Budget Control Approval and Transfers Presented By Aika

Budget Control Approval and Transfers Presented By: Aika M. Nguma

Background College funding sources: state appropriations, local taxpayers, tuition and fees Expenses receive a substantive review The College must ensure that all expenses are necessary in the fulfillment of its stated mission, are incurred at a reasonable cost, and are bona fide business expenditures The College is required to adhere and report to the Integrated Postsecondary Education Data System (IPEDS) and other agencies (i. e. THECB, NACUBO, etc. ) FOAP codes are the chart of accounts elements used for classification, budgeting, recording, and reporting.

Background Budgets are allocated to departments during the Budget Development phase and after approval by the Board of Trustees Budgets may be used from September 1 to August 31 Unused funds do not roll over to future fiscal years

Budget Availability Check the budget availability of an organization through FGIBAVL (prior to requisitions and budget transfers)

Budget Availability If FGIBAVL shows pending documents

Initiating Requisitions Expenses need to be recorded in the FOAP code most relevant to the expense, and the FOAP code to charge must not to be determined solely on the basis of fund availability

Requisition Expense Account Codes http: //finance. southtexascollege. edu/businessoffice/forms/ap/Account_Classifications. pdf

Requisitions Cycle Requisition initiated at department Purchasing Department-Reviews requisition and documentation Business Office – Approves/Disapproves requisition based on budget availability Financial Manager-Approves/Disapproves requisition Purchasing Department-Reviews documentation and assigns a Purchase Order # Vendor-Receives the PO#, issues items, and issues an invoice to Accounts Payable Department Receiving Department-Receives and delivers purchased items Accounts Payable-Processes invoice for payment When the requisition is disapproved at any point, it goes back to initiator and the cycle restarts

Requisitions Inquiry Forms FOIAPPH – Documents Approval History Form FOIAPHT – Approval History Form FPIREQN – Requisition Query Form FPIPURR – Purchase Order Query Form FAIINVE – Invoice Query Form FGIDOCR – Document Retrieval Inquiry FOIDOCH (REQ-Requisition, PO-Purchase Order, INV-Invoice) FOAAINP – Document Approval Form Queue Level 5 – Purchasing 10 – Business Office 20 – Financial Manager

Budget Transfers Increase or decrease the available budget balance of an organization in the current fiscal year In anticipation of future purchase Clear negative balances Reviewing and balancing an organization’s budget is necessary Verify budget availability, in order to submit budget transfers with ample time Form BO-3500 http: //finance. southtexascollege. edu/businessoffice/BO-forms. html Handwritten, faxed, scanned, incomplete, or altered budget transfer forms are not allowed and will be disapproved

Budget Transfer Form

Budget Transfer Form Examples Transfer within the same fund code, different organization, different account

Budget Transfer Form Examples Transfer within the same fund code, same organization, different account code Transfer within different fund code, different organization, same account-Not Allowed

Budget Transfer Form

Budget Transfer Form

Budget Transfers Processing Submit your transfer request with ample time to avoid processing delays Budget transfers will be processed within 48 hours of receipt Form must be completed properly

Contact Information Elena Jimenez: 872 -4620 [email protected] edu Aika M. Nguma: 872 -4644 [email protected] edu Nicole Perez: 872 -4640 [email protected] edu