Lake Superior State University
Lake Superior State University
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Section: Business and Support Operations Section Number: 3.2.1
Subject: Budget: Budget Approval and Implementation Date of Present Issue: 07/05/00
  Date of Previous Issues:
10/79, 05/88


Lake Superior State University's Board of Trustees approves the General Fund budget each year. The timing of the Board's action depends upon the completion of the State of Michigan's appropriation process. If the process is not complete by the end of the University's fiscal year, the Board may adopt a continuing-expenditure resolution, to authorize continuation of the expenditures level of the current fiscal year into the beginning of the next fiscal year. In the interim, the Board may provide for appointment of a Finance and Budget Committee, of the Board, to consider the administration's recommendations for a General Fund budget for the next fiscal year, as soon as appropriation information is sufficient. The entire Board then considers the new budget at its next meeting, usually in September. The president of the University has the authority to expend and make fund transfers as necessary throughout the year, within the limitations of the approved budget and in accordance with the program intent of the Board of Trustees.


Director of Budgets 1. Prepares a draft of the proposed budget incorporating priority needs as identified by the executive management of the University.
President 2. Concurs with the draft of the proposed budget.
Finance and Budget Committee
of the Board
3. Reviews detail of the proposed budget and makes recommendations for revision.
Board of Trustees 4. Approves the proposed budget with any changes recommended by the Finance and Budget Committee.
The Budget Department 5. Inputs the approved budget in detail to the computer and distributes departmental budget printouts for each department to the appropriate vice president.
Vice Presidents 6. Distribute budget information to departments under their direction.
President 7. Approves all fund transfers within the limitations of the approved budget.

Recommends changes to the total approved budget based on revised revenue projections and any major project or program changes to the Board of Trustees for approval. Major project and program changes for this purpose are defined as individual items of expenditure in excess of $50,000.

Board of Trustees 8. Approves total budget changes and major project and program changes.
The Budget Department 9. Implements amendments to the budget as approved by the President and/or the Board of Trustees.

Prepares a budget status report for presentation to the Board of Trustees as necessary. This report will also include statements related to the financial condition of other funds when appropriated.

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