The HMS Deficit Spending Policy has been updated to reinforce financial accountability and ensure clearer guidance for deficit resolution across HMS. This policy aims to ensure responsible financial stewardship of Harvard funds by preventing unauthorized and unsustainable deficit spending. The policy provides guidelines and timelines for addressing deficits to protect the school's limited resources and promote fiscal responsibility. 

The updated HMS Deficit Spending Policy (Version 2, October 21, 2024) introduces the following key changes:

• Roles, Responsibilities, and Timeline Section: This section now emphasizes the specific deadlines for departments to address deficits. It clarifies that departments must resolve deficits before the fiscal year-end close, with the Office of Finance stepping in if deficits remain unresolved after the first fiscal yearend close.
• Fund Deficit Resolution Link: A direct link is now provided to guide departments on resolving fund deficits.