Per BOR policy, each program should budget “no less than 5% with a maximum of 15% for contingency expenses”. All parties involved in developing and offering faculty-led programs work together diligently to ensure that the final program expenses remain within the overall program budget. However, it is often that programs do generate small amounts of surplus or deficit due to unanticipated events, such as unusually volatile currency fluctuations, enrollment fluctuations, or unexpected changes in on-site costs.
In 2016, a Study Away Emergency Reserve Fund was approved and established. The purpose of the account is to assist programs when financial issues arise unexpectedly, creating budgeting issues for Study Away programs. The Study Away Emergency Reserve Fund is managed by OGE-Finance.
At the close of the program, unused program funds will be moved to the OGE Emergency Reserve Fund at a rate of 5 - 15% of the total program revenues, with the remaining balance being refunded to the students attending the program. OGE-F will follow guidelines set by USG to determine amount of refunds/emergency funds during close out procedures.
If a program is demonstrating a shortage of funds in a program account due to unforeseeable issues, the Emergency Reserve Fund may be petitioned to cover the shortfall. Requests will be evaluated by a committee on a case by case basis.
Requesting Emergency Reserve Funds
Included in the request should be:
- Their copy of the final / last approved budget
- Completed program closeout form, showing amount needed
- Written justification for the request (what happened and timeline)
- Any other applicable documents (invoices, currency exchange rate calculations, etc.)
The committee will review the request and documentation, asking for more information as needed, prior to making their decision. The program will be notified of the decision and made aware of the next steps.