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SPOTLIGHT

Useful Budget Terms

  • Educational and General Activities (E&G)
    • Support the primary mission of the institution such as instruction, academic and administrative support and public service.
    • Funded primarily by:
      • Tuition
      • Fees
      • State appropriations
      • Investment income
      • Other revenues

  • Auxiliary Enterprise Activities
    • Self-supporting activities that charge a fee to cover the cost of those services.
    • Enterprise activities include residence halls, dining services, recreational centers and student unions.
    • University Auxiliary Enterprises receives no subsidy from E&G fund.
    • Other than an indirect cost allocation, auxiliary enterprise revenues are not permitted to support E&G operations.

  • Recurring funds/expenditures
    • Funds and expenses that recur each year such as:
      • Employee salaries and benefits
      • Utility Costs
      • Educational supplies
      • Debt service.

  • Non-Recurring funds/expenditures
    • Funds and expenses that are available in one year but not the next. They are also defined as one time funds.
    • Non-recurring funds should not be relied upon to pay for expected recurring expenses.

  • Restricted Activities
    • These are activities whose revenue sources have externally established limitations or stipulations placed on their use such as grants or contracts.

  • Reserves (Fund Balance / Net Assets)
    • The cumulative difference of all revenues and expenses since the entity’s creation.
    • Funds that are reserved for multiple purposes. For example:
      • funding for new programs or other strategic investments;
      • health care;
      • encumbrances;
      • auxiliary enterprises;
      • contingency;
      • plant activities;
      • life cycle maintenance;
      • educational and general activities
      • retirement of indebtedness

  • Capital project planning
    • Set forth over a multiyear period
    • Large projects are priorities
      • New buildings
      • Building renewal and renovation
      • Major capital equipment
      • Funding sources may include:
      • State funds
      • Operating reserves
      • Gifts

President Norton
 

September 30, 2013

Last Friday, the Slippery Rock University Council of Trustees officially approved the fiscal year 2013-14 budget.

As I shared with you earlier this year in my State of the University address, we started the fiscal year with a $5.2 million structural budget deficit.  Through the efforts of many people, we were able to present the trustees with a balanced budget.

So, how’d we do it?
 
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