Best Practices

Review Summary Reports Monthly

Monthly actuals reports show year-over-year totals for three years to assist in trend analysis and the identification of unusual activity or delays in expected entries.

Review Spendable Balance Reports

  • Select or sort negative balances and address reasons for deficits.

    • Do assignments or other revenue entries need to be made for departmentally managed funds?

    • Does expense need to be shifted to other allowable funds, in cases where the fund overall is in deficit?

    • Is there a need to reallocate expense budgets for activity on the General Fund?

  • Prior to the fiscal year close, ensure that fund assignments and expense shifts have been made so that deficits do not roll over at the department, fund, or program level. 

Manage within Spendable Balance

  • Administrative departments are expected to manage General Fund activity within their authorized General Fund expense budgets. 

  • Departments that anticipate exceeding their authorized expense budget should discuss options with their cabinet officer budget representatives, who may notify the Office of Planning, Budget, and Analysis of potential budgetary problems as they arise. 

  • Each administrative VP / Dean’s area is asked to send fiscal year-end General Fund and Institutional Expense Fund forecasts to the Office of Planning, Budget, and Analysis by early March each year.

Review Spending 

Review for consistency with donor restrictions (most gift and endowment funds) as well as internal designations for specific purposes, where applicable.