Closing the General Fund

• Transfer of Authorized Savings: Because the General Fund does not automatically roll over and is expected to close with a $0 balance, any authorized savings must be transferred by the Office of Planning, Budget, and Analysis to specific departmentally managed chartstrings during the fiscal year close.

• Sweep of Variances: Any positive or negative variance against the General Fund expense budget in administrative departments will be swept to (or from) the Administrative Department Allowance Fund, A0015, for participating VP / Dean areas. 

• Review of Unallowable Costs: Academic departments are asked to review the Academic Department Budgeting and Planning page to ensure than any unallowable costs are moved to departmentally managed funds well before the close.

Closing the Institutional Expense Fund

• Review Charge Accuracy: Prior to the second close, administrative departments that manage Institutional Expense Fund charges are expected to review their activity and ensure that no charges have been erroneously booked. 

• Preparation for Fiscal Year Close: The Office of Planning, Budget, and Analysis makes entries during the fiscal year close to cover all approved General Fund activity. 

Closing Departmentally Managed Funds

• Rollover of Unencumbered Balances: The actual “unencumbered balance” at each department-fund-program combination is rolled over automatically after the third budget close, becoming the “beginning balance” for departmentally managed funds on the subsequent fiscal year’s reports.  

• Management of PO Rolls: Encumbrances visible on reports at the final close are rolled through the PO roll process, and are not included in actual rollover balances.