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Budget & Planning

Managing Your Budget

Budget monitoring is performed throughout the year by the Office of the Controller. The following procedures ensure proper budget monitoring.

Monthly Closing

The Office of the Controller closes the college's books each month within 15 business days after month-end. Each department should carefully review all entries made to their department. This can be done by reviewing their Budget Status Report and Detail Expense/File Report. All departments have online access to this information.

Accounting Chargeback System

To complete the month-end closing, the Office of the Controller receives a variety of standard departmental charge backs from various service departments within ten (10) business days. The purpose of these charge backs is to reallocate expenses incurred by the servicing department to the individual departments that requested the service or items.

The following is a list of the various service departments that generate these charge backs on a monthly basis:

  • Facility Management
  • Information Technology
  • Purchasing (Typewriter/Fax)
  • Mailroom
  • Telecommunications
  • Print and Copy Center

The monthly charge back activity is recorded as a lump sum; if a department wishes to obtain detail of these expenses they may contact the Department which initiated the charge back.

COLLEGE SPONSORED EVENTS

The sponsorship of campus events must be approved in advance by the Vice President of Administration and Finance.

Processing of Expense and Interdepartmental Transfer Forms

Expense Transfer Forms are used by departments after review of the monthly expense activity and the recognition of classification issues, problems and/or inconsistencies. Expense Transfer Forms are used to reclassify expenses inappropriately recorded within a specific department.

A department may wish to either transfer funds or reclassify expenses to another department for which an Interdepartmental Transfer Form should be used. These transfers should be done within 30 days of the initial posting. The approval of the Department Head to which the expenses are being transferred is required.

The following are procedures that must be followed in relation to the preparation of these forms:

  • All applicable areas of the form should be completed with detailed information including supporting documentation for the transfer.
  • The reclassification of expenses can only be completed after an item has been paid and cannot be based upon Purchase Order encumbrance classifications.
  • All Transfer forms are processed monthly by the Office of the Controller.