The Board of Trustees of the University require that senior management  submit the proposed operating budget for the coming academic year for approval at the Trustees' annual meeting in June, and  report updates on the actual operating results against budget at regularly scheduled meetings during the year. The Consolidated Operating Budget (COB) is presented to the Trustees for their approval. The University's chart of accounts is divided into Budget Units, which BUs parallel the span of control of various vice-presidents, deans and department chairs. Per a schedule, determined by the Office of Management and Budget, every vice-president, dean and department chair with responsibility over one or more BUs is required to submit both an Original Budget and a Current Estimate (regular updates during the year).
Prudent fiscal management of any complex business entity requires the use of budgets to efficiently allocate resources and manage ongoing operations.
The policy provides one element of the information Trustees utilize in their deliberations and provides tangible proof of sound management practices to the University's outside auditors.
The Vice-President for University Budget and Financial Planning is charged with responsibility for the development work on this policy and the accompanying procedure, as well as maintenance and inquiries that may arise regarding the policy. Under the direction of the Vice-President for University Budget and Financial Planning, the Office of Management and Budget develops and administers this policy and procedure and is accountable for the accuracy of its subject matter, issuance, and timely updating.
Every vice-president, dean and department chair with responsibility over one or more BUs.
Every vice-president, dean and department chair with responsibility over one or more BUs, departmental administrators and finance staff, senior administration officials and the entire staffs of the Office of Management and Budget (OMB) and the Medical Center's Office of Budget and Finance (CUMC OBF).