Monthly newsletter from the Division of Finance.
Division of Finance Monthly Update |
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FY26 Financial Close-out
Draft FY26 financial statements are currently being reviewed by Grant Thornton, and we expect completion of the FY26 audited financial statements for approval by the Board of Regents at their December meeting. At this time, we project a $6.3M unrestricted operating loss primarily due to a shortfall in student housing, additional student awards, and an increase in employee fringe benefits.
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FY27 Budget
Monthly budget management meetings with Executive Cabinet members and Deans continue leveraging budget management reports developed by the Office of Budget & Financial Systems. At these meetings, one recurring topic is the continued focus on utilizing restricted gift budgets (6-funds) as appropriate, in lieu of utilizing unrestricted (Fund 100) operating funds.
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Note that after extensive end-user training with budget managers, non-personnel budget checking will be turned-on in Unimarket next month impacting Banner Finance Indices related to the unrestricted budget (Fund 100) as well as to internally designated funds (2-funds), restricted gift funds (6-funds) and capital project funds (7-funds).
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FY28 Budget Development
Per the FY28 budget development calendar, the Budget Office is receiving initial 5-year revenue assumptions from various Subject Matter Experts while defining various 5-year expense assumptions. These preliminary assumptions will be summarized and presented to the Executive Cabinet in late November. In addition, the Budget Office will be coordinating the development of FY28 tuition, fees and room and board rates for the December Board of Regents meeting.
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Unimarket
A review of a revised comprehensive Procurement Policy replacing four outdated procurement-related policies is underway with the anticipated review/approval by Executive Cabinet later this fall. The updated policy will support the Unimarket Contracts module which is in its final stage of development. Until otherwise notified, contracts are still to be processed through ESM.
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Ed Bishof
Vice President for Finance and Chief Financial Officer
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Join the Division of Finance on Tuesday, November 17!
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→ Fall Finance Open Forum
10 a.m. to 11 a.m. Chancellor’s Suite
The campus community is invited to attend the Fall Finance Open Forum to receive updates on the FY27 budget, preliminary FY28 budget parameters, and continued progress on business process improvements.
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Register here. Please submit questions in advance when registering for the Finance Open Forum.
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→ Unimarket Open Forum – Ask the Experts
11 a.m. to 12 p.m. Chancellor’s Suite
Join key representatives from Unimarket as well as from the university’s offices of Procurement and Accounts Payable in a round-robin open discussion on the appropriate use of Unimarket’s business processes.
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Register here. Please submit questions in advance when registering for the Unimarket Open Forum.
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Supplier Showcase (NEW DATE): The Supplier Showcase is rescheduled from October 28 to April 12. More information will be shared in upcoming communications.
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