Senior leaders of an organization are responsible for all aspects of its financial health. They are charged with understanding the unit's financial situation and not allowing unintended deficits to occur. They remain accountable for the resources entrusted to them, including funding, facilities and staffing, even if they have delegated budget and accounting responsibilities to their staff.
All funds must be spent in accordance with University policy, and operating needs met within available budgets. The University does not budget separate funds to cover deficits, so alternative sources must be provided if a deficit occurs, such as department budgets or Deans reserves.
Units are responsible for internal financial management, and to develop budgeting, financial reporting and management practices. Units are encouraged to develop an oversight process that builds on best practices.
Develop an Annual Budget
- Develop reporting for financial division, programs and/or operating units, as appropriate
- Require reporting for highly sensitive or high risk areas.
Develop Periodic Financial Reporting and Monitoring
- Should be reviewed at least quarterly (recommended monthly if possible)
- Should include a summary of all funding sources, expenditures and reserves available for future use (excluding those already committed and budgeted for current period)
- Should include all outstanding commitments to unit-wide programs, individuals or capital projects.
- Provides management with information necessary to make strategic decisions at any time during the year