"Budget and Expenditure" reports provide monthly updated financial data on each grant/contract. Budgets, expenditures, encumbrances and unencumbered balances are shown by line item and in total. These reports are issued for each grant/contract. They are distributed to project directors or designated administrators through the campus mail. Every effort is made to have them distributed by the 12th of the following month.
The reports will not necessarily reflect all expenditures or outstanding obligations as of the report closing date. Transactions involving the Student Supply Store, Central Supply, Print Shop, Departmental Invoices, travel, and open order purchases from commercial vendors are not encumbered and do not appear on the report until paid. It is therefore necessary to consider such outstanding obligations in determining the actual financial status of any particular account.
The "Budget and Expenditure" report should be reviewed promptly and used in the financial management process for each account. Fund balances should be continuously evaluated in regard to expenditure trends, new or continuing requirements, remaining project period, etc. Prompt action should be taken, when necessary, to request budget revisions or to curtail project costs. It is imperative that line items not be overdrawn with a view towards making adjustments at a later date. This imposes an unnecessary administrative burden on all concerned, involves retroactive adjustments and exposes the university to audit criticism and possible cost disallowances.
Reporting errors do occur, and these should be resolved as soon as possible. Please contact the Office of Grants Administration in the event of such an occurrence.