In 1971, the General Assembly passed legislation that combined all the public educational institutions in North Carolina that grant baccalaureate degrees.  This legislative action created the current 17-campus University of North Carolina.  The reorganization called for a single entity – the Board of Governors – to present a comprehensive budget request on behalf of the consolidated University. 

The UNC Finance Division, as directed by the Board and the President, is responsible for creating the unified budget and administering the University's financial affairs.