7.1.38 Budget Officers 

Policy

A Budget Officer is an individual who holds a position at the University with an oversight role for financial activity. 

• Ensure funds are received, spent and managed in accordance with the University's policies and mission. 
• Understand and ensure compliance with University, federal, or sponsoring agency regulations, policies, and procedures. 
• Transactions are posted appropriately to the ledger in a timely manner. 

Responsibilities 

Budget Management 

The Budget Officer is responsible for the annual creation of budgets that align with University operations and anticipated revenues and expenditures.  The Budget Officer is responsible for maintaining defined operating and personnel budgets and appropriate fund balances for designated accounts.  It is also the Budget Officer's responsibility to adjust budgets in accordance with University guidelines. 

Financial Transaction Management 

It is the Budget Officer's responsibility to approve expenditures in alignment with University policies and operations. All requisitions and invoices must be approved by the Budget Officer.  This task may be delegated to another faculty/staff member.  The named Budget Officer will retain responsibility. 

Financial Review 

The Budget Officer is responsible for regular monitoring of designated accounts to ensure expenditures are within defined budgets and appropriate fund balances are maintained. The Budget Officer is also responsible for ensuring all financial activities are accurate and correcting identified discrepancies. When a secondary source of financial activity is involved, a reconciliation is required. 

Internal Controls and Management Responsibilities 

The Budget Officer is responsible for ensuring internal controls are established, documented and followed within their unit(s). It is also the Budget Officer's responsibility to understand and follow University fiscal policies and procedures and keep abreast of policy changes. 

Property Control Custodianship

Budget Officers are delegated to the responsibility of maintaining proper accountability and control of the equipment within their jurisdiction.