Ohio Administrative Code
Title 3342 - Kent State University
Chapter 3342-7 - Policies on Treasurer and University Funds
Section 3342-7-02.1 - Administrative policy regarding budget administration
Universal Citation: OH Admin Code 3342-7-02.1
Current through all regulations passed and filed through March 18, 2024
(A) The primary responsibility for controlling expenditures within appropriated amounts rests with each department head. Expenditures in excess of the budget should not be incurred without the knowledge and approval of the appropriate vice president.
(B) Budget administration.
(1)
Expenditures.
Each vice president is responsible for the total expenditures of his or her
particular major program area. If there is an over expenditure in a particular
budgetary unit or department, it is the responsibility of the vice president
involved to cover the deficit either from an under expenditure in some other
department or from contingency funds available to such vice
president.
(2)
Transfer by department. Transfers of budgeted funds may
be made by a department as between personal service, current expenses and
equipment providing that no additions are made in personal services which would
become a continuing obligation in succeeding fiscal years. A budget transfer
form should be used for requesting a transfer and it must be approved by the
appropriate vice president.
(3)
Inter-departmental transfers. Transfers of budgeted funds may be made from one
department to another providing that no additions are made in personal services
which would become a continuing obligation in succeeding fiscal years. A budget
transfer form should be used for requesting a transfer and it must be approved
by the appropriate vice president.
(4)
Contingency
funds. Contingency funds which may be available to vice presidents may not be
used for personal services which would become a continuing obligation in
succeeding fiscal years.
(5)
Resource management. The university is obligated to
operate the budget within available resources. This implies the authority to
use any available reserve funds to supplement current income. If actual current
income exceeds the estimates upon which the budget was founded, additional
allocations may be made by the president; however, if actual current income is
less than the estimates and there is no available reserve fund, the president
is obligated to reduce the budget accordingly.
(6)
Reports. Detailed
budget performance reports will be made available to all departments and to all
vice presidents on a monthly basis. A summary budget performance report will be
reviewed with the board on a quarterly basis.
Replaces: 3342-7- 02.1
Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.