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doc13992 University_Budget_Policy.pdf

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Page 1

16 item(s) JSON
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Page 1 JSON
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            "text": "KENTUCKY STATE UNIVERSITY",
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            "text": "Policies and Regulations",
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            "text": "POLICY TITLE:\nUniversity Budget"
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            "text": "APPLIES TO:\nAll Divisions and Departments"
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            "text": "ADMINISTRATIVE AUTHORITY:\nDivision of Finance and Administration\nChief Financial Officer (CFO)"
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            "text": "APPROVED BY:\nKentucky State University Board of Regents"
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            "text": "EFFECTIVE DATE:\nAugust 8, 2025",
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            "text": "NEXT REVIEW DATE:\nAugust 8, 2028"
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            "text": "POLICY STATEMENT:",
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            "text": "The University Budget represents a financial plan for each fiscal year (July 1 through June 30). This policy governs the development, approval, management, and oversight of the budget to ensure fiscal responsibility, proper stewardship of funds, and alignment with KSU's strategic objectives."
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            "text": "Funds are allocated to organizational units to provide for the operation of institutional programs and services. Organizational units are required to expend funds in the best interest of KSU by utilizing the principles of financial stewardship."
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            "text": "DEFINITIONS:",
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            "text": "Budget Office",
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            "text": "The central KSU office responsible for coordinating the budget planning, allocation, and monitoring process."
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Page 2

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                    "text": "Demonstrating accountability for the use of resources by ensuring transparency and adhering to KSU policies and procedures.",
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                    "text": "Adhering to moral principles and maintaining integrity in all financial dealings."
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                    "text": "Developing clear financial goals and strategies to achieve them."
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            "text": "Each organizational unit must submit a budget proposal that is aligned with KSU's strategic objectives, the unit's needs, and available resources. The Budget Office consolidates proposals into a preliminary, balanced budget for review by the President and Chief Financial Officer. Upon approval, the budget is presented to the Board of Regents for approval prior to the beginning of the next fiscal year."
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Page 3

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            "text": "If total revenue or expenses deviate by five percent (5%) or more from the Board-approved budget, the Budget Office will recommend an adjusted budget to the President and Chief Financial Officer. Upon review and finalization, the President and Chief Financial Officer shall request approval from the Board of Regents. Following approval, updates to organizational budgets are made within KSU's financial record system and communicated to the KSU community within five (5) working days."
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            "text": "The Budget Office must monitor the budget-versus-actual results on a monthly basis to ensure revenues and expenses are within the approved budget. Variances between the budgeted and actual results are analyzed to understand the causes and to inform future budgeting processes. Significant variances shall be investigated. Corrective action will be taken against employees who cause significant variances without a justifiable reason, in accordance with KSU's Corrective Action Policy."
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            "text": "All budgets must be maintained in a balanced manner throughout the fiscal year. Budget adjustments may take the form of revised organizational unit budgets or transfers between units (reallocation of funds). Such adjustments require approval by the organizational unit's authority, the area Vice President, the Chief Financial Officer, and/or the President, as appropriate."
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            "text": "Responsibilities",
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                    "text": "Working with units to resolve deficit spending issues."
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                    "text": "Organizational units are responsible for:"
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                    "text": "Developing annual fiscal year operating budget requests according to the Budget Office's schedule and guidelines."
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                    "text": "Ensuring unit stakeholders are aware of the sources and uses of funds at their disposal.",
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