CLAS Guidelines for Carryover of General Education Fund 050
At the end of the fiscal year, balances and deficits in accounts funded by the General Education Fund 050 are handled in the following ways.
For salary and fringe benefits for faculty, staff and teaching assistants,
balances revert to the College. If there is a deficit, the Department may request additional funds from the College, or the deficit must be covered by other departmental funds.
For non-recurring general expense/equipment budgets,
balances will revert to the College, or appropriate funding unit, during 2nd close. In addition, any funds not used for the purpose it was allocated, will also be returned to CLAS. If there is a deficit, the department may request that the College allocate funds to cover the deficit or the deficit must be covered by other departmental funds.
Cost Sharing Accounts (grant program ID of #3xxxxxxx):
If balances are expected at fiscal year end, please provide your CLAS accounting contact with documentation from Grant Accounting that carryover is allowable.
For recurring general expense budgets:
At fiscal year-end the College does not review whether or not the departments expenses stayed within budget at the "institutional account" level but rather at a "Fund" level.
Carryover:
Departments are responsible for ending the fiscal year within +/- 5% of their recurring GE budget across all accounts in Fund "050". The DEO should consult the CLAS accounting staff in the Dean's Office concerning allowable transfers of expenses between general-fund accounts and non-general-funds accounts.
Any request for additional carryover above the +/- 5% needs to be approved by Dean Maxson or the Assistant to the Dean for Business & Financial Administration, Karna Wieck. Departments should first work with their CLAS accounting contact.