Financial Manager Series: Budgeting Strategies for University Funds
Explore the various ledger systems used to manage different university funds, such as revenue and income funds, local funds, auxiliary enterprise funds, restricted funds, foundation funds, plant funds, agency funds, and closed account organizations. Learn about the responsibilities of financial managers in overseeing these diverse funds.
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Presentation Transcript
FINANCIAL MANAGER SERIES - BUDGETING October 31, 2014
Ledger 1 General Revenue and Income Funds Funded with state appropriated (tax revenue) dollars and income fund (tuition) dollars. Provides the primary funding for the academic mission of the university. Original budget, prepared by the Budget Office and President s Council.
Ledger 2 Local Funds Self-supporting organizations funded with, for example, student fees, fundraising, athletic ticket sales, etc. Service organizations for billable activities such as telecommunications, fleet, renovations and alterations, postage, etc. Budget is submitted online by financial manager.
Ledger 3 Auxiliary Enterprise Funds Self-supported organizations whose capital structures were funded by bonds (ex: residence halls, Martin Luther King student union, student recreation center, and textbook rental). Collect revenue for debt service and support operations. Budget is submitted by the financial manager.
Ledger 5 Restricted Funds Grant and donor gift funded entities. Budget entered by Accounting Office based upon funds received.
Ledger 6 Foundation Funds Derive income from endowments and their related earnings. Funds are used exclusively for scholarships. Budget entered by Accounting Office.
Ledger 7 Plant Funds Equipment reserves. Two types: Income Fund Reserves & Bond Fund Reserves Entire amount available is entered by Accounting. Local Fund Reserves Budget is submitted online by financial manager.
Ledger 8 Agency Funds Funds that are managed by the university in behalf of other entities. Ledger 9 Closed account organization.
Financial Managers Responsibilities Financial Managers Financial Managers Responsibilities Responsibilities
Budget Management Tools ARGOS ARGOS Self Service Banner Self Service Banner Internet Native Banner Internet Native Banner
ARGOS Budget Availability Report(with FOS) - (BAVL) Budget Deficit Reports for LVL3 and LVL2 Access Orgs Budget Management Report (BMR) Budget versus Actual Report for All Ledgers (with FOS) Year-To-Date Financial Transactions (withFOS) Fund Balance Report (withFOS) Orbit Reports (Orbit and Orbit Lite)
Internet Native Banner Internet Native Banner FGITBSR FGIBAVL FGRODTA
Budget Forms Budget Transfer/Revision Budget Transfer/Revision PAR PAR Local Budget Development Local Budget Development
Budget Office Contacts Mike Maurer Director Planning, Budget, and Institutional Research msmaurer@eiu.edu 581-7568 Heidi Hawkins Assistant University Budget Officer hlhawkins@eiu.edu 581-3428 Mai Dao Budget Analyst II mtdao@eiu.edu 581-5590
