The Union WELL Inc., on an annual basis will adopt a budget, governing the financial operation of the University Union and The WELL.This budget process shall be representative of the resource priorities of the Union WELL Inc., tied to the strategic plan of the Organization, and in compliance with the requirements of the CSU Chancellor’s office.
Guidelines and Procedures
The following are the preparatory steps for the corporate annual operating budget. On an exact timeline developed annually by the Executive Director to meet operating, administrative, University and Chancellor's Office deadlines, the Union WELL Inc. Executive Director will, for the following fiscal year:
- In January
- Determine resource priorities for coming year using the strategic planning process.
- In February
- Call for departmental proposed operating budget and program change recommendations from each operating department head. Each department head will submit recommendations showing methods of computation and totals for each line item.
- In February/March
- Consolidate all proposals, requests and recommendations into one total Union WELL Inc. budget proposal and include all pertinent budget projection data as available from University Administrative and financial offices, Chancellor's Office, and outside business sources.
- In March/April
- Submit a recommended balanced budget to the Budget and Finance Committee for their review and recommendation. Review by Campus Budget Officer.
- No later than early May
- Provide the Board of Directors with the final balanced budget proposal for their review, recommendation and approval. The final budget proposal will be based on consideration of all previous data and input received in Step 1 through Step 4 above.
- By mid-May
- Provide to the University Chief Fiscal Officer and to the University President the budget as approved by the Union WELL Inc. Board of Directors.
- Report out, per Chancellor’s office request for information on final budget and debt capacity ratios.
- Upon receipt of University approvals, individual department managers will be provided budget allocation.
- During the operating year, monthly income and expense statements by department will be provided to each department head to assist them, the Director of Financial Services and the Executive Director in their review of expense control and planning functions.
- Quarterly financial reports will be submitted to the Budget and finance committee for review.
- Changes to the approved budget must fall within the following guidelines: The Union WELL Inc. Executive Director has the authority to transfer funds between program accounts in order to achieve resource priorities enacted by the Board of Directors. If changes will have a negative effect on the ability of the Union WELL Inc. to meet those overall priorities, the Budget and Finance Committee and the full Board of Directors must be informed.
- The Budget and Finance Committee must be informed of changes in the Capital and Plant Fund Accounts.
Adopted: October, 1977
Updated: December, 2001
Updated: March 5, 2008
Updated: November 2, 2016