Effective Funds Management Policy for Deficits Resolution at UC San Diego

Funds management policy focusing on proactive deficit resolution at UC San Diego. The policy requires active management of deficits with timely resolution plans. Deficits should be resolved before fiscal year end, and any rollovers must be approved by the CFO. Unresolved deficits at year-end may lead to budget adjustments in the current or next year.

• Funds Management
• Deficits Resolution
• UC San Diego
• Policy
• Financial Stewardship

neon593 Follow

Uploaded on Oct 03, 2024 | 0 Views

Download Presentation

Please find below an Image/Link to download the presentation.

The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.

Presentation Transcript

1. Funds Funds Management Management (Overdrafts) (Overdrafts) Policy Policy

2. Agenda Agenda Background Data Sources Policy & Process

3. Background Background Funds deficits at UC San Diego a persistent problem Leadership focused on timely resolution Two Pronged Approach Consistent Measures (Deficit Balance Analytics) Definitive Policy

4. Single Source for Deficit Balance Analytics Single Source for Deficit Balance Analytics http://blink.ucsd.edu/finance/accounting/deficit/ http://blink.ucsd.edu/finance/accounting/deficit/

5. Policy: PPM 300 Policy: PPM 300- -2 2 First Published February 2017 Revised September 2017 Internal audit found original version of policy lacked clear accountability and defined process for deficits resolution Management agreed to resolution of audit finding by strengthening accountability and defining a clear process to manage timely resolution of existing and future deficits. Required update to 300-2. (http://adminrecords.ucsd.edu/PPM/docs/300-2.html)

6. Overdraft/Deficit Resolution Process Overdraft/Deficit Resolution Process Three Process Routes Self Supporting Sponsored Projects Other Funds

7. Policy Policy Summary Summary Funds must be more actively managed to avoid deficits Resolution plans must be developed and approved Deficits must be resolved promptly Deficits should normally be resolved before fiscal year end Actively managed deficits may be rolled over to next fiscal year with CFO approval Rollover requests consolidated and submitted through Vice Chancellor to Campus Controller for review Planned rollover of deficits must be submitted and approved by the CFO before March 31 annually Deficits without an approved rollover must be resolved by June 30 Unresolved deficits/unapproved rollovers at year end will be subject to current or next year budget adjustments

8. Campus Budget Office Role Campus Budget Office Role Throughout the year, the Campus Budget Office (CBO) will meet with each Vice Chancellor s financial officers to review existing and anticipated deficits that do not have an approved resolution plan. Deficit balances that do have long-term resolutions plans will be monitored regularly for progress. CBO will help financial officers identify fund sources that can be used to clear deficits prior to requesting approval to roll over the overdraft balance into the new fiscal year as outlined in the policy. As part of the annual budget process, CBO will incorporate these deficit resolution plans and other identified deficit balances into each Vice Chancellor area s budget review.

9. Questions Questions