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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

Budget Flexibility

Financial Planning & Budgets

http://fsv.uncg.edu/budgetflex.ppt

budget flexibility3
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?
budget flexibility4
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)
budget flexibility5
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
budget flexibility6
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)
budget flexibility7
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
budget flexibility8
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
budget flexibility9
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
budget flexibility10
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
budget flexibility11
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)
budget flexibility12
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)
budget flexibility13
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
budget flexibility14
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!