Quick tips to successfully manage your budget into year end

by Ray McNichol, Portfolio Finance Director

It’s almost March 31, UBC’s fiscal year end—a good time to review your cost centre (speedchart or project/grant – PG):

  • Review your balance available to know how much money you have to spend, or find, by year end. You can do this by reviewing FMS nQuery, your month-end reports, or the Hyperion forecasting system for operating funds.
  • Larger domestic purchases, particularly those up to $50,000, need to be initiated by February 17 to get the purchase order issued and the good or service received before March 31. For orders over $50,000, contact Financial Operations as soon as possible as the deadline has already passed.
  • Ensure it is someone’s responsibility to regularly review the detailed transactions posted to your cost centre, both payroll and non-payroll, to make sure that the amounts are reasonable and appropriate.
  • Some research grants can have an expiry date which could involve the return of unspent funds. Check your cost centres and make arrangements to either spend the funds or request an extension. Research Finance can help you with this.

When in doubt, contact your Administrator or the Finance Director for your unit. The UBC Finance website is also a good source of information.