- Can a Non-personal budget be transferred to a salary or fringe benefit line?
- How do I submit a budget modification form?
- What are the current fringe benefit rates?
- How is a new index established?
- What is the University’s Indirect Cost Rate?
- What is the total University budget?
- How do I request training on budget activities and processes?
- How can I get reports on my budget?
- Who is my designated Budget Analyst?
- Why does our budget get swept before the end of the fiscal year?
- Why do I receive a Deficit Report and what should I do with it?
Yes, non-personal budgeted funds may be moved to Personal Services lines to support salary increases, fringe benefit increases, increasing the wage budget and/or to cover deficits. Excluding salary and fringe benefit increases, the budget modification should be categorized as a Temporary Transaction rather than a Permanent Transaction.
Verify the funds you would like to transfer are available and appropriate to transfer. Fill out the budget modification form completely and submit for approval to the appropriate individuals. After this step has been completed, forward the document as an attachment to the email@example.com mailbox for processing.
Fringe benefits include both fixed and variable amounts. Variable costs include retirement contributions, Medicare, Social Security, long-term disability, retiree medical insurance, and group life insurance. Fixed costs include health insurance and deferred compensation cash match. Variable fringe benefits average 25% of the base salary. Fixed fringe benefits average 13% of the base salary.
Fill out the Cost Center/Account Creation Request form and submit for the appropriate signatures of approval. Please ensure you have discussed the reason, need, and funding source with the Budget Office team prior to submitting the form to Lavetta Blick, Finance, for processing.
The rates cited are for use on grants, contracts and other agreements with the Federal Government as a percentage of direct salary/wages unless the funding agency prohibits the charging of overhead or does not pay the full rate.
The FY19-20 total University budget as approved by the Board of Visitors in April 2019 is $175,863,790. The breakdown by Revenue Source is:
|E&G Agency 212||
|E&G Agency 234||$11,076,279|
|State Student Financial Assistance General Funds||$9,506,879|
Call the Budget Office to request training one-on-one or in a group setting. Contact information for the Budget Office Team is:
Cynthia Pegram, 524-5198, firstname.lastname@example.org
Adrian Petway, 524-5197, email@example.com
Joyce Wilkins, 524-5850, firstname.lastname@example.org
You may use Banner to produce the reports you need or you may contact the Budget Office to request specific reports. The Budget Team will work with you to identify the parameters of the report required and provide you with the most current information available.
Any member of the Budget Team can provide you support. For convenience, each Senior Budget Analyst is dedicated to specific divisions/departments within the University.
Cynthia Pegram - CEARS, Department of Agriculture, Athletics, Financial Aid, Student Affairs Division, and Institutional Advancement Division
Adrian Petway - Administration and Finance Division, Capital Outlay, President's Office, Chief of Staff, Technology Services, Internal Audit, and General Counsel
Joyce Wilkins - Academic Affairs
The University has systematically swept the E&G budgets in April of each year. There are several factors that influence this decision. Timing of purchases and receipt of goods, early deadlines impacting purchasing activities by both the University and Department of General Services, and providing the University a Carry Forward of General Fund into the next fiscal year to fund new initiatives.
Administrators and account managers are responsible for reviewing information in Banner Finance for accuracy and ensuring that sufficient revenue budget and expenditure budget is available to support the fiscal year activities. In the event that a Banner org/index goes into a deficit, the deficit must be resolved as soon as possible but no later than the next month-end.
To provide funding to clear a deficit, submit a Budget Modification form to the Budget Office.