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Fiscal Year-End Closing
Fiscal Year-End Budget Review
Purpose:
After the close of the fiscal year, a review is made of actual and
budgeted expenditures.
Over-budget academic and administrative departments:
- The Budget Office will review all departments that have overspent
their fiscal year budgets after the year has been
closed.
- If an over-budget department has endowed funds or restricted gifts,
and the restrictions on either the endowment funds or gifts
do not prohibit it, these restricted funds will be appropriated to
offset
the over-expenditures.
- For those departments that have neither endowment funds nor gifts,
the new fiscal year budget non-personnel budgets may
be reduced by the prior year over-expenditures after consultation
with the
Department Manager
and his/her Senior Staff person
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