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It is every University employee’s responsibility to be a good steward of the resources entrusted to the University and to make decisions in good faith which serve the best interest of the University. Primary fiscal responsibility rests at the level where the expenditures are made, with those who initiate programs and make decisions on how to implement programs. Financial planning is a collaborative process that ultimately results in approval at the upper levels (Board of Curators, Board Budget and Finance Committee, President, Vice President, etc.).

The actual details are decided at the operating level (Deans, Directors and Department Chairs) within the constraints of Board and University policies. Ultimate responsibility for ensuring that fiscal transactions are in accordance with approved plans, programs and policies rests at the Dean/Director/Department Chair level. All individuals with fiscal responsibilities will comply with the University’s Conflict of Interest Policy under Chapter XI and decision-making public servants are subject to annual financial reporting to the Missouri Ethics Commission as required under Chapter XI, Section 11.05.

Development of the annual budget is the responsibility of the President in conjunction with the VPAF and the Budget Officer. Working in conjunction with the President's Senior Leadership Team, Deans/Directors/Department Chairs help to provide information as a part of the ongoing budget process. The projected revenues and expenses are included and provided to the Board for review and approval annually. Generally, as long as the total approved budget does not exceed the budget approved by the Board of Curators, the President and his/her designees are responsible for the implementation and tracking of obligations and expenditures resulting from the approved budget and to ensure and maintain a balanced budget, making budget revisions as necessary.

The President and his/her designee may utilize the advisory budget committee to seek advice from University stakeholders as needed. This team will make recommendations regarding the budget for consideration by the President.

The VPAF and the Budget Officer are standing members of the University Budget Committee.