Fiscal Follow Up: Balanced budget modifications

Post date: Nov 1, 2019 2:43:37 PM

Hi Departments All,

It was a pleasure seeing you last week at the Department Administrators meeting.

We would like to host a meeting to further clarify the new University policy requiring balanced budget modifications. If you are available, please join us next week, Tuesday, October 29th at 2pm in the Great Room in 19 University Place, 1st Floor. FAS Fiscal will re-introduce the policy and be available for follow up questions.

Please see the policy summary below and the PowerPoint attached:

Balanced budget modifications to access fund balances (new NYU policy)

· NYU has implemented a new balanced budget modifications policy to encourage better budgeting and planning

· This new policy is a small hurdle that will NOT prevent fund balance usage, but will require added coordination and planning

· First review budgets in your Fund 20/21/22 accounts to see if there is a "budget savings offset” that might be available, e.g.

o Faculty members routinely underspend their faculty research accounts but carry a large budget that can be temporarily reduced

o An endowment that is budgeted but not used

· Please note that reducing a budget does NOT reduce a fund balance

· If Departments are unable to readily locate any offset, then FAS Fiscal will provide assistance to support the fund balance usage

Notes:

· If Departments are able to estimate their overall need for this academic year across multiple Fund 20/21/22s, then FAS Fiscal can provide a revised budget to multiple projects in a proactive manner

· We are NOT “borrowing” money from one project to move to another. We are only moving budget around

· This only changes budgets and not fund balances

· This should not prevent or change faculty or departmental spending

Thank you,

Joe

Joseph C. Wright

Senior Director, Fiscal Affairs

Faculty of Arts & Science, NYU

212.998.7565 (Office)