Budget Calendar

A. Preliminary Operating Budget

President′s Staff and Vice Presidents

A1

President and Vice Presidents convene Summer Planning Retreat to consider progress towards strategic initiatives, budget priorities, financial goals and Balanced Scorecard progress.

July

Vice President for Finance and Business Affairs

A2

Gets revenue projections and compensation projections from:

  • Vice President for Finance and Business Affairs - Room and Board, Endowment Allocation.
  • Dean of Admissions – Tuition, Financial Aid, Application Fees and projected enrollment.
  • Dean of the Faculty – McCoy Series, Summer School, Summer Scholars.
  • Vice President for Development – Annual Fund Income.
  • Dean of Students – Swimming Pool, Miscellaneous Athletic Income, etc.
  • Director of The Meeman Center – The Meeman Center Programs, Summer Programs.
  • Director of Human Resources – Faculty and staff salary and fringe benefit cost projections

14 Sept.

Vice President for Finance and Business Affairs

A3

Recommends to the President percentage guidelines for the Annual Operating Budget after updating multi-year budget projections.

21 Sept.

President

A4

Consults with President′s Staff and makes decision regarding percentage guidelines for the Annual Operating Budget.

23 Sept.

Vice President for Finance and Business Affairs

A5

Sends to President′s Staff non-salary budget request forms for distribution.

5 Oct.

Vice Presidentfor Finance and Business Affairs

A6

Consults with the President and Vice Presidents regarding the percentage guidelines for the Annual Operating Budget. Prepares budget multi-year budget history and forwards non-salary worksheets to Vice Presidents for discussion with Department Heads.

12 Oct.

Deans/VPs

A7

Gets from faculty and administrative department heads non-salary budget requests.

29 Oct.

Deans/VPs

A8

Submits non-salary budget requests to the Vice President for Finance and Business Affairs.

9 Nov.

Vice President for Finance and Business Affairs

A9

After consulting with the President’s Staff, presents first draft of the Preliminary Operating Budget to the President.

1 Dec.

Vice President for Finance and Business Affairs

A10

Presents a second draft (if necessary) Preliminary Operating Budget to President’s Staff for consultation and advice.

8 Dec.

Vice President for Finance and Business Affairs

A11

Recommends a Preliminary Operating Budget showing all income, total salary expense, and all non-salary expenses, to the President.

13 Dec.

President

A12

Revises second draft, as necessary, and submits Preliminary Operating Budget to the Board of Trustees.

15 Dec.

B. Detailed Operating Budget

Director of Human Resources

B1

Obtains approval of faculty salary contract forms from the President and gathers from full-time faculty information on remunerative employment elsewhere

12 Jan.

Vice President for Academic Affairs

B2

Makes recommendations regarding faculty salary and special provisions (such as sabbaticals, outside employment, etc.) to the President.

18 Feb.

Vice President for Academic Affairs

B3

Obtains approval of faculty salaries and special provisions and sends to the Director of Human Resources.

8 March

Director of Human Resources

B4

Coordinates preparing faculty contracts and sends them to the Vice President for Academic Affairs.

10 March

Vice President for Academic Affairs

B5

Reviews and signs all faculty contracts and sends them to the President for signature.

11 March

Vice President for Academic Affairs

B6

Signs faculty contracts and returns them to the Director of Human Resources.

12 March

Director of Human Resources

B7

Distributes faculty contracts.

15 March

Vice President for Finance and Business Affairs

B8

Prepares a revised budget and submits to the President and President′s Staff for further review and consultation.

2 April

President

B9

Makes revised budget recommendations to the Board.

13 April

Director of Human Resources

B10

Coordinates the preparation of non-faculty salary letters and sends them to the appropriate Vice President/Dean.

9 June

Deans/VPs

B11

Reviews and signs staff salary letters.

14 June

Director of Human Resources

B12

Distributes staff salary letters

18 June

Comptroller

B13

Complete loading of all departmental budgets into Banner Administrative Software System.

1 July

C. Renovation & Replacement Budget and

D. Update Capital Needs

President′s Staff

CD1

Gathers requests from faculty department chairs and administrative department heads.

14 Jan.

President′s Staff

CD2

Sends divisional renovation and replacement requests to the Vice President for Finance and Business Affairs, who sends a copy to the Vice President for Development (to update the document entitled “Gift Opportunities/Capital Needs List”)

14 Feb.

Vice President for Development

CD3

Drafts updated “Gift Opportunities/Capital Needs List” and submit it to the President.

6 March

Vice President for Finance and Business Affairs

CD4

Submits first draft of Renovation and Replacement Budget to the President for changes or approval.

14 March

Vice President for Finance and Business Affairs

CD5

President consults with President′s Staff, and Vice President for Finance and Business Affairs after year-end forecast is completed to determine budget allocations for renovation and replacement.

3 April

President

CD6

Approves Renovation and Replacement Budget priorities and operating reserve requirements after consulting with Vice President of Finance.

15 June

E. Administration of Current Operating Budget

Vice President for Finance and Business Affairs

E1

Recommends to the President adjustments to the major enrollment-driven accounts in the present year′s budget, and recommends budget revision in light of these adjustments.

10 Sept.

Comptroller

E2

Monitors departments exceeding their year-to-date budget, and, if necessary, consults with Department Heads about need to make current year budget adjustments.

Beginning in December

Vice President for Finance and Business Affairs

E3

If necessary, prepares a revised budget and submits to the President to insure that the budget will end the fiscal year in the black.

Whenever Necessary