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Budget Flexibility

Budget Flexibility. Financial Planning & Budgets http://fsv.uncg.edu/budgetflex.ppt. Budget Flexibility. Budget Flexibility. What is Budget Flexibility? When is Budget Flexibility applicable? What is reported to the Board of Governors?

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Budget Flexibility

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  1. Budget Flexibility Financial Planning & Budgets http://fsv.uncg.edu/budgetflex.ppt

  2. Budget Flexibility

  3. Budget Flexibility • What is Budget Flexibility? • When is Budget Flexibility applicable? • What is reported to the Board of Governors? • What are the requirements for UNCG to retain budget flexibility? • How is the Budget Flexibility Form completed?

  4. Budget Flexibility • What is Budget Flexibility? • applies only to State Funds • is the result of Legislation • allows Universities to transfer budget in ways that were previously not available without the State Budget Office approval • increases the campus purchasing benchmark • allows Universities to carryforward monies from one year to the next (with institutional limits)

  5. Budget Flexibility • When is Budget Flexibility applicable? • Transfer budget between personnel accounts (for example between SPA and Temporary Wages) or between personnel and non-personnel accounts (for example utilizing lapsed Teaching salaries for equipment) • Transfers between Programs • Chancellor’s allocation of year end carryforward funds

  6. Budget Flexibility • What is reported to the President and/or Board of Governors? • Monthly report of revenues and expenditures • Financial plan for use of prior year carryforward and use of current year projected lapsed salaries (due July 15-subject to delays in the State budget process) • Previous fiscal year’s Annual Report (due following October 10) • describes management initiatives undertaken • (continued)

  7. Budget Flexibility • What is reported to the President and/or Board of Governors (continued)? • increased efficiency and effectiveness • documentation of reallocation of resources (including actual uses of lapsed salaries) • actual uses of prior year carryforward • positions established and abolished • positions vacant > than 9 months and an explanation for the vacancy • Chancellor’s compliance certification

  8. Budget Flexibility • What are the requirements for UNCG to retain budget flexibility? • Chancellor is personally responsible • Adequate internal controls and capable staff • No significant audit findings; resolution • President must approve plan for uses of carryforward and lapsed salary • Annual reporting • Internal Auditor report to the Chancellor concerning his review of transactions involving Budget Flexibility

  9. Budget Flexibility • The Chancellor must also submit to the President: • Plan of previous year’s carryforward • Plan for campus-wide use of lapsed salaries • List of /and explanation for vacant positions which have been vacant for > 9 months

  10. Budget Flexibility • Other Issues: • Chancellor cannot delegate flexibility approval authority below Provost or VC level • Internal Auditor’s role has increased in relation to increased reporting requirements for the use of lapsed salaries

  11. Budget Flexibility • How do you process a Flexibility Request? • Plan! Try to limit volume; we suggest an informal $500 minimum due to the time and amount of people involved with approving and processing each flexibility request • Must be approved by the Provost or VC • (continued)

  12. Budget Flexibility • How do you process a Flexibility Request (continued)? • Identify position if using lapsed salaries • SPA lapsed salaries can only be used to hire a Temporary to fulfill the vacant position’s duties • Determine most applicable “Reason” for the flex • (continued)

  13. Budget Flexibility • How do you process a Flexibility Request (continued)? • Describe the initiative that was made possible by the flex • Please consider that the information on all flexibility requests is compiled into the Budget Flexibility Report each year-if explanations are not sufficient, the process takes more time and creates additional work

  14. Budget Flexibility • In summary, Budget Flexibility has allowed UNCG and other UNC institutions to accomplish significant initiatives that otherwise would not have been possible • Budget Flexibility is a privilege that may be rescinded • Please be descriptive on the Flexibility Requests and respond to our inquiries as soon as possible. GA’s deadlines are real and may be short!

  15. Return to Budget Workshop Home

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