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Budgeting Policy


Name of Policy	Budgeting Policy	Policy Number	IV.A-6
Owners	Financial Affairs	Original Policy Date	28/11/2013
Cosigners	_______________________	Last Revised Date	_______________________
Other Related Regulatory Rules Laws & Policies	_______________________	Next Scheduled review Date	_______________________
Associated Procedures & Forms (Attachments)	_______________________	Versioning	_______________________
Associated Procedures & Forms (Attachments)	_______________________	Cycle of Reviews	_______________________

Purpose
This policy sets out the budget policy and how resources are to be allocated to each department.

Statement

Procedure
Procedure : Budget Preparation Questionnaire should be prepared by the Director of Financial Affairs to be circulated to all PMU Higher Management (Rector, Vice Rector’s, Deans and Directors). Questionnaire includes the department recruitment and payroll requirements, asset requirements, research and development project, consumable materials and other expenses. Budget should be prepared based on the requirements submitted by each department. Initial Budget being prepared should be sent to PMU Board of Trustees for approval. Approved budget should be entered by Budget and Accounting to the Banner System. Any adjustment on the approved budget should require approval from the PMU Rector.

Procedure

Procedure :

Questionnaire should be prepared by the Director of Financial Affairs to be circulated to all PMU Higher Management (Rector, Vice Rector’s, Deans and Directors).
Questionnaire includes the department recruitment and payroll requirements, asset requirements, research and development project, consumable materials and other expenses.
Budget should be prepared based on the requirements submitted by each department.
Initial Budget being prepared should be sent to PMU Board of Trustees for approval.
Approved budget should be entered by Budget and Accounting to the Banner System.
Any adjustment on the approved budget should require approval from the PMU Rector.