Deficit Policy Statement
- All funds must be spent in accordance with University policy. All units are responsible for effective fiscal management, and should meet operating needs within their available budget.
- Depending on the type of budget, all University of Washington deficits must be cleared at either the close of the biennium, the close of the fiscal year, or the end of a grant/contract period.
- For budgets other than grant, contract and gift budgets, deficits may be resolved by transferring budgeted funds between budgets within the same fund type, or by transferring expenditures between fund types (if allowable).
- If deficits are not cleared in a timely manner, the Office of Planning & Budgeting will impose procedures for clearing the deficit as outlined in the “Deficit Resolution Procedures” section of the policy statement.
Responsibilities of Chancellors, Deans, Vice Provosts, Vice Presidents, Vice Chancellors and Directors
- Maintain a financially sound organization and monitor the financial operations of their unit.
- Review written deficit resolution plans submitted by administrative officials within their units.
- Ensure that deficit resolution plans are carried out as proposed.
The full deficit policy provides all policy and procedures to identify and prevent deficits:UW deficit resolution policies and guidelines.