Fiscal Year

KSU's financial year, which runs from July 1 through June 30.

Organizational Unit

A division, department, or other distinct unit within KSU with an allocated budget.

Principles of Financial Stewardship

Principles of Financial Stewardship include:

• Demonstrating accountability for the use of resources by ensuring transparency and adhering to KSU policies and procedures.
• Managing resources for the benefit of KSU and its stakeholders.
• Maximizing benefits derived from resources while minimizing waste and misuse.
• Ensuring long-term viability and responsible use of resources for future generations.
• Adhering to moral principles and maintaining integrity in all financial dealings.
• Developing clear financial goals and strategies to achieve them.
• Monitoring financial activities to ensure they align with plans.
• Expending funds in accordance with any related agreements (e.g., grant agreements, contractual agreements).

PROCESS:

Budget Development and Approval

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.

Budget Implementation and Management

Following the Board's approval of the budget, the Budget Office loads the budget into KSU's financial record system and communicates this information to organizational units within five (5) working days.

Throughout the fiscal year, budget reviews must be conducted to assess the need for any significant adjustments to the budget, based on actual performance and updated forecasts. Adjustments to the current year's budget must be processed in a timely manner so that the budget always represents a current estimate of revenues and a realistic plan for expenditure.