Budget Guidelines

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Budget Overview
The budget is a financial plan for the university that quantifies the resource allocation plan for the next three fiscal years. The budget process begins in early fall of each year to develop the budget for the following fiscal year as well as projected budgets for the next 2 years. Budgeting at the unit level is a decentralized process. Each unit is responsible for building its’ own budget. The allocation letter, in addition to various other data collected at the unit level, is essential to completing this process. Central administration distributes the allocation letter, which includes the assumptions and the initial allocation amount. All units' budgets are reviewed and compiled by the Budget and Financial Planning
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Coordinate all tuition transfers with the organization that is forecasting the other side of the entry. This will ensure that amounts will agree and balance across the university. When budgeting semester tuition it should coincide with quarterly accounting deferrals. IC graduate tuition revenue from central will be booked quarterly to the college and is based on the percentage of the semester completed. Undergraduate aid should be budgeted to object code 75100 and graduate aid should be budgeted to object code 75102.

Designated Operating
Designated funding sources include operating reserves, cost sharing, faculty discretionary funds, internally funded projects, faculty development grants, SURG, affiliate programs, Technology Transfer projects, unrestricted endowment, and capital reserves. Operating and capital reserves are budgeted based on expected funding requirements for operations and capital. All other funding sources are budgeted based on past experience and department knowledge of changes in operations that will have an impact on the balances.

Designated Operating Budgeting Considerations
Use the income transfer surplus/deficit (72400) code to/from operating reserves, funding source 060000, to project the transfer of surpluses or deficits from other funding sources where balances are required to equal $0. Cost Sharing, funding source
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