Budget Carryover
1. PURPOSE
The Brigham Young University–Hawaii ("BYU–Hawaii" or "university") Budget Carryover Policy is established to ensure unused appropriated funds are returned to The Church of Jesus Christ of Latter-day Saints ("Church") at the end of each year and to provide departments the opportunity to petition for special carryover consideration when there are unique, justifiable circumstances.
2. POLICY
Unspent Appropriated Budget: The portion of the annual appropriated operating budget that is remaining after the fiscal year has been closed and the financial reports formerly audited.
Revised Budget: Base budget plus or minus any adjustments made during the calendar year.
Original Equipment Budget: Budget in the equipment category that has not been created by converting from another budget category.
3. IMPLEMENTATION
All unspent appropriated budget is returned to the Church with the following exceptions:
- Equipment Budget: Original equipment budget carries over dollar for dollar to the next year.
- Encumbrances: Funds encumbered by expense transactions initiated before stated university deadlines in the current year that are charged in the subsequent year, will automatically have budget carried forward provided there is sufficient balance available.
- 1% Carryover: Up to one percent of the total revised budget (less equipment, and 1% carryover and encumbrance carryover from the prior year) will automatically be carried over to be used the following year provided there is sufficient balance available.
- Special Carryover Requests: In rare circumstances, such as professional development activities which span more than one fiscal year, expenditures planned for the current year that need to be postponed, or other unique circumstances requiring budget to be carried forward, a formal request may be made to the Budget Director and/or Assistant Controller. These requests are evaluated by a committee and a decision is made in accordance with Church guidelines and university policy.
4. RELATED POLICIES AND PROCEDURES
Disclaimer
The policies on this website (including any university procedures, processes, benefits, courses of conduct, or oral or written statements arising from or related to these policies) do not constitute any legally enforceable contract, obligation, or liability on the part of the university, except to the extent that they are incorporated by reference into a written agreement signed by an authorized university official. These policies do not alter the “at-will” employment status of any university employee hired on an “at-will” basis. The university reserves the right to interpret, revise, or withdraw these policies at any time and at its sole discretion.