Preparation of a Budget Plan (including anticipated revenues and expenditures)
Budgets should reflect the unit’s operational plans for a period of at least one year and ideally represent those plans over several years. Operating budgets are typically adopted and approved on an annual basis and are administered from an annual budget perspective. The budget plan should include all operating funds available to the unit.
Review, approval, and endorsement of the budget requires an understanding of the major budget components by the unit head. Since budgets include numerous details, responsibility for the budget details are typically delegated to faculty and staff who have operational decision-making authority. Preparation of a budget requires involvement by the head of the unit and by their financial management staff (e.g. Department administrator who typically reports directly to the unit head).