Please keep the following in mind:
- Commitments are made to departments and faculty from a variety of sources. Each commitment is given a unique commitment identification number and it should be referenced when creating a new chartstring, requesting transfers, requesting budget adjustments, submitting FAO business plans, and in budgeting/forecasting usage.
- In general, departments accrue expenses throughout a fiscal year. The Office of Finance & Administration coordinates the reimbursement process and the transfer of revenue to the departments.
- When a commitment sourced from NMCat or NMGrant is over $25,000, departments should create a chartstring specific to the commitment with the source in the name of the chartstring (e.g., NMGrant Dr. Adams PI String).
- When a commitment is given for the purpose of recruiting several new faculty within a department, it is essential to track these subcommitments and useful to communicate them clearly with the Office of Finance & Administration and other concerning departments/centers. Departments should create a chartstring for each new faculty member.
- Commitment balances will be loaded into NUPlans Web during the annual budget planning process. Departments should only budget what is anticipated to be spent in a specific fiscal year.
- If expectations change throughout the year, departments should update revenue and expense in NUPlans forecast and budget request process forms as needed.
- At the end of the fiscal year, the Office of Finance & Administration coordinates with departments to transfer revenue into chartstrings based on expenses accrued throughout the year. Carryforward buildup is not allowed. Funding commitments should not build/add to carryforward surplus on a chartstring.
- If expenses are in a chartstring that contain either NMCat or NMGrant in the name, the Office of Finance & Administration will automatically transfer NMCat/NMGrant revenue to fund the expenses in these chartstrings during our normal closeout process. If the department needs to fund expenses in additional chartstrings, the department will need to send a request along with a GL005 or other report showing expenses that need to be funded in those chartstrings, adhering to FSM fiscal year close deadlines.
Manger, Financial Analysis