Forecasts are done quarterly and represent where the University expects to be at year-end relative to the budget. They enable the Trustees, President and Vice Presidents to measure the success of the University's financial objectives for the year.
Because the first quarter forecast (Sept) is completed early in the year, only key managers (of large operations) are asked to participate. Other managers who are aware of major variances at this point should contact the Office of Financial Operations.
The second quarter is more in-depth as there is more activity on which to base projections. Forms open in early January, and managers have approximately 2 weeks to give their best estimates as to any variances they're expecting at year-end. Division information is presented at the February Board of Trustees meeting.
Forms for the third quarter forecast open in early April. As in January, managers are expected to review year-to-date activity, the current budget, and submit updated projections for areas where they expect to vary from budget.
At year-end, a forecast vs. actual analysis is completed by the Office of Financial Operations and managers are required to explain major variances.