the general fund to be used to help balance other budgets that might have gone over their expenditures in the fiscal year, or to be allocated by the Board of Trustees at their sole discretion.
- Prepare a memorandum to the Treasurer indicating the one-time transfer to cover the expense, including the account and object numbers from which and to which funds are to be transferred to cover this expense. Have the memorandum approved by your budget’s senior manager (signature required). To expedite the process, include the Purchase Requisition with the memorandum to the Treasurer.
- A restricted account is an account that is dedicated to a certain activity and is separate from a program or department institutional budget.
- Restricted accounts are normally funded from sources outside the institution, such as a gift from a donor with specific restrictions as designated by the donor.
- Some restricted funds come from student fees to support program activities, i.e., the technology fee supports the Division of Facility and Technology Services and Center for Teaching and Learning programs to keep pace with technological needs.
- Yes. Funds in restricted accounts roll over to subsequent budget/fiscal years.
- Restricted accounts are set up by the Finance Department. Restricted account funds are normally received through the following but may be received from other sources:
- Donations for restricted activities made through University Advancement.
- Student Affairs sets up restricted accounts for student clubs or activities.
- Departments receiving donations for specific activities from benefactors.
- Grant funds deposited in restricted accounts in accordance with the granting agency’s regulations.
- Each time a budget is set up, an Accounts Payable Signature Authorization form is completed and submitted to the Accounts Payable Manager.
- When persons authorized to sign on budget accounts change or leave their position, it is important to file a new Accounts Payable Signature Authorization form for that budget account. The new Signature Authorization must include all signatories for that account as this form replaces (rather than supplements) the old form.
- Click here to access the Accounts Payable Signature Authorization form. Complete the form, gather the appropriate signatures, have the form approved by the senior manager and deliver to the Accounts Payable Department.
- A new budget from existing funds should be discussed at the senior management level prior to bringing the request through the paper process. Once senior management has approved the concept, prepare a memorandum setting out the rationale for the new account, name of the account, object codes necessary for the new budget, the name(s) of person(s) authorized to sign on the account, and the completed Accounts Payable Signature Authorization form and deliver this to the Treasurer’s Office.
- If creating a new program budget that requires new or seed institutional funding, the process outlined in the FacGov web page should be followed. You may access this information at http://faculty.laverne.edu/facgov/private/. Please contact Al Clark, Associate Vice President for Academic Affairs for the username and password for this site.
- Identify funds from one of the other line items in your budget that will be sufficient to cover the expense. Prepare a memorandum to the Treasurer detailing the line item(s) which has sufficient funds not needed for the balance of the budget year to cover that expense. To expedite the process, prepare the Purchase Order Requisition to accompany the memorandum to the Treasurer’s Office.
- If the item is to be paid from the current fiscal year, prepare the Purchase Order Requisition for the item noting that the product or service must be received on or before June 30 of the current fiscal year. In addition, make sure that the invoice will be received no later than July 15 of the current year.
- The grace period is normally 15 days after June 30. If an invoice is delayed, contact the Accounts Payable Department for instructions about handling this problem.
- If an invoice is delayed until after closing of the fiscal year end, it will be paid from the new fiscal year. The negative consequence of this is that the expense was not planned and will decrease funds available for the new year’s budget expenses.
- A Purchase Order Requisition is used as the initial document to prepare a Purchase Order (PO), which is the official authorization document to order goods or services from a vendor. The PO encumbers (sets aside) money from your budget to purchase a particular item or service.
- A check request is used for payment to vendors or individuals that have rendered a minor service, honorariums, or supplies when a vendor will not accept a Purchase Order. However, a Purchase Order should be used if at all possible. A check request can also be used to request cash advances and petty cash reimbursement. Click here to access a check request form and instructions.
- Click here to access the purchase requisition form and instructions.
- When the Purchase Order Requisition is processed, the Purchasing Department will issue a Purchase Order (PO) and send a copy of the PO to the vendor and to the initiating department. The vendor will ship the product or provide the service. Once the item or service has been received, an invoice will follow.
- Upon receipt of the invoice, check to be sure the invoice is correct and that you have received all the items or services detailed on the Purchase Order. If correct, you must write the open purchase order number on the invoice and have the departmental approval signature on the invoice prior to forwarding to the Accounts Payable Department. The individual approving the invoice must be listed on the Accounts Payable Signature Authorization Form.
- An Open Purchase Order (PO) is set up to cover recurring expenses that will be paid as used. For instance, if a department orders supplies several times a year from a vendor, the department will estimate the cost for the fiscal year and set up an Open PO encumbering those funds. Each time an invoice is received, you need only date, sign by authorized signatory, indicate the PO number on the invoice, and then mail the invoice to the Accounts Payable Department to release payment for the invoice. This is an expedited process for a recurring expense.
- If unapproved, there is a procedural or technical problem with the submission:
- Check the explanation accompanying the returned document and comply with procedural process;
- If a budget related issue has prevented the approval (insufficient funds in the budget), contact the Treasurer’s Office for assistance.
|Budget Cycle||Treasury, Management & Budget Department/Avo Kechichian, Ext. 4034|
|Preparing Budget for Budget Cycle||Treasury, Management & Budget Department/Avo Kechichian, Ext. 4034|
|Budget Report||Treasurer’s Office/Vivian Chu, Ext. 4118|
|Budget Changes||Treasurer’s Office/Avo Kechichian, Ext. 4034 or Vivian Chu, Ext. 4118|
|Error in Budget||Treasury, Management & Budget Department/Avo Kechichian, Ext. 4034|
|Line Item Issue||Treasury, Management & Budget Department/Avo Kechichian, Ext. 4034;
Vivian Chu, Ext. 4118;
Judi Stillwell, Ext. 4522
|Purchase Requisition||Purchasing Department/Debbie Deacy, Ext. 4542; Accounts Payable Department/Sandy Lejay, Ext. 4116|
|Check Request||Accounts Payable Department/Sandy Lejay, Ext. 4116|