Ohio Administrative Code › Title 3356 - Youngstown State University › Chapter 3356-3 - Guidelines for Expenditure of Funds › Section 3356-3-11.1 - Budget transfers

Current through all regulations passed and filed through July 1, 2024
(A) Policy statement. The board of trustees
			 will approve a policy for budget transfers within operating budget accounts and
			 between university funds.
(B)
			 Purpose. Establish a policy for the transfer of university funds.
(C) Parameter. The board of trustees will
			 approve an operating budget for each fiscal year prior to the beginning of that
			 fiscal year (July first). From time to time it will be necessary to transfer
			 funds within and outside of the operating budget.
(D) Definitions.
(1) "Auxiliary funds" - funding for
			 enterprises that exist to furnish goods or services to students, faculty, or
			 staff, or incidentally to the general public. Auxiliary enterprises generate
			 revenue from fees that are directly related to the cost of the goods or
			 services. University auxiliaries include the bookstore, Kilcawley center,
			 housing services, parking services, intercollegiate athletics, Andrews wellness
			 and recreation center, and the museum of labor and industry.
(2) "Budget transfers" - budget reallocations
			 from one account to another account that will change the available balance of
			 two or more budgets.
(3)
			 "Designated funds" - unrestricted funds internally transferred from an
			 operating budget for a specific purpose and available for expenditure in the
			 current budget year and/or succeeding budget years.
(4) "General funds" - current unrestricted
			 funds primarily sourced from student tuition and fees and state of Ohio
			 appropriations and expended for instruction, student services, institutional
			 support, maintenance and operations, and financial aid.
(5) "Institution-wide accounts" -
			 university-wide accounts that are assigned to a unit or department for
			 management that benefit the entire university.
(6) "Inter-fund transfers" - budget transfers
			 to and from accounts from different funds.
(7) "Operating budget" - general and
			 auxiliary funds representing the operating activities of the university for a
			 given fiscal year. Excluded from the operating budget are designated funds,
			 plant and capital funds, restricted funds, endowments and funds functioning as
			 endowments.
(8) "Operating
			 Reserves" - funds functioning as endowments sourced from general and auxiliary
			 funds that are specifically designated as the institution's primary operating
			 reserves to be used as contingency funds to support emergency budget shortfalls
			 and/or unexpected operating deficits. These reserves also serve as the basis
			 for maintaining long-term investments and positive financial ratios.
(9) "Signature authority" - a university
			 employee who has been designated as a financial manager and given spending
			 authority for a specific account(s) or fund(s).
(10) "Area division officer" - an executive
			 officer of the university who maintains overall leadership for a particular
			 division of the university. Area division officers include the president,
			 provost, and vice presidents.