Financial Planning & Budgeting Policy FPB 11 03
Purpose: This policy provides guidelines for the creation, use and replenishment of UNCP Auxiliary Reserve AccountsFund Balances.
Scope: Applies to University Auxiliary Accounts funded by user fees such as Central Stores, Printing, Bookstore, Food Service, Housing and Vehicle Registration) and is optional for Student Fee accounts.
Policy: The University will maintain adequate auxiliary accounts for University services that will be funded through user charges. The intent is for auxiliary entities to develop budgets, operating plans and price/fee structure to include the funding of a balance sufficient for renewals and replacements, required debt service, planned capital improvements, and sufficient operating contingency reserves for emergencies and revenue shortfalls in an amount equal to six (6) months of current year operating revenues.
Procedures: Responsible persons (FM) of Auxiliary accounts will maintain an adequate price/fee structure to cover the costs of all operations. The responsible person will assure to the following:
Updated: Thursday, July 21, 2011
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