Key Contacts

If you have questions, please contact your departmental accountant.

Applicability

DEOs, Departmental Administrators, Research Administrators, Departmental Accountants

Policy Purpose and Description

N/A

Definitions

N/A

Procedure

At the end of the fiscal year, balances and deficits in accounts funded by the General Education Fund 050 are handled in the following ways.

For salary and fringe benefits for faculty, staff, and teaching assistants: Balances revert to the College. If there is a deficit, the Department may request additional funds from the College, or the deficit must be covered by other departmental funds.

For non-recurring general expense/equipment budgets: Balances will revert to the College or appropriate funding unit during second close. In addition, any funds not used for the purpose they were allocated for will also be returned to CLAS. If there is a deficit, the department may request that the College allocate funds to cover the deficit, or the deficit must be covered by other departmental funds.

Cost Sharing Accounts (grant program ID of #3xxxxxxx): If balances are expected at fiscal year-end, please provide your CLAS departmental accountant with documentation from Grant Accounting that carryover is allowable. Grant Accounting will sweep these balances and re-establish eligible accounts at the beginning of the next fiscal year.

For recurring general expense budgets: At fiscal year-end the College does not review whether departments’ expenses stayed within budget at the “institutional account” level but rather at a WhoKey level.

Carryover: Any request for carryover needs to be approved by the Director, Business & Financial Administration. Departments should first work with their CLAS accounting contact.

Forms

N/A

Frequently Asked Questions

N/A

Related Information

N/A

Revision History