The University conducts fiscal affairs under a budgetary system based on a fiscal year defined by the Board of Regents as July 1 through June 30. On the Ann Arbor campus, the provost and executive vice president for academic affairs is responsible for preparing the annual request for legislative appropriation and the annual budget, and for recommending both to the Board of Regents. At UM-Flint and UM-Dearborn, the chancellors are responsible for preparing the budget for their respective campuses and for presenting that budget to the Board of Regents. As a practical matter, the University has a decentralized model of management; deans and other unit heads have great flexibility in allocating resources once their budgets are set (bylaw 2.11).

Details of each year’s budget are available from the Office of Budget and Planning website. The University of Michigan Financial Report – Year Ended June 30, 20xx is annually prepared by the executive vice president and chief financial officer and available from the Office of Financial Analysis.