Tuesday, April 10, 2012

Collegiate Cash Management

In FY13, the Budget Office will not be assessing TIP fines.  
It will be incumbent upon colleges and departments to maintain adequate cash balances by zDeptID on an ongoing basis.  I met with a group of departmental administrators this week to better understand how departments manage balances and to discuss how the college should oversee this.  In FY13, we will manage the process informally.  On a monthly basis, I will review overall collegiate balances by Fund.  If I see a deviation from typical balances at the college level, I will then look at the zDeptID level to identify which departments have anomalous balances.  Three times each year (October, February, May), I will review all deficits at the ZDeptID/Fund level, and if I see deficits of concern I will contact administrators.  For this process, I will consider Foundation A/R as cash.

There will be no hard dates or fines assessed, but you will be expected never to end a fiscal year with any deficit at the ZDeptID/Fund level.  DJP