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Policy: III.A.2x (inactive)

Issued: July 9, 1993

Owner: Director of the Budget

Latest Revision: April 5, 2002

BUDGETARY CONTROL


**INACTIVE POLICY**

For Current Policies:
Policy Table of Contents

 

This policy has been replaced and migrated to the standardized format.
See
https://policy.itc.virginia.edu/policy/policydisplay?id=FIN-022

1.0 Purpose

This policy describes the general guidelines governing the budgetary control process.

2.0 Policy [Top]

2.1 Overview

The following policies govern the budgetary control process. An explanation is provided identifying the roles of the University Budget Office (UBO) in carrying out the budgetary control policies. The policies articulate ways in which budgetary control impacts each of the three divisions of the University. Special budgetary control situations, such as those related to sponsored programs, are covered. The policies apply to all University funds, both State and Local.


2.2 Determination of Levels of Budgeting

The UBO has primary responsibility for determining the level of budget detail at which operating budgets and capital budgets will be established. The requirements placed on the University by the State to control and specifically budget certain expenditure categories are major factors in determining the categories for which budgets are established.

Major responsibility for determining levels of budgeting is delegated as follows:

Area

Delegated To

Sponsored Programs

Director, Office of Sponsored Programs

Medical Center

CEO, Medical Center

University of Virginia's College at Wise

Chancellor, University of Virginia's College at Wise

2.3 Responsibility for Establishing and Approving Initial Budgets

The University Budget Office has primary responsibility for establishing all initial budgets on an annual basis unless specifically excepted in this statement. All  initial budgets entered as transactions to the University Oracle Applications must be approved by the UBO and must be consistent with the annual operating or capital budgets approved by The Board of Visitors.

The Office of Sponsored Programs has been delegated full authority to establish and approve initial project period budgets related to sponsored program accounts subject to any restrictions placed by the sponsor and consistent with the operating budget of the University.

Authority to establish initial budgets for Agency Code 209 (Medical Center) is delegated to the CEO, Medical Center subject to guidelines established by the UBO.

2.4 Responsibility for Budget Revisions

The UBO has primary responsibility to approve and transact all award installment revisions unless specifically excepted in this statement.  In Oracle Grants Management, the UBO delegates to award managers the responsibility for modifying the funding of projects and delegates to project managers the responsibility of modifying award and project budgets. The budgets must be consistent with the annual operating or capital budgets approved by The Board of Visitors and will be subject to oversight by the UBO.

The Office of Sponsored Programs has been delegated full authority to establish and approve project period budget revisions related to sponsored program accounts subject to any restrictions placed by the sponsor and consistent with the operating budget of the University.

Authority to revise operating budgets for Agency Code 209 (Medical Center) is delegated to the CEO, Medical Center subject to guidelines established by the UBO.

See also Procedure 3-1, "Preparation of Request for Budget Change and Notice of Budget Amendment."


2.5 Responsibility for Monitoring Actual Expenditures and Revenues Relative to the Budget

It is the policy of the University that persons responsible for operating units adhere to budgets which are approved directly or indirectly by The Board of Visitors and included in the University Oracle Systems. It is the responsibility of the UBO to monitor award and project activity to identify expenditure or revenue activity which is inconsistent with approved budgets.

Major responsibility for monitoring and controlling operating budgets is delegated as follows:

Area

Delegated To

Sponsored Programs

Director, Office of Sponsored Programs

Medical Center

CEO, Medical Center

University of Virginia's College at Wise

Chancellor, University of Virginia's College at Wise

Authority rests with the UBO to prohibit expenditures and reallocate revenues which are at variance with approved budgets. The UBO will contact departmental and school officials, as appropriate, to correct overbudget conditions.


2.6 Budgeting of Agency Accounts

By definition, agency accounts are held by the University of Virginia in a custodial capacity. Accordingly, The Board of Visitors does not have operational control over the revenues and expenditures in agency accounts. It is the policy of the University to exclude agency accounts from the annual operating budget.

Responsibility for the Financial Review of Capital Outlay Requests and Related Submission.

It is the responsibility of the Capital Budget Manager to review and approve the financial data pertaining to all capital outlay forms prior to their submission to the central State agencies and to confirm the source of all funding for capital projects as part of the review/approval process.

Coordination of capital outlay projects with the State Department of Planning and Budget is the responsibility of the Capital Budget Manager.

3.0 Definitions [Top]

4.0 References [Top]

Procedure 3-1, "Preparation of Request for Budget Change and Notice of Budget Amendment."

5.0 Approvals and Revisions [Top]

Previous version in effect from 7/9/93 to 2/1/00 available in policy archive.

This policy has been replaced by Oversight of University Operating and Capital Budgets and Long-term Financial Plans on 6/8/09.


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