It can become necessary to modify the budget, which could be due to:
The BudMod system is used to enter Budget Modifications. BudMods can be used to reallocate budget to allow a failed transaction to pass.
Budget Modifications should be approved within 2-3 business days. The approval of modifications may take longer if there are outstanding issues that prevent normal approval - this might include:
Automatic Approval Rules for BudMods
BudMods which meet the following criteria bypass the Office of Budget and Planning and post directly to FAME:
Once approved, budget modifications should post to FAME within one hour. If rejected, the original requestor is notified by email.
The Budget Office reviews Budget Modifications differently based on Fund Group.
Below is a list of criteria that your Bud Mods should meet depending on the Fund Group it is associated with. Note: It is not possible to submit a Bud Mod across multiple funds.
All Bud Mods should be balanced. In some cases it may be necessary to submit multiple Bud Mods to achieve this balance. If for any reason a Bud Mod is submitted and is unbalanced, it should be accompanied by either an attachment or email to explain the purpose of this increase or decrease.
Bud Mods must not adjust any of the following:
Adjustments to any of these budget categories require advance approval from either the Budget Office or the Admissions Office (in the case of Financial Aid and CWS)
Any adjustments to Salaries should have a corresponding Fringe adjustment (unless change is within the same Org)
Other things that may require backup info before approving:
BudMods can be unbalanced if there is sufficient Fund Balance to cover the difference. A Fund Balance report should be run to determine the current balance and compared to the requested increase in expense budget.
Note: For faster approval it is suggested a copy of this Fund Balance report be attached with the BudMod when it is submitted.
BIA/Budmod Access Request Form (requires NYUHome login)
If a BudMod is in anyone’s worklist for more than five days, it will “Timeout”
“Timeout” notifications are sent to the requestor and the current owner by email, but do not impact workflow The BudMod will remain in the current owner’s worklist and do not affect their ability to approve or reject the modification.