Establishing a financial plan within a department helps to ensure that funds which are received and controlled by departments are properly spent, stewarded and administered. Financial planning involves projecting annual expenditures and identifying those transactions which can and should be charged to restricted Funds. This planning process helps to identify those expenses which can be charged to the most narrowly restrictive Funds thereby ensuring their proper use. It is the University expectation that, when possible, the funds in the most restrictive Funds be used prior to the funds in the less restrictive Funds.
At a minimum, a financial plan should be established at the beginning of each fiscal year. This plan should be discussed with the chair/director of the department. The financial plan should be re-evaluated as funding changes occur throughout the year.