Disposition of Year-End Balances
State Funds Budgets
The staff assigned to oversee the budget function in the office of your campus OBFS executive officer reviews State budget balances at fiscal year end. The net state funds budget balance available at the college/major administrative-unit level determines whether an overdraft or a surplus exists. The campus budget staff provide guidance to college/administrative unit business offices regarding the year-end state budget close process.
Institutional Funds Budgets
Individual C-FOP budget balances (both positive and negative) for institutional funds are automatically carried forward into the succeeding fiscal year. The balance carried forward is the adjusted budget minus year-to-date expenditures. The carry-forward balance is recorded in account 109910 (“Budget Balance Forward”). At year end the campus reviews institutional fund balances for overdrafts at the department level.
Restricted Funds Budget Balances
The University is required to submit a financial report to sponsors that shows how grant and contract funds were spent. The timing of the review of grant and contract funds is based on each fund’s project year rather than the fiscal year. Generally, sponsors require these reports to be submitted ninety days after the close of the project year.
The use of gift funds, including University of Illinois Foundation and Endowment Funds, must be in accordance with University and donor-specified restrictions. Gift fund budget balances (both positive and negative) are carried forward into the succeeding fiscal year. The campus review of gift funds at June 30 is on an individual fund basis.
The general ledger cash balances of self-supporting, service plan, and other internal restricted funds are the basis of review at June 30. The fund balance and the cash balance in the general ledger should be in a positive financial position.
Last Updated: November 15, 2010 | Approved: Senior Associate Vice President for Business and Finance - November 2010