University Budget Office

New York Medical College
40 Sunshine Cottage Road
Administration Building

2nd Floor
Valhalla, NY 10595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monitoring Expenditures

 

Budgets

To ensure that the College remains within the budget approved by the Board of Trustees, the Budget Department distributes reports, and monitors individual accounts.

 

Monthly Hard Dollar Reports:

Monthly hard dollar reports are distributed through the On-line Financial Reporting Tool (OFRiT).  This tool can be accessed through https://isweb.nymc.edu.

 

Comments /questions regarding the monthly hard dollar report can be submitted through the comments section within OFRiT.  To grant access to your hard dollar accounts via OFRiT to additional staff members, please contact the UBO.

 

Re-allocation Requests:

During the Budget planning process, the Budget Department reaches out to non-Medical School Departments and provides them with the opportunity to realign their existing OTPS budgets to better match their spending patterns.  Should additional realignment requests become necessary at other points during the year the Budget Department will analyze and approve such requests on a case by case basis.  Any requests for budget changes to Medical School accounts should be submitted to Academic Administration.

 

Account Management:

On an annual basis, the UBO distributes a Chart of Operating Expense Subcodes to assist the College Community in submitting expenditure requests.  This document provides a comprehensive listing of all approved non-personnel expenditures along with a brief description of each.  If you are not clear on which subcode to use for a specific expenditure, if a subcode you previously used is no longer available for use or if you have a justified need for a new subcode, please contact UBO (Budgets or Restricted Funds) for assistance.

 

Click here for a Chart of Operating Expense Subcodes

 

 

Back to Budgets

 

 

 

 

 

Page updated: May 8, 2013

 

 

 

 

 

 

Why Monitor
Expenses?

Monitoring your expenses helps managers to recognize when situations have changed from the original forecast so that departments can plan accordingly.