{"id":20064,"date":"2024-05-22T10:38:47","date_gmt":"2024-05-22T14:38:47","guid":{"rendered":"https:\/\/marymount.edu\/?page_id=20064"},"modified":"2024-05-22T10:38:47","modified_gmt":"2024-05-22T14:38:47","slug":"budget-financial-planning","status":"publish","type":"page","link":"https:\/\/marymount.edu\/faculty-and-staff\/financial-services\/budget-financial-planning\/","title":{"rendered":"Budget & Financial Planning"},"content":{"rendered":"

Budget Planning Resources<\/h2>\n

Annual Planning Calendar<\/h3>\n

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.<\/span>\u00a0<\/span><\/p>\n

Fringe Rates<\/h3>\n

The percentage (%) benefit rate that is the employer cost associated with an employee\u2019s salary.\u00a0 It includes health insurance, life insurance, Workers Comp, retirement, etc.\u00a0 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.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Fringe rates are included in Position Budgeting.<\/span> \u00a0<\/span><\/p>\n

FY2024 Operating Budget Fringe Rates:<\/p>\n\n\n\n\n\n\n
Faculty<\/span><\/i>\u00a0<\/span><\/td>\n22.25%<\/span><\/i>\u00a0<\/span><\/td>\n<\/tr>\n
Adjunct Faculty<\/span><\/i>\u00a0<\/span><\/td>\n8%<\/span><\/i>\u00a0<\/span><\/td>\n<\/tr>\n
Staff\/Administrators<\/span><\/i>\u00a0<\/span><\/td>\nFull-time:22.25%; Part-time:8%<\/span><\/i>\u00a0<\/span><\/td>\n<\/tr>\n
Students\u00a0<\/span><\/i>\u00a0<\/span><\/td>\n8%<\/span><\/i>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Budget vs. Actuals Report<\/h3>\n

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.<\/span> \u00a0<\/span>Budget vs. Actuals Report Job Aid<\/span><\/i><\/a>\u00a0<\/span><\/p>\n

Budget Amendment<\/h3>\n

Budget transfers between Cost Centers. Department Head approval is required for any amendment. <\/span>\u00a0<\/span>Budget Amendment Request Form<\/span><\/i>\u00a0<\/span><\/a><\/p>\n

Temporary Funding Request<\/h3>\n

A temporary funding request should only be used to request funding for extraordinary circumstances and after all other options have been exhausted.\u00a0 Requests are made through and approved by the units\u2019 Vice President or Provost.\u00a0 Recurring funding requests will be considered only during the annual budget process.\u00a0 <\/span>\u00a0<\/span><\/p>\n

Position Budgeting<\/h2>\n

Position Budgeting involves the structure and process for maintaining and tracking faculty and staff positions and associated budgets.\u00a0 It enables Marymount to accurately allocate, monitor, and report on all authorized continuing and fixed-term faculty and staff positions.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Position budgets are set annually during the annual budget process.\u00a0 The position budget determines the authorized cost centers and compensation amount, including fringe.\u00a0 When employee compensation changes or hiring occurs through Human Resources, the request will route through the budget office for position budget approval.<\/span>\u00a0<\/span><\/p>\n

Operating Budget<\/h2>\n

The Operating Budget provides an overall annual comprehensive perspective of the University’s financial resources, including planned revenues and expenditures for University operations.\u00a0<\/span>\u00a0<\/span><\/p>\n

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.<\/span>\u00a0<\/span><\/p>\n

The University leadership presents the proposed document to the Board of Trustees for approval and adoption effective July 1 of the new fiscal year.<\/span>\u00a0<\/span><\/p>\n

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.<\/span>\u00a0<\/span><\/p>\n

Capital Budget<\/h2>\n

Capital Budget Process<\/h3>\n

Marymount University\u2019s capital budget process is a long-term planning of capital needs by integrating them with funding availability. \u00a0The 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.<\/span>\u00a0<\/span><\/p>\n

Capital Projects\u00a0<\/span><\/h3>\n

Capital Projects are improvements for new facilities or major renovations that cost $1M or more and require approval from Marymount University Board of Trustees. \u00a0The funds available for capital needs are bonds, gifts, the general fund and other miscellaneous funding sources. \u00a0A separate account is used for each year of the capital budgeting process. \u00a0Once the project is completed, any excess funds will be moved back to the capital budget account to be used for other capital project priorities<\/span>\u00a0<\/span><\/p>\n

Refer to the\u00a0Capital Equipment Policy<\/span> and the\u00a0<\/span>Capital Purchases & Leasing<\/span> Policy.<\/span>\u00a0<\/span><\/p>\n

Gifts<\/h2>\n

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.<\/span>\u00a0<\/span><\/p>\n

Sponsored Programs \u2013 Grants and Other Sponsor Funding\u00a0<\/span><\/h2>\n

Generated from an external entity, such as a governmental agency, a corporation, or private foundation.\u00a0 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.\u00a0 Earned and recognized when expenses have been incurred, except as otherwise provided for in the award’s terms and conditions.<\/span>\u00a0<\/span><\/p>\n

Frequently Asked Questions\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span>\u00a0<\/span><\/h2>\n\n\n\n\n\n\n\n
Question<\/span><\/b>\u00a0<\/span><\/td>\nAnswer<\/span><\/b>\u00a0<\/span><\/td>\n<\/tr>\n
How do I submit a budget change?<\/span>\u00a0<\/span><\/td>\nFill out the\u00a0Amendment Form. Attach any backup documentation, include (cc:) the appropriate approvers, and email the completed form to\u00a0<\/span>mdien@marymount.edu<\/span><\/a>\u00a0for review and processing.<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Why does my Budget vs Actual Report show duplicate numbers?<\/span>\u00a0<\/span><\/td>\nThe 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.<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Where can I obtain a copy of this year\u2019s budget for<\/span>
\nmy department\/cost center?<\/span>\u00a0<\/span><\/td>\n		Budgets are shared with Cost Center managers and Executive management unless otherwise approved. If security permissions are requested, send an email to <\/span>ITS@marymount.edu<\/span><\/a> to start the approval process. <\/span>\u00a0<\/span><\/td>\n<\/tr>\n
What if my Actuals are incorrect?<\/span>\u00a0<\/span><\/td>\nContact the Controllers Office.\u00a0<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 Fringe Rates The percentage […]<\/p>\n

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