Effective Januray
1, 2005 the following budget to actual comparison
process was implemented (PeopleSoft):
UND, including the School of Medicine and
Health Sciences, prepares an annual budget
consisten with guidance from the State Board
of Higher Education (SBHE). The annual budget
is approved by the Chancellor on behalf of
the SBHE. To the greatst extent practical,
all funds are budgeted (good faith effort)
based on information available at the time
the budget is prepared. Budgets are adjusted
throughout the year as needed.
A variety of inquiries, reports and queries
are available for use in reviewing actual fund
activity as compared to budget and/or available
cash. Examples include budgets overview and
budget status reports (both in commitment control)
as well as general ledger summary report and
trial balance (found in the general ledger).
In addition, system edits are available to
facilitate budget checking. This provides an
automated comparison to established budgets.
Departments are responsible for the accuracy
of transactions recorded against their funds
and conducting operations within the limit
of funds allocated. The on-line access referenced
above provides departments the necessary monitoring
tools and ongoing training is being offered
to familiarize users with the new system.
The Budget Office, Deans' Offices and Division
Offices also have on-line access to inquiries,
reports and queries which are used as another
layer of review. Questions, corrections and/or
reassignment of sources may result from the
ongoing review process.
The Budget Office also works on predetermined
cycles with recharge centers regarding rate
development, budgeting and subsequent monitoring.
Actual financial data are used in this process
together with activity detail captured at the
departmental level.
In addition to the data available at the various
reporting levels, UND submits the required
budget reporting to the SBHE. Current policy
requires submittal by January 31st for activity
thorugh December 31st, and submittal by July
31st for activity through June 30th.
Information from Summary of Budget
to Actual Comparison Process (08/17/2006) |
