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Financial Management

Budget and Finance’s primary mission is to ensure responsible and appropriate fiscal management of the College’s resources.  Financial management is comprised of three related components: budgeting, financial accounting and reporting, and recordkeeping.

Department heads must work closely with the Budget Director in preparing, monitoring, and adjusting the department’s budgets.  Although budgeting is a continuous process throughout the year, there are several important periods of formal and specific focus on the budget.  These include the following: revised budget in October, budget planning meetings in late fall or early spring semester, projected annual expenditures in March, budget preparation (input into IRIS) in April, and close of the fiscal year in July.

Unlike some other colleges on the UT campus, the accounting for the college’s constituent departments is not centralized; personnel in each department perform accounting within the unit.  Each individual academic unit – and thus each department head – has responsibility for primary oversight and accountability of its funds.  Each department is responsible for retaining records for the minimum retention period necessary to meet legal, fiscal and administrative requirements.