Responsibility for Maintenance: Financial Services
Date of most recent changes: June 21, 2016
I. Policy Statement
This policy sets forth the parameters within which Onondaga Community College may adjust its Operating Budget as the College’s financial needs change during the fiscal year.
II. Reason for Policy
This policy is intended to provide for flexibility in the College’s budgeting process, subject to the requirements of Article 126 of the New York Education Law, the corresponding Education Department regulations, and the Department’s Code of Standards and Procedures for the Administration and Operation of Community Colleges.
III. Applicability of the Policy
All College employees and members of the Board of Trustees should be familiar with this policy.
IV. Related Documents
- New York Education Law Article 126
- Education Department Regulations, 8 NYCRR Part 602
- New York General Municipal Law Section 30
- Onondaga Community College Policy G2 Development, Adoption and Acceptance of the Operating Budget
- Onondaga Community College Policy G3 Amendment of the Operating Budget
- Onondaga Community College Policy G6 Goods and Services Procurement
- Onondaga Community College Department Head Budget Reference Materials
V. Contacts
| Subject | Office Name | Title or Position | Telephone Number | Email/URL |
|---|---|---|---|---|
| Budget Matters | Financial Services | Senior Vice President and Chief Financial Officer | (315) 498-2268 | m.r.manning@sunyocc.edu |
VI. Definitions
| Term | Definition |
|---|---|
| Account Codes | Account Codes enable the College to track expenses internally. Account Codes are designated in the Onondaga Community College Department Head Budget Reference Manual |
| Budget Transfer | A Budget Transfer allows funds appropriated for one purpose in the Operating Budget to be re-allocated to meet other needs that arise after the Operating Budget has been finalized. |
| Division Head | Division Heads include the President, Senior Vice Presidents, Vice Presidents, Deans and Chief Officers. |
| Operating Budget | The Operating Budget is the College’s allocation of operating funds it projects that it will need to implement its educational and auxiliary programs during a particular fiscal year, as finalized and approved pursuant to the College’s Policy on Development, Adoption and Acceptance of the Operating Budget. |
VII. Procedures
1. A department or office seeking a budget transfer must first prepare a written request. The written request should be prepared and submitted as soon as the department or office recognizes the need for a budget transfer. The request must include the following:
- Account Code numbers between which funds will be transferred;
- Amounts of funds which will be transferred;
- An explanation of the need for the transfer and an explanation (if applicable) of why funds were not requested during the Operating Budget approval process;
- An explanation of the reason that funds are available and documentation showing that transferred funds will not be needed for the purposes for which they were originally designated, and;
- An explanation of the impact of the expenditure upon the current and following years’ budgets.
2. The department or office requesting a budget transfer will submit the written request to the appropriate Division Head. The request will be subject to review and approval as follows:
- A Division Head may approve any transfer request that: (1) is within a single department or between departments that they have responsibility for; (2) transfers funds between Account Codes that fall within the same major classification (except salaries and benefits) only, and (3) does not cause the major classification to have a negative balance. Once approved the Division Head should forward to the Financial Services Office to ensure the College budgeting system is updated accordingly.
- All other transfers are subject to approval as set forth below. Division Heads should submit the approval to the Vice President of Finance who will obtain the appropriate approval as outlined below.
Assistant Vice President - Finance and/or Assistant Vice President - Financial Services | May approve transfer requests for an amount less than $10,000. |
|---|---|
| Senior Vice President and Chief Financial Officer | May approve transfer requests for an amount less than $20,000. |
| President | May approve transfer requests for an amount less than $30,000. |
| Board of Trustees | May approve any transfer requests regardless of amount. It is expected that the Board will ordinarily be asked to approve only those transfer requests of $30,000 or more. |
3. Once the transfer has been approved, the approving authority will implement and finalize the transfer by complying with the procedures set forth in the Onondaga Community College Department Head Budget Reference Manual.
4. Financial Services will maintain a file of all budget transfers. The Senior Vice President and Chief Financial Officer will periodically update the Board of Trustees as to the nature and magnitude of approved budget transfers.
Approved by OCC Board of Trustees April 3, 2006
Updated and approved by the OCC Board of Trustees June 21, 2016