1. Budget Revision Process Overview

2. Budget Revisions  Revisions are used to transfer funds between Departments and/or accounts.  Revisions are also used to create a budget entry for cash deposited to revenues and recovery accounts.  A budget revision is used to either temporarily or permanently revise budgets. ▫A temporary budget revision will adjust current fiscal year budgets only. ▫A permanent budget revision will adjust current and future fiscal years.

3. Key rules of the Budget Revision Process  Funds can only be transferred between like funding sources. For example, a department or a division may transfer funding from one E&G Department ID to another E&G Department ID (1xxxxx to a 1xxxxx) or from one Auxiliary Department ID to another Auxiliary Department ID (3xxxxx to a 3xxxxx).  Every transaction must be shown at the detail account and sum control account levels. These are required for Budget Office data entry into Finance system. The Windows version of the budget revision form Sum Control accounts summary on the right side of form – that are for Budget Office use – are calculated at the Department ID unit level by clicking the “Update” button on the form. Verify that the left side and right side of the budget revision balance. If no, click on the “Update” button again. The OSX version of the budget revision form detail account changes will automatically update the Sum Control accounts on the right side of form – that are for Budget Office use.

4. Key rules of the Budget Revision Process cont’d  Departments cannot move full-time salaries and fringes to NPS or any other areas without Budget Office permission.  To safeguard personal service funding for part time wages, the Budget Office discourages the transfer of funds between personal services and non-personal services accounts.  Departments cannot move Federal work study (114600) to any other account codes, but may transfer from one Department ID to another.  In Academic Affairs, the Provost’s Office must review and sign all budget revisions.  Departments must obtain prior approval from the Budget Office to record excess revenue and associated expenses.

5. Recording Recoveries  Recoveries are reimbursements to a department (can be either a Personal Services (PSREC) Recovery or a Non-Personal Services (NPSREC) Recovery). Recoveries deposited to a department often require an accompanying budget revision to establish additional spending authority for the department.  For example, one department pays another department for services rendered. The payment will show up in the department’s actual recovery account. However, it cannot be spent until a recovery budget revision for that recovery account is created to equal the actual recovery.  Any budget that has already been established for the recovery accounts (i.e. 129900, 139900, etc.) requires a budget revision only for the deposit amount exceeding the established budget.

6. Budget Revision Form  The Budget Revision form can be found on the following website: ▫http://www.jmu.edu/budgetmgmt/forms/budget- revision/index.shtmlhttp://www.jmu.edu/budgetmgmt/forms/budget- revision/index.shtml  There are two different forms to choose from: ▫Windows Version ▫OSX Version (Mac only)

7. How to complete the Budget Revision Form – Windows version 1. - Enter the department name - Enter the name and phone number of person preparing the form - Select appropriate check box for the type of budget revision you wish to submit. 2. Enter a brief one-line description that applies to all transactions listed. Note: only 60 characters of the description are recorded in PeopleSoft. 3. Level one approval is needed on all revisions. Level two approval is required when budget adjustments cross Dept ID units within the same college or administrative unit. Level three approval is required for transfers between administrative units within the same division, transfers with other divisions, or requests for new funding. All revisions within Academic Affairs must have the approval of the Assistant Vice President, Academic Affairs. 4. - Enter or select from drop down boxes the Department ID,Account code and Position Number for affected full-time position to which the budget adjustment is being made. - Enter the amount of the change in the “Amount” column. All amounts will be read as positive unless the number is shown in brackets ($$$$) or proceeded by a negative (-) sign. The “inc/dec” column indicates if the transaction will “increase” or “decrease” the account code being adjusted. 5. - If additional rows are needed, click on the “Insert Row” button. - Click the “Update” button to calculate the sum control amounts. These sum control account calculations are required by the budget office for entry into PeopleSoft. 6. Two new messages may pop up. The first is to remind the user to click on the Update button. The second indicates that the total amounts do not equal 0(zero) asks the user to confirm that a one-sided budget revision is intended. All Budget Revisions are to be recorded in whole dollars; please do not list cents and do not round up. For example, record $45.00, not $45.37 or $45.95. Credit amounts must equal debit amounts (i.e. Amount column should = $0) on all revision forms. See Instructions to Complete the Budget Revision Form for details related to numbers on the picture