Budget Office Financial Accounting & Reporting Office
Budget Office Financial Accounting & Reporting • In the division of Finance and Operations • Budget’s Mission: To provide sound financial data and forecasts to assist the university community in the most effective planning and use of the University’s resources that will support the institutional goals of teaching, research and service. • Accounting’s Mission: To provide financial information for analysis in making decisions to support the University’s mission of providing quality programs of teaching, research and service.
Budget Office • Who we are: – Melissa Barnett, Director – Jonathan Shaddix, Associate Director – Natalie Champion, Senior Accountant – Amanda Riley, Accounting Assistant
Financial Accounting & Reporting • Who we are: – Meredith Boteler, Director – Janice Barnes – Starr Deas – Dianna Fisher – Cara Greene – Candace Holliday – Haley Glover – Betsy Jarnigan – Tabitha Lee – Monica Linebarger – Marcia Stanley – Cindy Zhu
Banner Finance FOAPAL • Chart - Fund - Org - Account – Program • Example: A-11000-204101-700001-400
Chart of Accounts • A – University of Alabama • C – Capstone Foundation • D – Donor Advised Funds • E – 1831 Foundation • L – Law School Foundation • N – National Alumni Association Foundation • T – Crimson Tide Foundation
Fund Structure • Unrestricted (1XXXX, 7XXXX) – State Appropriations – Tuition • Restricted (2XXXX, 3XXXX, 5XXXX) – Grants & Contracts – Restricted Gifts – Endowment Income • Auxiliaries (18XXX) – Residence Halls – Athletics • Endowments (6XXXX) • Plant Funds (9XXXX) – Project Funds – R&R
Organization Code Structure • 1XXXXX – UA General Institution • 2XXXXX – Academic Affairs • 23XXXX – Office of Diversity • 3011XX – Advancement • 3012XX – Strategic Communications • 4XXXXX – Community Affairs • 5XXXXX – Finance and Operations • 6XXXXX – Intercollegiate Athletics • 7XXXXX – Research • 8XXXXX – Student Life • 9XXXXX - Agency
Account Code Structure Most common are: • 5XXXXX – Revenue • 6XXXXX – Salaries, Wages & Benefits Expense • 7XXXXX – Operating Expense
Program Code Structure • 100 – Instruction • 200 – Research • 300 – Public Service • 400 – Academic Support • 500 – Student Services • 600 – Institutional Support • 700 – Operations and Maintenance • 800 – Scholarships and Fellowships • 900 - Auxiliary
Functional Crosswalk – FY17 Salaries, Supplies Scholarships wages and and and benefits services Depreciation fellowships Total Instruction $ 272,651,446 $ 45,010,438 $ 17,328,353 $ - $ 334,990,237 Research 32,158,790 22,787,845 4,816,825 - 59,763,460 Public service 35,820,319 12,622,036 1,819,980 - 50,262,335 Academic support 63,353,617 13,862,042 13,272,217 - 90,487,876 Student services 37,558,653 16,656,342 5,221,098 - 59,436,093 Institutional support 75,429,790 23,152,462 6,456,673 - 105,038,925 Operations and maintenance 67,329,833 21,726,593 - - 89,056,426 Scholarships and fellowships - - - 14,594,420 14,594,420 Auxiliary enterprises 82,017,635 97,833,854 23,459,604 9,978,953 213,290,046 $ 666,320,083 $ 253,651,612 $ 72,374,750 $ 24,573,373 $ 1,016,919,818
Financial Accounting & Reporting What we do: • Provide financial information for analysis and review to internal management, the BOT, external auditors, and regulatory agencies • Ensure compliance with accounting standards • Produce Annual Financial Report for the University and its Foundations • Month-end and year-end closeouts, posting of mechanical entries and e- print report generation • Review and process DTAs, journal entries and FUPLOADs
Financial Accounting & Reporting What we do (continued): • Manage cash and investments • Bank reconciliations • Accounting for property, plant and equipment • Banner Finance security • Banner Finance system integrity • Accounting support for the Foundations
Budget Office What we do: • Provide sound financial data in order to assist administration in appropriate campus planning • Develop annual budgets • Administer and oversee the financial plans implemented and approved by the Board of Trustees and administration • Project revenues and expenditures: – Tuition revenue – Fringe benefits – Scholarships and student aid
Budget Office What we do (continued): • Deficit reporting • Monitor and maintain fiscal responsibility for our campus – Process all Personnel Action Forms – Process all requests for budget changes – Salary and benefit program code verification • Reporting requirements – Legislative request – Needs assessment – Operations plan
Budget Process Overview • Fiscal Year: October 1 through September 30 • Start preparing budget first of May • Budget Reports for Board approval by mid-June • Load all financial information prior to mid-August (budget data is effective 10/1) • Start working on Legislative Request for NEXT fiscal year in October
Annual Budgeting Process The University of Alabama Strategic Planning & Institutional Internal and Revenue Initiatives External and Funding Cost Factors Analysis and Analysis Budget Development Budget Proposal to Board Implementation Monitoring and Assessment
FY19 Approved Budget • Operating Revenues: $ 870,072,000 – Net Tuition and Fees* $ 519,323,000 – Grants and Contracts $ 84,000,000 – Sales and Services $ 11,335,000 – Auxiliary Enterprises* $ 198,567,000 – Other Operating Revenue $ 56,847,000 • Operating Expenses: $1,052,134,000 – Compensation and Benefits $ 674,271,000 – Depreciation $ 77,031,000 – Scholarships and Fellowships $ 26,366,000 – Supplies and Other Services $ 274,466,000 *These numbers are net of scholarship money returned to students.
FY19 Approved Budget (continued) • Nonoperating Revenues (Expenses): $ 262,248,000 – State Appropriations $ 160,826,000 – Grants and Contracts $ 31,034,000 – Gifts $ 54,663,000 – Investment Income (Loss) $ 58,081,000 – Interest Expense $ (42,356,000)
State Appropriations State Appropriations $220 $200 199 $180 In Millions 171 $160 161 157 155 155 $140 148 146 146 146 144 141 139 137 $120 127 124 123 $100 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Budget Office Financial Accounting & Reporting Visit us: Budget Office budget.ua.edu 350 Rose Administration 348-7718 Financial Accounting & Reporting financialaccounting.ua.edu 316 Rose Administration 348-5251
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