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Surplus/Deficit Policy

1. Managing Surpluses
The lapsing funds calendar, revised each year, specifies the last dates for the submission of expenditure transactions against vice presidential accounts. Uncommitted balances (all object codes) following the recording of all transactions received prior to those specified dates will be considered surplus allocation.

Planned Surpluses - Vice presidents have the option of identifying planned surpluses for a fiscal year by the date specified on the campus' Lapsing Funds Calendar. A notification of planned surpluses must be given to the Budget Office by this date.

Approved planned surplus allocation will be removed from the vice presidents' accounts (which should be identified when the Budget Office is notified) and transferred to university central funds in the current fiscal year. The following year each VP area will receive the same amount of resources in "new year" state or other appropriate funding.

Following the identification and removal of planned surplus allocation, the remaining financial plan funds must be managed as if the revised allocation was the original allocation with surpluses and deficits subject to procedures described in this section.

Unplanned surpluses - Positive financial plan balances remaining at the end of the lapsing period not identified in advance will accrue to each vice presidential area the following year within the limits specified below:

1) Each area will receive 100% of the greater of : a) 1/2% of an area's state allocation at June 30th, or 2) $100,000.

2) The area will receive 50% of any remaining surplus allocation over the amount calculated in 1). The other 50% of unplanned surplus allocation will accrue to the campus' central funds.

Unusual circumstances, such as special appropriations received late in the fiscal year, may warrant an exception to these limits and will be reviewed on a case by case basis.

2. Managing Deficits
A deficit is defined as being the amount by which an area's state purpose allocation (all object codes) is overexpended at the end of a fiscal year (measured at the end of the completed lapsing funds period).

Deficit balances will accrue to university central funds in the current fiscal year, but will require a dollar for dollar restoration to central funds from the vice president's new fiscal year resources. This restoration may be in the form of state allocation or other resources subject to the approval of the campus Budget Office.

All deficit balances requiring adjustments in the new fiscal year must be settled within one month of receiving a deficit notification letter from the campus Budget Office.

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