Budget & Financial Planning

Budget Planning Resources

Annual Planning Calendar

Annual budget process begins in January, communication and information will be sent providing information and instructions on the budget planning cycle, including targets, deadlines and next steps. After budget review, the final budget allocations are communicated in June. July 1 begins the new budget/fiscal year. 

Fringe Rates

The percentage (%) benefit rate that is the employer cost associated with an employee’s salary.  It includes health insurance, life insurance, Workers Comp, retirement, etc.  Marymount University fringe benefit rates are calculated by University Financial Services annually for full-time benefit eligible employees and part-time temporary non-benefit eligible employees.   

Fringe rates are included in Position Budgeting.  

FY2024 Operating Budget Fringe Rates:

Faculty	22.25%
Adjunct Faculty	8%
Staff/Administrators	Full-time:22.25%; Part-time:8%
Students	8%

Budget vs. Actuals Report

A Workday report available for any point in time to track actual spend against your current operating budget. For access, email Minh Dien at mdien@marymount.edu.  Budget vs. Actuals Report Job Aid 

Budget Amendment

Budget transfers between Cost Centers. Department Head approval is required for any amendment.  Budget Amendment Request Form 

Temporary Funding Request

A temporary funding request should only be used to request funding for extraordinary circumstances and after all other options have been exhausted.  Requests are made through and approved by the units’ Vice President or Provost.  Recurring funding requests will be considered only during the annual budget process.   

Position Budgeting

Position Budgeting involves the structure and process for maintaining and tracking faculty and staff positions and associated budgets.  It enables Marymount to accurately allocate, monitor, and report on all authorized continuing and fixed-term faculty and staff positions.   

Position budgets are set annually during the annual budget process.  The position budget determines the authorized cost centers and compensation amount, including fringe.  When employee compensation changes or hiring occurs through Human Resources, the request will route through the budget office for position budget approval. 

Operating Budget

The Operating Budget provides an overall annual comprehensive perspective of the University’s financial resources, including planned revenues and expenditures for University operations.  

The operating budget finances the ongoing activities of the university. It generally includes all regular unrestricted income available to the institution plus restricted funds earmarked for instructional activities and department support. Examples of activities included in the operating budget are the basic expenses of departments, schools, and colleges, including personnel and day-to-day operating costs; student services; libraries; administration; campus operations and maintenance; development; and the unrestricted portion of endowment income, gifts and student aid. The process includes current projections for enrollment, tuition, and other revenue, for the fiscal year. 

The University leadership presents the proposed document to the Board of Trustees for approval and adoption effective July 1 of the new fiscal year. 

Divisional planning includes aligning resources with strategic priorities of the university. The planning process begins in the fall semester with budget development taking place throughout the spring semester. 

Capital Budget

Capital Budget Process

Marymount University’s capital budget process is a long-term planning of capital needs by integrating them with funding availability.  The capital budget is reviewed and updated annually by a committee with representation by Office of Facilities, Planning and Operations, Facilities, University Financial Services (UFS), Information Technology Services (ITS) and the Vice President and Chief Financial Officer. 

Capital Projects 

Capital Projects are improvements for new facilities or major renovations that cost $1M or more and require approval from Marymount University Board of Trustees.  The funds available for capital needs are bonds, gifts, the general fund and other miscellaneous funding sources.  A separate account is used for each year of the capital budgeting process.  Once the project is completed, any excess funds will be moved back to the capital budget account to be used for other capital project priorities 

Refer to the Capital Equipment Policy and the Capital Purchases & Leasing Policy. 

Gifts

Contributions are cash gifts (contributions) received during the period covered by the Operating Budget Activity. Only cash gifts, not pledges, are recorded in the Operating Budget. 

Sponsored Programs – Grants and Other Sponsor Funding 

Generated from an external entity, such as a governmental agency, a corporation, or private foundation.  Recorded as sponsored revenue when it is for an activity with a defined budget, a period of performance, and a scope of work undertaken by the university. The outcome expected to directly benefit the resource provider.  Earned and recognized when expenses have been incurred, except as otherwise provided for in the award’s terms and conditions. 

Frequently Asked Questions                                

Question	Answer
How do I submit a budget change?	Fill out the Amendment Form. Attach any backup documentation, include (cc:) the appropriate approvers, and email the completed form to mdien@marymount.edu for review and processing.
Why does my Budget vs Actual Report show duplicate numbers?	The report layout shows sum amounts for each grouping. When you drill down it will show the detail amounts AND the total sum amount in the above categorized lines.
Where can I obtain a copy of this year’s budget for my department/cost center?	Budgets are shared with Cost Center managers and Executive management unless otherwise approved. If security permissions are requested, send an email to ITS@marymount.edu to start the approval process.
What if my Actuals are incorrect?	Contact the Controllers Office.