Policy
Each operating unit on campus requires financial resources to perform its role in the University's mission of research, teaching and public service.
Each unit head is responsible for ensuring that his or her unit manages financial resources in an efficient and cost-effective manner.
Each unit head shall adopt the following principles and responsibilities to ensure sound financial management:
Principle 1 | A budget must be established to provide a tool to:
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Principle 2 | A budget must be realistic, reasonable and attainable. |
Principle 3 | A budget must be based on a thorough analysis that includes:
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Principle 4 | Actual financial results must be compared to the budget on a regular basis to:
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Principle 5 | When actual financial results vary significantly from the budget, a manager must:
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Principle 6 | Units must operate within their budgets. Where expenditures exceed the budget, justification must be provided. Additionally, units must develop a formal plan to eliminate deficits. |
Principle 7 | All expenditures must comply with all relevant policies, rules and regulations. |
Principle 8 | Each unit must evaluate the financial consequences before a new activity is started or a current activity is a changed or eliminated. |
Principle 9 | Each unit must ensure that the anticipated benefits are greater than the costs for any planned or ongoing activities. |
Principle 10 | Each unit must provide adequate safeguards to protect against the loss or unauthorized use of University assets. (See Related Information.) |