Crest for Policies 

Policy G4
Policy Name: Operating Budget Transfers
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  

V. Contacts  

Subject

Office Name

Title or Position

Telephone Number

Email/URL

Budget Matters

Financial Services

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, Vice Presidents 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
  • 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 Chief Financial Officer 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 Chief Financial Officer who will obtain the appropriate approval as outlined below.
Vice President of Finance

May approve transfer requests for an amount less than $10,000.

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. By the tenth day of each month, each department head will submit to the Chief Financial Officer a list of all budget transfers approved for his/her department during the preceding month. The 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