Frequently Asked Questions

Click on the following links for the answers:
1. I need to have a new account created or I need to change an account attribute. Whom should I contact?
2. What is the benefit rate?
3. Where can I find my carry forward budget?
4. When should I use a simple journal entry and when should I use a budget transfer?
5. My student help budgets seem to have "disappeared" in fiscal year 2004/05?  What happened?
6. What is the distinction between original budget and revised budget?

1. I need to have a new account created or I need to change an account attribute. Who should I contact?

Please contact the fiscal manager for your area to discuss the need for a new account or an attribute change.  Your fiscal manager will need to complete the New Account Request Form or the Account Change Request Form. 

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2. What is the benefit rate?

For fiscal year 2007-08, the full benefit rate is 29.9% and partial benefit rate is 7.65%.  The full benefit rate incorporates the cost of FICA, retirement contributions, and the projected cost of medical, life, dental and tuition benefits.  By distributing these budgets and the costs out to the departments, we can track and report on expenditures where they are incurred and budget adequately for new staff positions.  The partial benefit rate represents the cost of FICA.  

The full benefit rate should be used for permanent positions that are .75 FTE or greater.  The partial benefit rate should be used for part-time positions that are less than .75 FTE.

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3. Where can I find my carry forward budget?

Approved one-time carry forward budgets are reflected in the system as revised budgets in object code –2005 called “operating carry forward budget.”   Please do not reallocate carry forward budgets to a different object code during the year because the object code allows us to document these one-time carry forward budgets from the permanent base budget.  Expenses should be charged against the appropriate object code based on type of expense, rather than to object code –2005.

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4. When should I use a simple journal entry and when should I use a budget transfer?

Journal entries should be used to correct an error to an expense that posted to the wrong account, transfer cash between GL accounts, accrue expenses, and record prepaid or deferred expenses. It should not be used to transfer funds from one account to another.

Budget transfers should be used to move funds within an account or between accounts.  If you need to process a budget transfer, please contact your fiscal manager and indicate whether the transfer should be temporary (for the current year only) or permanent.

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5. My student help budgets seem to have "disappeared" in fiscal year 2004/05?  What happened?

As a part of the conversion to HRMS, student help budgets that were previously budgeted in four different object codes (1610, 1620, 1630, 1640) have been consolidated into one object code 1630.  Student earnings will continue to be charged to two different object codes based on whether the student is work study or non-work study.  The budget in 1630 will be considered a "budget pool" for all student help. 

Other object code changes for FY05 include:
- Operating budget carry forward 2005 (was previously 2004)
- Graduate stipends 1680 (was previously 8100)
- Graduate dependency allowance 1685 (was previously 8165)
- Undergraduate stipends 1690 (was previously 8170)
- Prizes 1695 (was previously 8600)

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6. What is the distinction between original budget and revised budget?

 The financial system keeps track of two budgets: original and revised.  For operating budget accounts, the original budget represents the Board approved budget.  Any budget revisions that occur during the year will affect only the revised budget. 

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