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Deficit Reports

Deficit reports for most indices are sent out in April, May, and June of each fiscal year.

Those indices that start with an "8" or a "9" will receive a deficit report as needed. If you receive a deficit report for one of the indices that you are responsible for and it starts with an "8" or a "9", the deficit report means that the revenue you have taken in does not cover the expenses that you have incurred. These deficits must be cleared as soon as possible.

If you received a deficit report for one of the indices that you are responsible for that doesn't start with an "8" or a "9," the deficit report means you have overspent your bottom line budget. This deficit must be cleared by June 30 of each fiscal year.

Clearing Your Deficit

If your index begins with an "8" or a "9," you may clear your deficit by one of three ways. You may:

  • Deposit money into one of the revenue accounts within your index
  • Transfer specific charges in your index into someone else's index, provided they are willing to cover the expenses for you
  • Have another person transfer money from their index into yours

The last two possibilities are done through journal entries done by the accounting office.

If your index begins with any other number, you may clear your deficit by one of two ways. You may:

  • Have budget transferred into your index from someone else's index, provided they are willing to give you some of their budget
  • Transfer specific charges in your index into someone else's index, provided they are willing to cover the expenses for you

Both of these ways must be approved by the appropriate dean or director of your department before being forwarded to Joyce Morgan. Any transfer request that does not have the appropriate approval signature will be returned.

Deficit Questions

If you have any other questions regarding deficits, contact Joyce Morgan at (804) 289-8173.

 

Contact Us

Maryland Hall, Room G-12
accounting@richmond.edu

For immediate assistance, please call us at (804) 289-8173.

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