7.1 General Policy on Finance and Business
7.1.1 Appropriation and Allocation of Funds
The Board of Regents shall be the only medium through which formal requests shall be made for appropriations from the General Assembly and the Governor of the State of Georgia. The request shall be in full compliance with the instructions issued by the Governor’s Office of Planning and Budget. The Board shall annually allocate funds to the University System of Georgia (USG) institutions at a meeting following the approval of the Appropriations Act and approve the budgets of the USG institutions, the University System Office, and pass-through and other attached organizations.
7.1.2 Accounting and Reporting
Accounting and reporting procedures of the Board of Regents shall comply with accounting principles generally accepted in the United States of America (GAAP) applicable to public colleges and universities engaged in business-type activities, as prescribed by the Governmental Accounting Standards Board; federal, state, and local laws; Board of Regents’ policies; and regulations approved by the Chancellor and published by the USG chief fiscal officer.
When a situation develops that would create a deficit at an institution, the President of the institution shall take appropriate corrective action. If the President cannot take adequate corrective action to eliminate the deficit within the current fiscal year, he or she shall inform the Chancellor and the USG chief fiscal officer immediately.
The USG shall annually publish a USG consolidated financial report.