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Budget Terminology


Account Code

The 6 digit PeopleSoft number that tracks/defines specific financial transactions within the system (i.e. 743200 Office & Admin Supplies).

Actuals Ledger

Where expenses and revenues are recorded.

Allocation

Distribution of budget/funds as related to an entities operations.

Associated Revenue Budget/Appropriation Budget

Pertains to certain revenue driven funds (misc. income, indirect cost and student fundraising) which as revenue is recognized the expense budget is automatically increased.

Auxiliary

An independent income producing operation performing functions in support of the university with the goal of being self-supporting. i.e. Housing & Residential Life, Campus Services

Budget

Financial plan of an entity.

Budget Balance

The remainder of funds available after expenses and encumbrances have been recorded.

Budget Journal Class

Used to describe & track various categories of a fiscal year budget allocation within PeopleSoft.  They are as follows:

Original  -Base budget allocation to a division/department for a fiscal year

Adjustment  -Transfer in or out of budget without reducing the Original fiscal year allocation but affecting the overall current budget.

Carry Forward  -Previous year budget balance available at June 30th  which affects overall current budget.

One-Time  -Increase or decrease one-time of budget without reducing the Original base budget but affecting the overall current budget.

Budget Transfer

Moving dollars from the same funding source within or between departments.

A budget transfer can be processed by filling out the attached form and emailing it to the budget office. 

Transfers of Associated Revenue Budget are processed as Interfund or Intrafund Transfers.  This process moves cash and automatically increases or decreases current budget.

Business Unit

The entity for which all transactions are grouped.  The University of Massachusetts Dartmouth’s is UMDAR

Budget Period

One or more months within a Fiscal Year. July being period 1, running consecutively through 12 being June.  Period 998 is the adjustment period after the end of the Fiscal Year used by the Controller for year end entries.

Budget Year

A twelve month period which coincides with a Fiscal Year spanning between July 1 and June 30th.  The months are numbered consecutively within PeopleSoft beginning 1 through 12.

Carry Forward

Budget Balance at June 30th for certain funds which may be carried forward into the next Fiscal Year with prior approval.  For Associated Revenue Budgets it is the Cash Balance less Liabilities that are carried forward.

Carry Forward can only be used for one-time expenses such as outright purchase of equipment, supplies, and travel. A Carry Forward Request Form needs to be filled out and returned to Administration & Finance for approval.

Chartfield

PeopleSoft values which combined together make up what is called the Chartfield String   It consists of the following:  Fund Code, Department ID, and Program Code.  All Chartfield’s are attached to a Speed type and or HR Combo Code (same).  A Speed type is a 6 digit number used only when entering requisitions which lessens the chances of data entry errors by limiting the number of characters needed to be entered.  The HR Combo Code is used solely by HR to identify the employee’s funding source.  Speed types/HR Combo Codes can be looked up using the following link:  http://cf.umassadmin.net/finance/crosswalk/ 

Commitment Control

PeopleSoft Finance module that tracks/controls various financial activities based on available budget

Encumbrance/Commitment

An amount of money set aside for goods, services or salaries

Expense

Actual record of payment for goods, services or salaries

Expense Transfers

An expense transfer can be done to move expenses from one funding source to another. A UMGL 7062 Detail Transaction Report will need to be run highlighting the expenses to be moved and submitted to the Accounting Office.

Fund Code

Part of the PeopleSoft Chartfield String (5 digit number) that tracks the classification of funding sources.  Some examples of funding sources are below:

State Appropriation (11000)- Used solely for payroll due to fringe benefit savings.

Curriculum Support  (CSF-51025)- Used for University approved Operating expenses. 

Major Fees (51189)- Used for University approved operating expenses by Colleges.

Student fees (51163)- Used to support student Health, Counseling services and activities.

General Purpose Trust Fund ( GPTF-51287)- Used for University approved operating expenses.

Miscellaneous (51300)- revenue driven used to deposit revenues from all sources other than student fees. Example conference registration, vending income, fees for service.  To set up a miscellaneous account please contact the accounting office.

Gold Book

The Gold Book is an executive level budget management tool.  It was created to track positions, salaries and other pertinent data for all benefited and certain non-benefited employees.  It is also used to determine salary savings which can be used to fill any budget shortfalls that may occur during a Fiscal Year, or with prior approval, can be used to fund one-time department expenditures.

Interfund/Intrafund Transfers

A process that moves cash for Associated Revenue Budgets (misc. income, indirect cost and student fundraising) which automatically increases or decreases budget.

Organizational Budget (Org)

Is a budget that is loaded at the beginning of the Fiscal Year based on projections and allocations to the departments.   Some examples are:  CSF, GPTF, Major Fee, Other Student Fees, State Maintenance etc.

Overhead Assessment Charge (Trust Fund Administration TFA)

The Trust Fund Administration Charge for the Dartmouth Campus was approved by the UMass Board of Trustees on May 9th, 2000.  Certain Trust funds will be assessed an 8% charge on expenditures.  The rationale for the charge is to ensure that all trust funds are self-supporting and that this includes its allocable share of central services.  This charge is consistent with those charged at the other UMass campuses.  The TFA Charge appears under the PeopleSoft Account Code 797500 (Overhead Assessment) as an expenditure.  This will be done one-time at month end close.        

Restricted Funds

Funds expendable for operating purposes but restricted by donors or outside agencies as to the specific purpose for which they may be expended. The following are classified as current restricted funds: Grants and Contracts (funds codes beginning with 53xxx), Endowment Spending Allocation, and Special State Appropriations

Revenue-Based Funds:  Funds established for activities that are fully or partially supported through fees or charges for products or services. Revenue-based operations include:

  • Auxiliaries: An operation providing services external, but contributing to, the basic academic mission of the university. Auxiliaries are managed as self-supporting activities through revenue generated from either student fees or the sale of goods or services to the campus community. Some examples of auxiliary enterprises on this campus are Residence Halls and Housing, Student Health and Campus Services.
  • Student Fee: An operation that provides services to students for various educational and ancillary purposes. These operations are primarily student supported through fees that may be either mandatory or non-mandatory. Some examples of student fee operations include Student Activities and the Student Senate. 

Standard Allocation Worksheet (SAW)

Used by the Budget Office to load operating budgets (CSF & GPTF) into PeopleSoft Finance Commitment Control at the beginning of the new fiscal year.  It consists of the previous year’s Original Base Budget by fund, division and or department within applicable area.  They are distributed to the Vice Chancellor’s for review and reallocation, not to exceed the overall current Original Base Budget.

Strategic Resource Allocation (SRA)

A method of aligning budgetary funds with strategic objectives and creating shared responsibility throughout the organization for meeting these goals.  As part of the process, benchmarks are established to measure the success of the budget program.  Given recent changes in funding that have occurred in public higher education, the prevailing economic conditions, as well as the predicted trends in higher education’s student profile, it is paramount that a publicly funded university be adaptable, efficient and flexible in order to achieve sustainability; efficient in the services provided, adaptable to changing student demands, and flexible enough to respond to market, financial and economic pressures.  Because strategic resource allocation engages faculty and staff to create shared responsibility and identifies measurable outcomes, it produces a much more flexible and responsive organization than organizations that rely on incremental budgeting.  

Unrestricted Funds

Funds received where no stipulation was made by the donor or other external agency as to the purposes for which they should be expended, except for the limitations imposed by law and by the budget. 

  • State Funds: Funds appropriated by the State Legislature.
  • Operating Funds: Funds generated from revenue sources such as the Curriculum Support Fee, Trust Fund Interest and Administrative Overhead.
  • Indirect Cost (IC): Funds accumulated through the recovery of indirect costs incurred by the campus in support of sponsored agreements. 


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