Bank Accounts are maintained in accordance with VCCS Policy 4.2.1 "Disbursement and Deposit Procedures".
The Expenditure Report is reviewed by the President’s Cabinet. Significant variations between budgets and expenditures are discussed and resolved at that level. It is the individual budget manager’s responsibility to manage the budget and stay within operating guidelines.
In late March and early April, the Office of the Vice President for Finance and Administration does a complete review of all departmental budgets. Unspent wages, salary savings, and projected operational savings are “swept-up” for reallocation. The President’s Cabinet is advised of any significant balances which are then allocated to the next items on the strategic planning priorities list.