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Budget
Information for International & Domestic Travel |
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BUDGET INFORMATION
SHEET
A
printable PDF version of
this information is available.
(A
Budget Proposal Form must
be attached to the Study/Tour
Program Proposal form when it is submitted to the supervisor
for approval. Budget Proposal is on a separate page.)
Important Points
for Preparing Your Program Budget
Academic Credit
Granting
credit is an academic issue, however, if credit is given that implies
that a student is registered. (Make certain the student is registered
for the credit!) The per credit charge should be consistent with
the on-campus per credit charge.
Over-Run of
Costs Above Revenue
If
it is anticipated that the expenses will exceed revenue, it needs
to be established which department and budget line will be subject
to a budget re-allocation to cover those expenses, otherwise it
will be necessary to seek prior written approval from the Provost
that this program has been sanctioned knowing that a deficit will
occur. The budget implications of the latter scenario will be handled
at the VP level. Contact the office of Resource Management, usually
the Director of Accounting Services, if a budget re-allocation becomes
necessary.
Setting Up
an Account Issues
Contact
the Director of Student Accounts to establish the best way to charge
students and to facilitate the collection of deposits and program
costs. You will also be asked to establish a refund policy for tuition
and program costs. (Financial Aid does not apply to short-term study/tours)
Establishing
Account Numbers
Contact
the director of accounting operations to establish a revenue account
number and a departmental expense number. You will also be asked
to identify the likely object codes to be used.
Expenses Before
Revenue
If
expenses occur before revenue comes in, contact the Director of
Accounting Operations to discuss the need to treat these as pre-paid
expenses.
Tours
Finances
for "Tours" where parents or other non-university personnel
may attend present particular problems. Usually the travel agent
that is used will handle the non-university accounts.
Important
Information for Handling Finances for a Study/Tour
-
Set deadlines: participants need dates for
deposits and travel arrangements.
-
Determine
refund policy before any deposits are accepted: Since
the university refund policy is calculated on a semester basis,
it is necessary to be explicit about what the refund policy
will be for this shorter study/tour.
-
Cash advances: Make certain that the finance
office has at least 5 working days to cut a check.
-
Daily
log of expenses: A small spiral notebook is handy;
date each page and attach receipts at the end of each day. CAUTION
- it is difficult to keep track of receipts if the coordinator
does not have a plan!
-
Travel
Expense Report: This is available electronically
and may be submitted
Electronically, but actual receipts must be submitted to the
finance office.
-
Payments
during program: Some areas will not take credit cards
or traveler’s checks. Be prepared to have sufficient local
currency. ATM machines are especially useful in most parts of
Asia and Europe and often have the most advantageous exchange
rate.
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