Budget Preparation - University
USC operates under the value-centered management, or VCM, principle of budgeting. VCM embraces the idea that individual units, such as the College of Education, can decide how to spend the revenue that they generate. At the same time, VCM states that every unit must be fiscally responsible and not put excess strain on general University resources. In other words, each unit has fiscal independence and fiscal responsibility. Tuition dollars that are generated through our College courses will flow into the College. At the same time, the College must now explicitly pay for many of the services that we have traditionally received automatically from the University.
Preparation for the fiscal year budget for the College of Education will follow stages and time frames annually as specified by the University (see sample calendar).
Allocations to departments from the University allocation will be determined by the Dean. Departmental allocations for operating expenses will be determined after amounts for unclassified, classified, academic year instruction, and summer budgets have been determined by the Dean's Office and removed from the overall allocations of the University. These amounts – and supporting detailed documentation – will be provided to each department by the Business Office in addition to an amount for other operating expenses (see sample allocation). Detailed departmental operating budgets will be completed by each department and returned to the Business Office for incorporation as a part of the budget for the College of Education. Detailed budgets for each account will be entered into the College of Education's internal budget system prior to the beginning of each fiscal year (July 1).
Requests for budget transfers may be submitted to the Business Office throughout the fiscal year but no later than May 15 of each year. Requests should be submitted by the Department Chair and should include: amount to be transferred, accounts to be reduced/increased, and justification for the change.
All budget adjustments, whether initiated by the Department or the Dean, shall be submitted to the Department for review, information, and/or approval. The appropriate request for transfer form should be used and must be signed by the department head, Business Manager, and Dean before being submitted to the University.