Budgeting involves all segments of the University and is a continuous process designed to ensure the best use of available funding. Budget management requires short-term and long-range planning, and involves setting up program priorities, requesting funding, allocating available funds to various programs and projects, preparing and maintaining the budget, and reporting on the use of funds and intended use of any unexpended funds.

Board of Regents' Policy 7.20 requires that each department responsible for Current Unrestricted funds submit budget use reports to their responsible executive vice president at the end of each fiscal year. This information is compiled by the appropriate Budget Office and is used to create the Budget to Actual report required by The State of New Mexico’s Higher Education Division (HED). The HED requires that UNM’s annual budget is filed on May 1st each year for the upcoming fiscal year. This budget document also includes budget revisions for the current fiscal year.

The budgeting responsibility for Sponsored Projects is assigned to the Contract and Grant Accounting office that monitors the award. The budget entered into the Banner system reflects the Award Budget Sheet (ABS) submitted with the proposal for funding.