220.127.116.11 Fiscal Year End Processing
Administrative Responsibility: Assistant Vice President, University Budget
Certain budgeting functions must be addressed at the close of each fiscal year. Primarily, budget balances need to be passed from the concluded fiscal year to the new fiscal year. This is discussed in detail in APPM 18.104.22.168, "Prior Fiscal Year Balance Brought Forward."
Subsequent to the end of the fiscal year but prior to when budget balances are finalized, some specific adjustments and transfers are completed by OUB. Some adjustments are made to certain budget allocations in the operating units for items with calculations driven by estimated enrollment factors, such as differential tuition, student support fees and student application fees. Additionally, for some budget units, mostly in Central Accounts, balances are cleared and aggregated to a single central account.
All operating units under the general fund
It is the responsibility of OUB to make appropriate year-end adjustments to specified budget allocations and clear specified Central Accounts balances as needed.
- OUB - Recalculate specified budget allocations as needed; communicate changes to units; enter journal voucher transfers to update interim amounts.
- OUB - Review Central Accounts; determine which accounts should be recaptured or deficits funded via transfers.
RELATED UNIVERSITY/BOARD POLICIES
Effective Date: N/A
Revised Date: 1/16/2019
Reviewed Date: 11/28/2018
To be reviewed, at minimum, every three years and/or revised as needed by: Assistant Vice President, University Budget
Next Review By Date: 11/21/2020