As outlined in Section 22.2 (Self-Supporting Excess Funds) of the Business & Finance Policies and Procedures, units that manage self-supporting funds with a 3J or 3Q fund type may request a voluntary lapse of excess funds. See below for further details:
- If a self-supporting fund’s cash balance exceeds what is needed for the support, maintenance, and development of its activity, then it may be eligible for a voluntary lapse of funds.
- Excess funds lapsed from a 3J or 3Q self-supporting fund are transferred to the university’s income fund by UAFR and then allocated back to the unit as temporary state budget, pending approval by the applicable campus budget office.
- Units may submit voluntary lapse requests to UAFR throughout the year. However, requests submitted from mid-June through August are typically not reviewed, approved, and processed until period 03 of the new fiscal year due to UAFR’s year-end workload and priorities.
- If your unit needs to lapse excess funds from a 3J or 3Q self-supporting fund before the end of the fiscal year, please submit your request to UAFR as soon as possible to help ensure it can be reviewed, approved, and processed before year-end priorities take precedence.
Contact
For additional guidance, locate the appropriate subject matter experts by searching for “Self-Supporting Funds” in the Business & Finance Who to Ask list.
