Administrative and Financial
Closing Overrun Accounts
ScopeAll University departments
Policy StatementFrom time to time it may be necessary to temporarily close an account if expenditures exceed the available budget for the fiscal year. Identification of budget overruns will be made by the Office of Budget & Planning. The decision to close an overrun account will be made by the Chancellor in consultation with the cabinet officer responsible for the affected account. Notification to the cabinet officer and to the Senior VP for Business, Finance, and Administrative Services that this procedure is to be implemented will come from the Chancellor.
The Executive Vice President and Chief Financial Officer will inform all appropriate University departments, e.g., Pre-Audit, Purchasing, Materials Distribution, Printing Services, etc., that they are not to accept further charges against the closed account and, if possible, they are to review and stop any work in process against the account. Sponsored Accounting will be alerted so that potentially inappropriate charges are not diverted to restricted accounts.
The cabinet officer in charge of the closed account will notify those individuals responsible, e.g., dean, department chairperson, etc. that the account is to be closed. The closing does not affect payment of encumbered amounts (e.g., existing payroll commitments) since these will have been taken into consideration when deciding to close an account. The continuing operation of a department may require some new charges being incurred. These will be accepted and processed only upon written approval of the appropriate cabinet officer and the Chancellor.
© 1995 - 2008 Syracuse University, Syracuse, NY 13244 (315) 443-1870
For technical assistance contact email@example.com