The Office of Financial Services & Comptroller publishes the Establishment of Reserves below in compliance with the Legislative Audit Commission University Guidelines.
Establishment of Reserves
In coordination with the Budget Office and the Office of Financial Services, the Office of the Vice President for Administration and Finance has the authority to establish reserve funds (including capital reserves) using unrestricted resources as determined based on specific needs and circumstances. Reserves should only be utilized for their designated purposes. Any use of reserve funds requires approval from the Vice President of Administration and Finance.
If a capital project is identified to be funded by unrestricted reserves, capital funding is set aside based on the total estimated cost of the project. A capital reserve general ledger account is created per project, and all the related project funding and expenditures are recorded in the said general ledger account.