The UCONN 2000 bond amount is authorized by the State Legislature in a public act for the amount of the approved projects. The University’s Board of Trustees (BOT) must approve projects and amounts annually; the Governor must then sign the legislation or 30 days must pass, then the defined projects are deemed approved. The BOT has the authority, within the UCONN 2000 allocation, to adjust project amounts for the needs of the University. The allocation and allotment to the University are made through the Office of Policy and Management, who initiate this part of the process, and the State Comptroller.
Capital Equipment Funds are one line of the UCONN 2000 legislation. Capital Equipment Funds are allocated annually based on the UCONN 2000 authorization. The Building and Grounds Committee determines how the funds for a given year will be distributed between executive areas (Academic Affairs, Administration and Operations, Finance). The heads of these areas determine the allocation to their respective Schools/Colleges/Areas.
The Plant Funds Office processes the annual Capital Equipment allocation, as approved by the Board of Trustees, in the FRS accounting system. The Budget Office oversees the technical aspect of the internal allocations, although each area identified above may process the adjustment in FRS. The Budget Office verifies and maintains a list of the annual allocations by area.
Capital Equipment expenditures are controlled through the FRS accounting system. FRS requires a manual override to spend more than the amount budgeted for an account.
Annually, the Budget Office reconciles budget and expense between the Capital Equipment Funds general ledger and the subsidiary ledgers.
Updated: 7/28/08