Budget
The IT and Purchasing staff are responsible to work closely with each school and department to evaluate purchase requests.
School and department budgets are approved by the Board of Trustees for each fiscal year (July 1-June 30). Personnel actions, operating expenses and capital purchases during the fiscal year should be predicated and carried out on the basis of the approved budget. An approved budget does not equate to an automatic approval to spend funds. There is no budget provision that permits overspending; once a cost center's budget is fully expended, no additional funds may be spent.
Regent has specific policies for acquisitions paid from university funds, which involve:
- Balancing low costs with high quality.
- Maintaining staff familiar with vendors' product lines and payment terms.
- Obtaining volume discounts by combining multiple cost center orders or consolidating small quantities.
- Preparing orders, contracts and other business agreements through sound business principles and tax codes.
- Requiring good record-keeping for accuracy of payments and credits, which can track merchandise service unacceptable to the cost center.
- Providing accurate inventorying and securing of capital items to meet security standards and accounting principles.
- Maintaining a good credit rating through timely payment submissions to the Accounts Payable office for goods and services.
No budget provision covers expenses related to special occasions such as Secretary's Day and birthdays, nor are budget provisions made for meal or entertainment expenses with other employees.
