BASED ON POLICY NUMBER AND TITLE
PURPOSE: To establish procedures for making budget transfers within a department or between departments.
GENERAL: Budgets are established for departments at the start of each fiscal year. In certain circumstances, it becomes necessary for a department to modify a particular category/object code in its budget. Such circumstances may include, but are not limited to, preventing over-expenditures and meeting unusual events.
RESPONSIBILITY: Budget administrators should report anticipated fund deficits to the appropriate level of College management on a timely basis.
If a department is unable to operate within the budget that has been established at the beginning of the year, significant variances should be reported up through the department's organization.
PROCEDURES: Budgets are modified by submitting to the Finance office a Budget Transfer form (T3-86) with appropriate approval by the President or the Vice President or his/her designees. Only those responsible for departmental budgets can request budget changes. The Budget Transfer form must include the reason for the transfer.
- Available budget funds from vacant faculty or staff positions, including benefits, cannot be used to increase supply-and-expense budgets.
- Transfers to and from 56000 (Equipment) require the President's and the appropriate Vice President's signature. All other transfers require the appropriate Vice President's signature.
- Transfers must be made to and from Budget Pool/Umbrella object codes (i.e., object codes 52000, 53000, 54000, 55000).
- Transfers are not permitted between restricted and unrestricted accounts.
- No budget transfers may be made to or from any object code pools in Professional Development accounts without the President's signature.
Updated June 26, 2009