The Budget Development process consists of two stages: Stage I (Budget Development due September 1st) and Stage II (Budget Annual Confirmation in April and Budget Realignment through mid-July). <\/span><\/p>\n In preparation for Stage I, the Office of Research leadership team schedules a Stage I budget hearing meeting with each area to discuss the area\u2019s budget. This meeting provides an opportunity to discuss the area\u2019s current operating budgets, activities, and use of funds in the current year, as well as anticipated plans for the next fiscal year. Early in the summer Vanessa Boland Edouard, the Assistant VP of Research Operations and Chief of Staff, sends an email to Centers & Institutes directors that explains the process and timeline. Annual reports are also due on September 1<\/span>st,<\/span> and these are discussed in the budget hearing meeting.<\/span><\/p>\n Stage I materials submitted to the Office of Research:<\/span><\/p>\n The Stage II process begins with a notification in March\/April of approved unrestricted budgets for the upcoming fiscal year and allows departments to realign budgets among GLs to better meet actual expenses. This process also requires position budget reconciliation to ensure that all positions are properly and fully funded and reconciled against the Funds Management Budget (per cost center and GL).<\/span><\/p>\n The University\u2019s Quarterly Confirmation process allows all units, in collaboration with the Office of Budget and Planning, to summarize and report on factors impacting their forecasted performance for the current fiscal year. This process provides an opportunity to review centers\u2019 and institutes’ current unrestricted budgets and expenditures, understand the financial status of their area, and project available funds on a quarterly basis. All major budget variances should be identified and explained in an accompanying memo. Internal quarterly confirmation materials submitted to the Office of Research:<\/span><\/p>\n As part of the periodic account review, position budgets should be reconciled on a monthly basis. The first step involves matching the position budget to the individual salary. For any positions where the position budget on the OM form is above or below that of the actual employee salary, a Maintain position form should be processed. Once all position budgets match the actual salary or the maximum recruitment salary in the case of an open position, the total position budget needs to be reconciled to what is budgeted in the salary GL associated with regular full and part-time faculty and staff positions. In the event that there is a discrepancy between the two numbers, where the total amount of the position budgets (found on the Position Management reports) exceeds what is budgeted in the salary GL, a Budget Adjustment needs to be completed to move funding to the salary GL so that it is fully covering the budgeted salaries. Please note that if funding is being taken from an operating line, you will also need to cover fringe benefits. In the event the salary GL is higher than what is needed to cover all salaries, excess funding can be moved into the Uncommitted Salary GLs (500249 and 500299) which will allow you to track how much extra funding you have in salaries for future hires. <\/span><\/p>\n An effective review and reconciliation process should happen every month, as close to the end of the month as possible.<\/span><\/p>\n Operating Expenses:<\/b><\/p>\n Payroll Detail<\/b><\/p>\n Detail Inter-Departmental Billing (ISRs and FSRs)<\/b><\/p>\n The most recent University policy on accounts reconciliation is described in the <\/span>Memorandum To: Department Financial and Research Administration<\/span><\/a>.<\/span><\/p>\n For monthly reconciliation training and tools, please visit the bu.edu\/tech\/support\/buworks\/help\/finance\/buworks-fi-reconciling-tools\/<\/a> and bu.edu\/cfo\/comptroller\/resources\/after-the-fact-review\/<\/a> websites. <\/span><\/p>\n Periodically journal entry \u201cadjustment\u201d transactions to the University\u2019s General Ledger (GL) are required to correct errors, transfer funds, and accrue or defer revenues and expenses. The University\u2019s journal entry policy requires that all journal entries be created and approved by authorized and trained users, be consistent with the University\u2019s accounting policies and be posted to the appropriate cost object and GL account, incorporate sufficient supporting documentation, and comply with sponsor and donor restrictions.<\/span><\/p>\n Journal Entry Creator Responsibilities:<\/b><\/p>\n Journal Entry Approver Responsibilities<\/b>: Provide a \u201cdouble-check\u201d through a final review, ensuring that the journal entry under review meets all the tests described for the Journal Entry Creator, as described above<\/span><\/p>\n Please see <\/span>bu.edu\/tech\/support\/buworks\/help\/finance\/<\/span><\/a> for detailed instructions on creating and tracking journal entries.<\/span><\/p>\n Each fiscal year, Boston University is required to prepare consolidated financial statements per Generally Accepted Accounting Principles (GAAP).<\/span><\/p>\n These financial statements provide an overview of the University\u2019s activities for the fiscal year (July 1 through June 30) and reveal important information about the financial health of our Institution.<\/span><\/p>\n To prepare financial statements, accounting procedures are undertaken throughout the year to ensure that all transactions posted are accurate and recorded for the appropriate period. Year-end accounting procedures are similar to the processes you already perform on a daily, weekly, or monthly basis, but are particularly important during this period as they provide one last opportunity to record all your departmental activities and make any necessary corrections.<\/span><\/p>\n The <\/span>Fiscal Year End Closing Memo 2025<\/span><\/a> (download) provides information on the various processes and related deadlines for the fiscal year close.<\/span><\/p>\n Please keep in mind that you should allow extra time for certain deadlines like Concur reports as they go through a multi-stage approval process. If you are submitting journal entries, you may want to call or email the approver and alert them to the item in their work list.<\/span><\/p>\n This BU TechWeb page<\/span><\/a> provides a table of contents for the various resources related to Funds Management (FM) reports and data available among the Help Guides and reporting training sessions.<\/span><\/p>\n Helpful Links:<\/span> The Departmental Security Administrator (DSA) a designated staff member in a department who acts as a local security liaison for systems, user access, and data protection. DSAs work closely with Data Trustees (who approve access based on business needs) and sometimes with system administrators. Core responsibilities of a DSA:<\/p>\n Here is a list of current DSAs for the Office of Research and its areas:<\/p>\n Sourcing & Procurement is dedicated to helping departments maximize their budgets through the strategic purchases of products and services. The link to the main page is <\/span>here<\/span><\/a>.<\/span><\/p>\n Ariba Guided BUying overview can be found <\/span>here<\/span><\/a>.<\/span><\/p>\n Helpful Links:<\/span><\/p>\n If you are planning to use consultant services, please refer to the <\/span>Engaging a Consultant at Boston University flowchart<\/span><\/a> created by BU Sourcing team.<\/span><\/p>\n For ordering and contracting policy, please visit <\/span>this page<\/span><\/a>.<\/span><\/p>\n For information regarding Boston University\u2019s Amazon Business policy and to see what training resources are available for Amazon Business, please visit the BU Sourcing & Procurement <\/span>page<\/span><\/a>. <\/span><\/p>\n TerrierTemps<\/span><\/a> is BU\u2019s Contingent Workforce Management (CWM) program that provides a single source for finding, screening, selecting, and paying for temporary agency personnel.<\/span><\/p>\n For more on hiring through TerrierTemps, please visit the <\/span>Human Resources<\/span><\/a> and <\/span>BU Sourcing & Procurement website<\/span><\/a>s. To contact the TerrierTemps Program Management office, please email <\/span>butemps@bu.edu<\/span><\/a> or call 617-358-6421.<\/span><\/p>\n New temporary worker guide for hiring managers can be found <\/span>here<\/span><\/a>.<\/span><\/p>\n Boston University\u2019s Travel and Purchasing Card programs had been transitioned to a newly combined \u201cBU OneCard\u201d. Issued by U.S. Bank, the BU OneCard consolidates both previous card programs into a single credit card with three profile types: Purchasing, Travel, or Purchasing + Travel (combined). For more information, please visit the Procure to Pay <\/span>website<\/a><\/p>\n The primary mission of Accounts Payable is to process all non-payroll payments timely, accurately, and in compliance with University policy and government and sponsor regulations. To learn more about the Accounts Payable office\u2019s policies and contacts, please visit their <\/span>website<\/span><\/a>.<\/span><\/p>\n Disbursement Form is a formal request to pay vendors and individuals for goods and services that do not require a Boston University purchase order. <\/span>Disbursement Request Form is available on the BU\u2019s Accounts Payable website.<\/span><\/a><\/p>\n An honorarium is a payment to an individual in recognition of a special or distinguished service for <\/span>which propriety precludes setting a fixed price: activities like a lecture, participation in a workshop or <\/span>seminar, speaking engagement, or appraisal of a manuscript for professional publication. Both <\/span>employees and non-employees are eligible to receive honorarium payments, however, Boston University employees must be paid through the payroll system Specific instructions on how to process honorarium payments can be on the documentation <\/span>here<\/span><\/a>.<\/span><\/p>\n Required banking information:<\/span><\/p>\n\n
\nQuarterly Confirmation Reports<\/h2>\n
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\nPosition Reconciliation<\/h2>\n
\nAccounts Reconciliation<\/h2>\n
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\nJournal Entries<\/h2>\n
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\nYear-End Close<\/h2>\n
\nFunds Management (FM) Reporting with SAC<\/h2>\n
\n<\/span><\/span><\/a><\/p>\n\n
\nDSA<\/h2>\n
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\nSourcing & Procurement<\/h2>\n
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\nContracts\/Consultants policy<\/h2>\n
\nAmazon Business policy<\/h2>\n
\nTerrierTemps Program<\/h2>\n
\nBU OneCard<\/h2>\n
\nAccounts Payable<\/h2>\n
\nDisbursement Request Form<\/a><\/h2>\n
\nHonorarium Payments<\/h2>\n
\nPayments via Wire Transfer<\/h2>\n
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