The University requires that a balanced financial projection be prepared each year. The University does permit departmental and specific account deviations from the plan subject to certain protocols and the overall financial position of the University. To ensure that negative variances from the plan are properly communicated this policy covers the basic reporting requirements associated with them.
Budget Document – a package of information prepared annually by the Senior Financial Officer and ultimately approved by the Board of Governors that includes a summary commentary on the overall budget forecast, a breakdown of proposed expenditures with comparatives to the prior year and a description of all revenue sources either confirmed or projected.
Department Associate Dean – the senior responsible person or supervisor designated in each area of our operations who is primarily responsible for the preparation of the annual budget for their area and who is accountable for the resulting financial performance.
Department Associate Dean may be allowed to exceed their budget allocations on an exception basis based on the following approval protocols:
This policy covers the reporting required to document the approved deviations from the Budget Document.
The Budget Document is a specifically approved plan that forms the basis of the University’s operations for the year involved and is intended to guide and direct all operations. Variances from the plan are permitted subject to certain approval requirements as defined by policy. Failure to accurately and adequately report these approved variances could result in a lack of understanding of operational plans leading to confusion on expectations with senior University officials and the Board of Governors itself. For that reason, failure to properly request, report, or inaccurately reporting the approved variances may result in disciplinary action up to and including dismissal.
The Director of Finance will prepare a monthly report to the Executive Team and a quarterly report to the Board of Governors detailing the expenditures that exceeded the approved budget amount for each of the three categories of approved limits as defined in this policy. These reports will include reference to the department involved, the amount of the expenditure along with the nature and rationale for the expenditure.