Term. Object Code balances brought forward from a previous fiscal year, usually as part of year-end processing. Typically this term is used to reference Current Budget brought forward during the carryforward and reversion process but can also reference balances brought forward for assets, liabilities, fund balance and inception to date balance for income and expense. In sponsored projects, carryforward is a term for carrying unexpended funds from one budget period to the next budget period. This is most common with federal grants where a competing segment of 3 or more years is divided into one-year non-competing segments, and unexpended funds are carried forward to the next non-competing segment.