Financial Planning & Budgets Policy 1 – Functional Responsibility of Budgeting

Financial Planning & Budgets provides basic information and guidance to all departments/schools and offices of the University concerning the establishment, revision, reporting, administration, and control of budgets as directed by the Chancellor, Board of Governors, State Budget Director, and North Carolina General Statutes.

Financial Planning & Budgets coordinates the preparation of the biennial budget request and administers those budgets when approved. The office also administers budgets for auxiliary operations, the Chancellor’s allocation of unrestricted gifts and investment income, student fees and overhead receipts. The office prepares financial projections for the issuance of bonds, auxiliary operations, and student fees.

The budgetary administration of state and trust funds are administered under state budget policy. The nature of each fund type determines whether formal budgetary controls are required. Ultimate responsibility for accountability, administration and control of all budgets has been delegated by the Chancellor to the Vice Chancellor for Business Affairs.

The budgetary administration and special policy considerations of Contracts and Grants are covered in the Contracts and Grants Section of the Policies and Procedures Manual.