The University of Georgia Foundation Budget Development/Approval :: Financial Accounting, Budgeting, and Reporting :: UGA Foundation

 


Budget Development/Approval

POLICY: 7.2
Effective Date: 01/01/2004
Last Updated: 12/13/2011
Policy Owner: McAllister, Maggie

 

The University of Georgia Foundation operating budget is developed under the direction of the Chair of the Finance Committee and Treasurer of the Foundation. The Foundation's Finance Committee and the full Board of Trustees approve the budget.

Budget subcommittees may be appointed by the Chair of the Finance Committee to work with the Foundation Administration and staff to analyze budget proposals as well as mission and goal statements submitted by the University Administration. Proposals are presented to the full Finance Committee for final review and comparison to projected revenue figures as presented by the Chief Financial Officer.

After approval by the Finance Committee, the budget is presented to the  Board of Trustees for their approval.

During the year, amendments may be made between accounts, as program needs dictate. Such amendments require approval of the Foundation Accounting and Budgets Office. Amendments that would increase the total budget  require approval by the Foundation's Executive Committee or Finance Committee.

The Chief Financial Officer will prepare periodic reports of budgeted versus actual expenditures. Such reports will be made available to the Chairman of the Finance Committee and Treasurer of the Foundation as well as those persons responsible for the various budgets.