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THE DEPARTMENT BUDGET

THE DEPARTMENT BUDGET. By Glenn Cunningham, Ph.D. Chair, Chemistry Department UCF. FISCAL MANAGEMENT. Planning. Monitoring. Flexibility. BUDGET PLANNING. Good Data on Past Expenses Review Strategic Plan for New Programs Special Commitments. BUDGET PLANNING.

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THE DEPARTMENT BUDGET

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  1. THE DEPARTMENT BUDGET By Glenn Cunningham, Ph.D. Chair, Chemistry Department UCF

  2. FISCAL MANAGEMENT Planning Monitoring Flexibility

  3. BUDGET PLANNING • Good Data on Past Expenses • Review Strategic Plan for New Programs • Special Commitments

  4. BUDGET PLANNING • What are the likely limitations? • What if there is a decrease in funding from the previous year? • What if more funds become available?

  5. BUDGET PLANNING • What are the department priorities? • How do we handle emergencies? • Documentation for all planned purchases. • Faculty and Staff input is critical.

  6. Relationship of Chairs with the Dean and the Deans Budget Office • Trust • Responsibility • Need • Justification • Monitoring

  7. AFTER BUDGET • Budgetary Control • Frequent Monitoring • Agreement with monthly ledger statement

  8. AFTER BUDGET • Transparent – Faculty are fully informed • Be flexible and do not compartmentalize • Contingency plan (cutbacks, etc)

  9. DATABASE PROCEDURES • Enter info into database at the time of credit card purchases or when Requisitions are generated. This ensures that monies are encumbered in a timely fashion. • Develop a paper flow system to ensure that incidental department bills are not lost.

  10. INTERNAL DATABASE SYSTEM • Importance of error-free internal monitoring and reporting system • Database tracking system with multi-report capability

  11. ROLE OF STAFF • Training in the accounting system • Spreadsheet knowledge • Checks and balance system of monitoring

  12. PERSPECTIVE • Budget planning and control is a critical element in a smooth running department – budgets drive programs • Faculty should be informed both during the planning and as changes are made

  13. PERSPECTIVE • Staff expertise in the computing system and in databases is important for accurate monitoring • Keep all budget correspondence, memos, e-mails and transfers for the entire budget year

  14. ANNUAL REPORT OF DEPARTMENTAL ACTIVITIES • Assessment of productivity

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