Sources of University Funds
How money is different within a University
Presentation Outline
• Types of money
• Limitations and spending restrictions
• Budget vs. Cash
Types/Color of Money
• Concessions (Vending)
• Tuition Differential
• Construction
• Carry Forward
• Sponsored Research
• Auxiliaries
• Research Foundation
• Local Fees
• Foundation
• Athletics
• Education & General
Source – FSU Budget Office
Education & General
• E&G funds include General Revenue (primarily Florida’s Sales Tax), the
Educational Enhancement Trust Fund (Lottery sales), and Student and
Other Fees (tuition, out-of-state fees, and other miscellaneous fees).
Tuition Differential
• Tuition differential funds are generated through certain increases in tuition
or fees
• Allowable rate increases varies depending on the type of fee- full details can be found in this
2015 Florida statute
• Have additional spending restrictions. Therefore, unique fund code (121)
was established to assist with tracking expenses in OMNI
• E.g., no funding graduate teaching assistants
• Funds are allocated by the Provost
Carry Forward
• E&G funds remaining from the previous fiscal year are placed into a
Carry Forward fund.
• Some universities may sweep these, and/or “certify forward”
obligated funds not spent in that fiscal year, as the State of Florida
still practices.
Auxiliaries
• Auxiliaries are revenue generating business type activities that support the
mission of the institution and provide essential services to the campus
community. There are several different types of auxiliaries:
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Enterprise
Sales & Services of Educational Activities
Sales & Services of Non-Educational Activities
Materials & Supplies Fees
Other
• Examples: FSU-Card Center, Seminole Golf Course, Transportation Services,
Telecommunications (now w/ ITS)
Local Fees
Fees paid by students in addition to tuition
• Activity & Service Fee
• Financial Aid Fee
• Athletics Fee
• Capital Improvement Fee
• Health Fee
• Transportation Fee
• Technology Fee
• Student Facility Use fee
Concessions (Vending)
• The concession funds are generated primarily from commissions made
from the vending machines, and are then allocated by the President, Vice
President, and then to the colleges/departments
• Fewer restrictions on spending, see expenditure guidelines
Construction Funds
• PECO (Public Education Capital Outlay) fund
• Private sources
• State Matching
• CITF (Capital Improvement Trust Fund)
• PO&M (Plant Operation & Maintenance)
Sponsored Research
• This fund consists of grants, contracts, and other agreements between the
University and government sponsors. Funds or monies may consist of
federal, federal flow thru, state, not for profit organizations, and private
sources.
• Note: Formerly referred to as Contracts & Grants or C&G.
Direct Support Organizations (DSOs)
• Direct Support Organizations are non-profit organizations that operate
exclusively to provide the University with additional resources from private
gifts, or other sources.
Direct Support Organizations (DSOs)
• FSU Foundation
• FSU Research Foundation
• College of Business Student
Investment Fund
• Seminole Boosters
• Family Medical Practice Plan
• Ringling Museum Foundation
• FSU Magnet Research and
• International Programs Association
• Alumni Associations
• Financial Assistance
• Performing Arts Center Foundation
Development
• FSU Real Estate Foundation
FSU Research Foundation
• This fund consists of grants, contracts, and other agreements between the
University and private (non-government) sponsors. Funds or monies may
consist of private corporations, non-profit organizations, and other private
sources.
FSU Foundation
• The FSU Foundation organizes the fundraising activities and funds
management for the university. As a DSO, it is a non-profit corporation,
today manages an endowment of $370 million and has total assets of $498
million (per Audited Financial Statements as of June 30, 2012 LINK).
• Types of funds include scholarships, graduate assistantships, endowed
professorships, and general development funds.
What can be purchased on what fund?
• Controller’s Office Expenditure Guidelines
• Controller’s Office > Accounts Payable > Expenditure Guidelines
http://controller.vpfa.fsu.edu/
Budget vs. Cash
• How they are different/similar based on the color of money?
• E&G: Budget = “Cash” (available balance)
• Non-E&G (Auxiliary): Budget ≠ Cash
• Sponsored Project: Budget = Cash
Spending Constraints
• For E&G and non-E&G (excluding C&G and Construction) departments,
“Budget Checking” in OMNI will prevent transactions from being processed
without sufficient funds at the department-fund-account level.
• Non-E&G departments must also have sufficient cash. These departments
could spend into a cash deficit, as there is no “Cash Checking” in OMNI.
• Note: Having sufficient budget (authority to spend) does not mean the
department has sufficient cash.
Rate vs. Salary
• Rate: the annualized gross salary for a specific position
• Salary: Rate plus fringe benefits
• E&G: Department manages the budget for only the rate.
• Auxiliary: Department manages the budget for salary (rate plus fringe)
• Sponsored Research: Department manages the budget for salary (rate plus
fringe)
E&G Salary Budgets
• No longer managed by the Budget Office outside of OMNI
• Position Budgeting & Rate Management will soon be maintained in
Hyperion
• Budgets in OMNI will need to be adjusted as changes occur (e.g., pay
increases, positions transferred between departments, etc.)
• Handled by “School Managers,” (budget managers) who typically work in
the Dean’s Office.
WRAP UP & QUESTIONS
Contact Information
• Lauren Barrett– Quality Assurance
• lmbarrett@fsu.edu
• 645-8611
• Malica Segura– University Business Administrators
• msegura@fsu.edu
• 644-6972
• Slides available at: http://controller.vpfa.fsu.edu/training