Number: 503



The Board of Trustees’ approved budget for the University is computerized and is updated daily. Any account representative (person responsible for an income or expense account relative to the financial statements of the University) may review his/her accounts at any time. Monthly, the Business Office provides each account representative with information relative to expenditures and budgeted funds remaining in his/her accounts.

No account representative may exceed gross allocated budgeted funds within his/her area of responsibility without specific approval by the Chief Executive Officer. The transfer of funds from one expense item to another within an account may be approved by the CFO. However, neither authorized capital expenditures (such as equipment) nor payroll funds may be transferred to/from non-capital expense items without specific approval of the CEO.

All expenditures will be properly recorded in the expense account most appropriate for the expenditure (for instance, travel will never be charged to salaries).

The adding of new accounts and/or expense items is authorized only during budget processing time or by specific approval of the Chief Executive Officer. No funds budgeted for one fiscal year will be carried over to the next fiscal year. Each year (beginning June 1) begins anew with no encumbered funds carried over from the previous year.