Budget FAQ’s
What is a Budget?
What is the difference between an Original and Adjustment Budget?
What is the difference between a GL Journal and a Budget Journal?
What is the difference between a Revest and Org Budget?
What is a budget node?
How do I review my budget?
How often can I change the budget?
How do I budget my fund balance?
When should I do a Budget Increase/Decrease?
Can I do a Budget Journal between funds?
What are the current rates to be used in calculating fringe benefits?
Are fringe benefits included as part of the salary and wage budget?
How do I increase or decrease FTEs (Full Time Equivalencies) for base budgeted line-item positions?
What is a Budget?
A budget is an operational plan.
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What is the difference between an Original and Adjustment Budget?
Original budgets impact a department’s permanent (base) budget and future fiscal year budget. However, Adjustment budgets only impact the current fiscal year’s budget.
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What is the difference between a GL Journal and a Budget Journal?
GL Journal entries are processed through General Accounting and are used to move or change actual revenues, expenses, assets, liabilities and equity either from one cost center to another or between accounts.
Budget journals are processed through the Budget Office and are used to budget new funds, move budgets between cost centers, move budgets between budget nodes within the same cost center, and budget positions.
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What is the difference between a Revest and Org Budget?
A Revest budget is where revenue or fund balance is budgeted. An Org budget is where planned expenses are budgeted.
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What is a budget node?
A budget node is a summary or pool level account used to define a type of budget. For example, B5009 is the budget node for Maintenance and Operations expenses. There are several accounts used on transactions that roll up to the B5009 budget. These different nodes and accounts are defined on trees. Expense budget nodes are defined on the BUD_EXPENSE tree. Revenue budget nodes are defined on the BUD_REVENUE tree.
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How do I review my budget?
Budgets can be reviewed using several different reports. The Budget Summary Report (UGLS1063) is used for the quarterly meetings with the Budget Office. The Department Verification Report (UGLS1074) is used for monthly reconciliations. The Position Budget Summary Report (UHSBOB02 - from GL) and the Position Budget Status Report (UBUD022 - from HR) are used for position budgeting.
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How often can I change the budget?
Adjustment budgets can be changed as necessary. Original budget changes are discouraged, but approved on a case by case basis in the Budget Office.
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How do I budget my fund balance?
To budget fund balance, submit a Budget Journal that increases both the REVEST (B4035) budget and the ORG budget. Attach the current Unbudgeted Fund Equity with Exp/Rev Budget Report (UGLS033A) as backup documentation.
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When should I do a Budget Increase/Decrease?
Budget increases should be done when revenue received is expected to be greater than the original budgeted amount or fund balance is needed for expenses. Budget decreases should be done when the budgeted revenue will not be realized.
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Can I do a Budget Journal between funds?
No. Budget journals can only be made between like funds.
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What are the current rates to be used in calculating fringe benefits?
Fringe benefits are estimated at 30% for full-time line-item faculty and staff positions. Summer instruction benefits are calculated at 15%. Fringe benefits for positions where the employee is less than 50% are treated as temporary positions and budgeted at 15%. This includes student workers and adjuncts.
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Are fringe benefits included as part of the salary and wage budget?
No, fringe benefits are budgeted separately using a B5007 budget node.
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How do I increase or decrease FTEs (Full Time Equivalencies) for base budgeted line-item positions?
Request to add or change FTEs for a position via the FTE Change Form. In addition, a Budget Journal should be completed to correct the position budget and FTE. Finally, a PRF should be completed to adjust the FTE in the Human Resource Management System (HRMS).
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