3710.04  BUDGETS

Preparation and approval of a budget (Statement of Sources and Uses of 
Funds) is recommended to assist in the management of a trust project.

When required, a budget would normally be for the fiscal year (July 1 through 
June 30), but could be for a shorter or longer period to conform with the time 
the trust will be in existence; for example, July 2 to September 30 for a one-
time project, or a multiyear budget for a grant that extends over more than 
one year.  A separate budget would normally be prepared for each trust 
project, grant, or contract as required.  Each budget would be submitted by the 
person designated in the trust agreement as project coordinator or account 
administrator, reviewed by appropriate campus officials (including the chief 
fiscal officer), and approved by the President or designee (who may be the 
chief fiscal officer).

Each budget would include, in detail sufficient to monitor compliance with 
the trust agreement, descriptions and expected amounts of each major source 
of income (including expected balance forwarded from the prior budget 
period, if applicable) and type of expenditure.  Information regarding the 
timing of receipts and disbursements will facilitate cash-flow management 
and investment.