Longwood
University
Chief Administration and Finance Officer: Budget Office
201 High Street, Lancaster 336, Farmville, VA 23909
Phone: 434.395.2282
Fax: 434.395.2635
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Longwood
University |
Policy
4202
RESPONSIBILITY
OF BUDGET MANAGERS
I.
PURPOSE
The purpose of this policy is to establish general guidelines for managing the institution's departmental budgets.
II. DEFINITION
Budget Manager:
an employee assigned the task of being responsible for the maintenance of departmental budgets.
III. POLICY
All budgetary units must have a positive cash balance. Budgets with a deficit balance at year end will be reduced in the following year by a corresponding amount.
A Budget Manager Responsibility:
1. Employees who have been assigned budget responsibility must ensure that their budgets are utilized for the purpose intended and are not authorized to expend funds in excess of their assigned budgets.
2. All budget managers must comply with state and federal regulations and with the procedures and guidelines established by the Chief Administration and Finance Officer (CAFO) and the Budget Office.
IV. PROCEDURE
A. Budget Monitoring:
1. Department budgets are available for viewing by budget managers online in BANNER Self Service. The Budget Office provides training workshops covering the budget process and budget monitoring at least once a year. Individual training is also offered for new employees and as requested.
2. The Budget Office conducts budget reviews monthly. Budget managers are informed of any budget having a deficit balance. In January, a six (6) month review is completed. The responsible Vice President is informed of any budget that is more than sixty (60) percent spent at that time.
3. At the end of the fiscal year, all budget managers are given a final opportunity to clear any deficits from their accounts before the determination is made concerning the budgets to reduce for the coming year.
Revised and approved by the Board of Visitors, September 7, 2002.
Revised and approved by the Board of Visitors, December 10, 2005.
Revised and approved by the Board of Visitors, September 15, 2006.