Budget Authorization, Preparation and Changes

The process for preparing the institution's annual operating budget begins each August. 

Preparation of the budget submission and any subsequent revisions are the responsibility of the Associate Vice President of Budget and Business Operations. The budget preparation process is as follows: 

• Budgets for the new fiscal year are posted into the computerized accounting system in early June. 
• Budget proposals, major capital improvements, and equipment requests are due to the Associate Vice President of Budget and Business Operations/ Vice President of Finance in mid-October. 
• Budget retreat is held in mid-December.**
• Revenue estimates, proposed operating budget, and major capital improvements for the subsequent fiscal year are submitted to the President and approved at the February** Board of Trustees meeting. 
• In early March the Vice President for Finance & Administration will disseminate by memoranda the approved budget allocations to the appropriate vice presidents. 

Annual budgets are established for departments at the start of each fiscal year. In certain circumstances, it becomes necessary for a department to modify a particular category in its budget. Such circumstances may include, but are not limited to, preventing over expenditures, meeting unusual events, and others. 

Budgets are established through the process of preparing the annual operating budget. 

Information about approved annual departmental budgets is usually disseminated through the respective vice presidents in late May. 

Budgets are modified by submitting to the Associate Vice President for Finance & Administration, a Budget Adjustment Form that must have appropriate approval. 

Only those responsible for department budgets can request budget changes. Restrictions in making budget changes are: 

• Available budget funds from vacant faculty or staff positions cannot be used to increase supply and expense budgets. Exceptions must be submitted by memorandum or e-mail to the Vice President for Finance & Administration for final approval. Since Federal funds are involved with certain student wages, only similar-type transfers can be made when requesting to modify student wage budgets. For example: College Work Study for College Work Study, Institutional Funds for Institutional Funds, but not, College Work Study for Institutional Funds or vice versa. 
• Transfer requests from supply and expense budgets for the purpose of equipment purchases in excess of $5,000 must have the Associate Vice President for Finance & Administration's approval. all requests for the purchase of computers/computer related equipment must have the approval of the Director, Information Technology Service. Approval necessary on the Budget Adjustment Form will depend on who initiates it. The usual two signatures would be as follows: Chairsperson, Director and Vice President. 

When an event necessitates a budget adjustment, the change request should be submitted prior to the event. The transaction will be reflected on the department report in the month in which it is processed. 

If the budget change is rejected due to insufficient funds, the Budget Adjustment Form will be returned to the originator.