Hi Melinda, ODU does not have an established policy, but following the following process:
Our fiscal year runs July 1 - June 30. Beginning in mid-May, the Chief Operating Officer, Associate Vice President for Financial Services, Assistant Vice President for Finance/University Controller and University Budget Officer hold weekly meetings through June 30th to discuss cash projections and year-end carryovers. At the end of each fiscal year, all "unspent" Educational and General (state) funds revert to the University's central reserve. Departments may request carryover of unspent funds to the new fiscal year and must submit a justification as to how the initiative meets the University's Strategy Plan. The Chief Operating Officer, in consultation with the Associate VP for Financial Services, makes the decision for approved carryover requests. All "Unspent" balances for auxiliary, gift and grant and other fund groups revert to those specific budgets and departments. Donna From: [email protected] [mailto:[email protected]] On Behalf Of Adams, Melinda M. Sent: Wednesday, July 13, 2016 10:54 AM To: Association of College and University Policy Administrators <[email protected]> Subject: [acupa-l] Budget model, handling reserves centrally? Hello. I am looking for information about how institutions handle end-of-year financial reserves. For example: * Is any portion of the reserves from departments/divisions held centrally at the campus-level? * If so, what percentage? * Do you have a policy, procedure or established budget guideline that you would be willing to share? Thank you in advance for your time and assistance! Best regards, Melinda Adams, MSL, SHRM-SCP Director of Process and Policy Improvement MU Division of Finance 311 Jesse Hall, Columbia, MO 65211 (573) 882-4959 Replying to Messages: Replying (using Reply) to an ACUPA-L e-mail will distribute your message to the ENTIRE list of members. To send a message privately, reply directly to the individual who sent the message (their e-mail address appears in the "From" line of their original e-mail). To Unsubscribe: Go to http://www.acupa.org/MembershipForm_Discontinue.html and complete the form. We will remove you from the list within 24 hours, during normal business hours. Questions about the ACUPA e-list? Contact Jamie Parris at [email protected]<mailto:[email protected]?subject=ACUPA%20e-list%20assistance> or 607-255-6837.
