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The University Budget & Finance Office and University financial managers will routinely oversee current non-sponsored funds and plant funds, ensuring that:

• year-to-date resources and expenditures are occurring in a manner consistent with the budget plans
• resource shortfalls and expenditure overruns are identified as early as possible
• deficit spending does not occur
• budget adjustments are reviewed and entered into the University financial system

The University is committed to effective resource management and accountability. Ongoing budget oversight is provided to ensure that resources and expenditures are occurring in general conformity with the budget plan. Throughout the fiscal year, budget managers will monitor resources and expenditures to determine whether the financial outlook for their accounts is unfolding as planned or is changing significantly. If significant changes are detected, the underlying reasons for the changes shall be identified and, if needed, appropriate corrective action shall be taken.

• Procedures for Budget Adjustments

There are no forms for this policy.

Direct any general questions about this policy to your department Resource Responsibility Center Manager. If you have specific questions, contact the University Budget & Finance.

Subject	Contact	Phone	Fax/Email
Primary Contact	Julie Tonneson	612-626-9278	tonne001@umn.edu
Budget Oversight	University Budget & Finance	612-625-4517	ubudget@umn.edu

There are no definitions for this policy.

DeptID Managers

Monitor funds and determine & implement necessary corrective actions.

RRC Managers

Oversight of funds to identify ongoing issues/challenges and provide recommendations and/or solutions.

University Budget & Finance Office

Monitor funds to identify DeptIDs that have outstanding issues/challenges.

There are no appendices for this policy.

There are no Frequently Asked Questions for this policy.

• Administrative Policy: Budget Development for Non-Sponsored Funds
• Current budget instructions are available at the University Budget & Finance website

Amended:

July 2008 - Updated to reflect rollout of Enterprise Financial System (EFS).

Amended:

March 2007 - Updated Contact Information and Related Information.

Amended:

July 2000 - Updated Related Information

Amended:

June 1996 - Updated Related Information

Amended:

June 1995

Amended:

November 1994 - Added appendix.

Effective:

June 1994

To obtain a copy of a historical policy, e-mail the U Policy Librarian at policy@umn.edu or call 612-624-4372.