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. There is no budget provision that permits the overspending of any cost center's budget; once a cost center's budget is fully expended, no additional funds may be spent.
An approved budget does not equate to an automatic approval to spend funds. The IT and Purchasing staff are responsible to work closely with each school and department to evaluate purchase requests. Any purchase exceeding $1500.00 must be approved through Purchasing. Please continue to evaluate all of your expenditures in light of their importance in fulfilling the university mission.
Regent has specific policies for acquisitions that are paid from university funds, which involve:
- Balancing low costs with high quality.
- Maintaining staff familiar with vendors' product lines, payment terms, etc.
- Obtaining volume discounts by combining multiple cost center orders or consolidating small quantities.
- Preparing orders, contracts, and other business agreements that are in compliance with sound business principles and tax codes, etc.
- Requiring good record keeping for accuracy of payments and credits for merchandise and/or service unacceptable to the cost center.
- Providing accurate inventorying and securing of capital items to meet security standards and generally accepted accounting principles.
- Maintaining a good credit rating by making timely payment for goods and services.
There is no budget provision for meal or entertainment expenses with other employees or to celebrate special occasions such as Secretary's Day, Boss' Day, and birthdays, etc.