Fund Swaps

Fund swaps occur when a department needs to exchange one fund type for another to support an unexpected or unplanned fiscal need. Swaps allow units to realign available resources to meet operational priorities while ensuring compliance with university financial policies.

Fund swaps are for fiscal dollars only and should be used only for activity that could not have reasonably been anticipated during the budget development process.

In certain circumstances, a fund swap may be required to avoid disrupting a student’s employment.  This commonly occurs when a grant or indirect cost recovery (icr) dollars are temporarily unavailable within a unit.  

A swap may be appropriate when:

• A department has available balances in one fund type but needs another fund type to complete required work
• An unanticipated expense arises that must be supported by a different fund source
• A program or initiative requires fund flexibility to move forward within the fiscal year
• A student employee needs to remain on the same employer (e.g. RF vs. Sate) and a temporary funding gap prevents continued charging to the intended fund

Swaps should not be used for ongoing funding needs, structural budget issues, or planned expenditure.

Within-Unit Swaps

Departments may complete internal fund swaps within their own unit without central approval.

These internal swaps should be documented locally according to the unit’s financial management practices and coordinated by the UBO.

Requests to Central

If a unit is unable to accommodate a swap within their unit based on funds availability a request may be made to central university.  Only UBOs may submit a swap request to central university.

These requests should:

• Include clear justification for why the expense could not be planned for
• Identify both the source fund type and the destination fund type
• Demonstrate that the unit has exhausted internal options before seeking central approval

All central swap requests undergo a review to ensure:

• Alignment with UB’s financial policies and fiscal priorities
• Appropriate use of fund types
• Adequate justification for the unplanned need
• Availability of funds within the unit and central

Central university will notify the UBO once a determination is made.