GENERAL INFORMATION

n coordination with the Office of State Finance, the State Regents' Office revised institutional budget reporting requirements to conform more closely with the National Association of College and University Business Officers (NACUBO) standards. The change resulted in budget allotments established by activity. Regulations state that expenditures cannot exceed allotments by individual activity. Refer to Activity Codes in the glossary.

The University of Oklahoma Board of Regents further defined budget reporting to include eleven budgetary classifications as expenditure objects. There are no restrictions regarding the transfer of funds between individual budgetary classifications within an activity. For a detailed description of each object code, refer to Object Codes in the glossary.

For educational and general accounts, the 1X2-7XXX, 272-7XXX, and 362-7XXX account series, a budget is the authority to spend up to the funding level established in the operating budget. The Budget Revision Request form is used to change the funding level within an account, or to transfer funding between accounts within like account series. Refunds from vendors (e.g., unused airline tickets, refund from overpayment of goods or services, etc.) should be processed as expense transfers instead of budget revisions. For a detailed procedure, refer to Controller's section. Download a Budget Revision Form and other Budget Office related forms.

For service units and agency special accounts, a budget is the statement of anticipated income and expenditure. A budget revision is used to increase or decrease anticipated income for service units, 1X4-7XXX accounts and agency special accounts, 1X7-XXXX. Any account budgeted on an accrual basis should contact Financial Support Services prior to submitting a budget change.

Complete section to process transactions which will affect the current year funding.

In addition to completing the section for current year changes, all continuing changes in funding should be indicated in the permanent change section. When considering transactions that affect the permanent budget, the amount must be based on an annualized rate, i.e., for a full fiscal year. Therefore, the amounts for current year changes and permanent changes will most likely be different.

For example, funding is committed for a faculty appointment which is effective with the spring semester. The amount of funding required in the current year section would be half of the annual salary amount reflected in the permanent change section. The permanent change will be reflected on the subsequent budget worksheet and budget target.

Each department is responsible for maintaining the current level of fringe benefit support for E&G salary and wage positions. Currently, if a position's level of funding is increased during the year, without a corresponding decrease in another benefit supported line-item position, the associated benefit costs must be transferred from departmental funds to the central benefits account. The estimated average benefit cost is 25 percent for faculty, monthly staff, and hourly staff. This transaction should be reflected in the current year change and the permanent change section; however, the amounts may be different depending upon the effective date of the change in funding level.

Financial Support Services is required to make offsetting entries for transactions increasing or decreasing income for certain E&G accounts. Departments that have an income account in the 1X1-8XXX or 1X2-7XXX series and earn all, or a portion, of the budgeted expenditures should use this section to reflect an income change.

To be completed by the Foundation as authorization to change E&G funding.

Remarks indicating the reason for the request are required to document the request.

Account sponsor of decreasing account must sign. Since provost/vice president approval process varies, departments should check for appropriate signature requirements.

The account sponsor of the decreasing account should sign form, detach the gold copy to retain for departmental files, and forward packet to the appropriate dean/director for approval prior to submission to the provost/vice president. The pink copy should be retained by the provost/vice president and the remaining packet forwarded to the Budget Office.

After review and data entry, the canary copy will be returned to the account sponsor, via the dean if applicable. The green copy will be forwarded to Financial Support Services. The white copy will be retained by the Budget Office.

To reduce delay in processing, it is very important to complete the form correctly. Prior to data entry, a form may be returned for the following reasons:

• Insufficient funding in decreasing line-item.
• Permanent funding not identified for salary and wage funding level changes.
• Benefit costs not funded.
• Personnel action form missing.

Note: Always staple a copy of the personnel action form to the budget revision for the Budget Office. Check with the dean and provost to determine if additional copies should be included.

• Signature approval missing.
• Form not completely filled out, i.e., missing area/org number, object code, position number (if applicable), etc.
• Funding does not agree with the attached personnel action form.

The Budget Revision Request form (OU-6020-C) is available from the University Storeroom, stock number 58007. See completed examples 1 and 2.

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