Budget Transfers, Revisions, and Adjustments
Introduction
Each year the University allocates operating budget funds to its units. This policy deals with changes made to budget amounts in operating accounts during the fiscal year.
This policy does not apply to adjustments to actual expenditures and revenues to correct errors. These types of adjustments are to be made with a journal voucher.
Policy
Units are expected to operate within the funds provided by the annual budget process. Approval must be obtained in advance of any change to budget amounts within a unit.
Budget Adjustment
A budget adjustment reflects a permanent change in expected revenues and related expenditures. A budget adjustment increases or decreases the overall operating budgeted expenditures and revenues of the unit but does not affect the net financial operating position approved by the Board of Governors. The following employees can request a budget adjustment to organizations under their jurisdiction:
- Deans and Associate Vice-Presidents
- Directors
- Administrative Assistants (upon approval from the Dean or Director)
- Senior Executives
Budget Transfer
A budget transfer does not alter the total operating budget of the unit. The following employees can request a budget transfer between organizations under their jurisdiction:
- Deans and Associate Vice-Presidents
- Directors
- Administrative Assistants (upon approval from the Dean or Director), and
- Senior Executives
Budget Revision
A budget revision may alter the total operating budget of the unit. A budget revision requires the approval of one or more of the following:
- President
- Provost and Vice-President (Academic), or
- Vice-President (Administration)
Consequences for Noncompliance
Employees who make changes to budget amounts without prior approval may be subject to disciplinary action.
Processes
Requesting Budget Changes
A request for a budget adjustment, revision or transfer is made in writing to the Director, Budget Services, Financial Services. The following information is to be included in the request:
Budget Adjustment
- The fund, organization and expense account that is to be adjusted
- The fund, organization and recovery/revenue account that is to be adjusted
- The amount of the adjustment
Budget Transfer
- The fund, organization and account which the funds are being transferred from
- The fund, organization and account which the funds are being transferred to
- The amount to be transferred
Budget Revision
- The fund, organization and account which will provide the source of the funding
- The fund, organization and account which will be the target of the funding
- The amount of the budget revision