Second Quarter Confirmation FAQ
The Budget Office compiles and analyzes the data submitted on the Second Quarter Confirmation Templates to prepare for review by Senior Leadership. To streamline the process, we ask that you only include items on the Second Quarter Confirmation Template which contribute to an overall income or overall expense variance. You should not use this template to identify net $0 variances among the fund centers and commitment items within the area being reported on.
Second Quarter templates are customized. They will be distributed to the appropriate recipients and will not be available to download from the website. Instructions and guidelines for using the Quarterly Confirmation template can be found here. We recognize that some areas may have a need to realign their current budgets in order to better track their fiscal position. To address this need, we have developed a separate Budget Re-alignment Request Template, which you can submit at your convenience.
We encourage you to read through the Frequently Asked Questions below, and, if you need additional assistance, please contact your Budget Analyst at extension 353-4330.
Frequently Asked Questions
When is Q2 due? To whom should I submit my confirmation?
Confirmations are due on Monday, January 27th 2014. Please submit your confirmation to the Budget Office via email at firstname.lastname@example.org, with copies to all those who were copied on the Second Quarter Confirmation request email that you received.
What do I need to submit?
If you are projecting an overall extraordinary variance to budget at year-end, then, at a minimum, you need to submit the Second Quarter Confirmation Template. In some cases, an additional narrative, and/or other supporting documentation may be appropriate. If the variance will continue into the next fiscal year, this should be reported separately and preferably noted on your email when submitting your confirmation.
I am not projecting an overall variance, but I want to redistribute my income or expense budget among the fund centers and commitment items within my area. How do I accomplish this?
To re-align your current and/or recurring budget, you need to complete the Budget Re-Alignment Request Template and submit it to your budget analyst. Instructions and guidelines for this template can be found here.
I am projecting a net income variance, which is offset by a net expense variance of the same amount. Do I need to submit a Second Quarter Confirmation Template, or can I just use the Budget Re-alignment Request Template?
Yes, you need to submit a Second Quarter Confirmation Template. Net changes to your income and expense budgets must be reviewed and approved by Senior Leadership, even if the impact to each is offset by the other. The Budget Re-Alignment Request Template should only be used to request a reallocation of funds within your current income or within current expense budget totals.
I am projecting a variance, and I also want to realign my current budget. Can I use Second Quarter Confirmation Template to accomplish both objectives?
No, the Second Quarter Confirmation Template is intended to capture an itemized, concise summary of your net budget variances and the reasons for these variances. To resolve line item variances that do not contribute to the net income/expense variance, please use the Budget Re-Alignment Request Template.
I am anticipating variances among various commitment items, but no overall income or expense variance. Am I required to submit the Budget Re-alignment Request Template?
No, budget re-alignment is optional. However, it may help you to better manage and track your financial performance throughout the year. Salary re-alignments for vacancies and for the newly created student labor commitment items are strongly encouraged.