Budget Calendar

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A. Preliminary Operating Budget

President′s Staff, Dean of the Faculty and Vice Presidents  A1

President, Dean of the Faculty and Vice Presidents convene Summer Planning Retreat to consider progress towards strategic initiatives, budget priorities, financial goals and Balanced Scorecard progress. 

July

Vice President for Finance and Business Affairs  A2

Gets revenue projections and compensation projections from:

  • Vice President for Finance and Business Affairs - Room and Board, Endowment Allocation. 
  • Dean of Admissions – Tuition, Financial Aid, Application Fees and projected enrollment.
  • Dean of the Faculty – McCoy Series, Summer School, Summer Scholars.
  • Vice President for Development – Annual Fund Income.
  • Dean of Students – Swimming Pool, Miscellaneous Athletic Income, etc.
  • Director of The Meeman Center – The Meeman Center Programs, Summer Programs.
  • Director of Human Resources – Faculty and staff salary and fringe benefit cost projections

14 Sept.

Vice President for Finance and Business Affairs  A3 Recommends to the President percentage guidelines for the Annual Operating Budget after updating multi-year budget projections. 21 Sept.
President  A4 Consults with President′s Staff and makes decision regarding percentage guidelines for the Annual Operating Budget. 23 Sept.
Vice President for Finance and Business Affairs  A5 Sends to President′s Staff non-salary budget request forms for distribution. 5 Oct.

Vice President for Finance and Business Affairs

 A6 Consults with the President, Dean of the Faculty and Vice Presidents regarding the percentage guidelines for the Annual Operating Budget. Prepares budget multi-year budget  history and forwards non-salary worksheets to Vice Presidents for discussion with Department Heads. 12 Oct.
Deans/VPs  A7 Gets from faculty and administrative department heads non-salary budget requests. 29 Oct.
Deans/VPs  A8 Submits non-salary budget requests to the Vice President for Finance and Business Affairs. 9 Nov.
Vice President for Finance and Business Affairs  A9 After consulting with the President’s Staff, presents first draft of the Preliminary Operating Budget to the President. 1 Dec.
Vice President for Finance and Business Affairs  A10 Presents a second draft (if necessary) Preliminary Operating Budget to President’s Staff for consultation and advice. 8 Dec.
Vice President for Finance and Business Affairs  A11 Recommends a Preliminary Operating Budget showing all income, total salary expense, and all non-salary expenses, to the President. 13 Dec.
 President  A12 Revises second draft, as necessary, and submits Preliminary Operating Budget to the Board of Trustees. 15 Dec.
  B. Detailed Operating Budget
Director of Human
Resources
 B1 Obtains approval of faculty salary contract forms from the President and gathers from full-time faculty information on remunerative employment elsewhere 12 Jan.
Dean of the Faculty  B2 Makes recommendations regarding faculty salary and special provisions (such as sabbaticals, outside employment, etc.) to the President. 18 Feb.
Dean of the Faculty  B3 Obtains approval of faculty salaries and special provisions and sends to the Director of Human Resources. 8 March 
Director of Human
Resources
 B4 Coordinates preparing faculty contracts and sends them to the Dean of the Faculty. 10 March
Dean of the Faculty  B5 Reviews and signs all faculty contracts and sends them to the President for signature. 11 March
Dean of the Faculty  B6 Signs faculty contracts and returns them to the Director of Human Resources. 12 March
Director of Human
Resources
 B7 Distributes faculty contracts. 15 March
Vice President for Finance and Business Affairs  B8 Prepares a revised budget and submits to the President and President′s Staff for further review and consultation. 2 April
President  B9 Makes revised budget recommendations to the Board. 13 April
Director of Human
Resources
 B10 Coordinates the preparation of non-faculty salary letters and sends them to the appropriate Vice President/Dean. 9 June
Deans/VPs  B11 Reviews and signs staff salary letters. 14 June
Director of Human
Resources
 B12 Distributes staff salary letters 18 June
Comptroller  B13 Complete loading of all departmental budgets into Banner Administrative Software System. 1 July
C. Renovation & Replacement Budget and
D. Update Capital Needs

President′s Staff

 CD1 Gathers requests from faculty department chairs and administrative department heads. 14 Jan.
President′s Staff  CD2 Sends divisional renovation and replacement requests to the Vice President for Finance and Business Affairs, who sends a copy to the Vice President for Development (to update the document entitled “Gift Opportunities/Capital Needs List”) 14 Feb.
Vice President for Development  CD3 Drafts updated “Gift Opportunities/Capital Needs List” and submit it to the President. 6 March
Vice President for Finance and Business Affairs  CD4 Submits first draft of Renovation and Replacement Budget to the President for changes or approval. 14 March
Vice President for Finance and Business Affairs  CD5 President consults with President′s Staff, and Vice President for Finance and Business Affairs after year-end forecast is completed to determine budget allocations for renovation and replacement. 3 April
President  CD6 Approves Renovation and Replacement Budget priorities and operating reserve requirements after consulting with Vice President of Finance. 15 June

E. Administration of Current Operating Budget

Vice President for Finance and Business Affairs  E1 Recommends to the President adjustments to the major enrollment-driven accounts in the present year′s budget, and recommends budget revision in light of these adjustments. 10 Sept.
Comptroller  E2 Monitors departments exceeding their year-to-date budget, and, if necessary, consults with Department Heads about need to make current year budget adjustments. Beginning in December
Vice President for Finance and Business Affairs  E3 If necessary, prepares a revised budget and submits to the President to insure that the budget will end the fiscal year in the black. Whenever Necessary

Revised February 12, 2008.
In effect April 26, 2004.
Vice President for Finance and Business Affairs.