Budgeting

The University’s fiscal year begins on July 1^st and ends on June 30^th. The annual budget for fiscal year controlled funds is prepared using the budget tool, Workday Planning. The position update sheets are used to enter and manage position, employee, and related compensation information. The compensation totals feed to the Fin Plan update sheet which is used to project an all funds budget of revenue and total expenditures. This planning occurs at the chartfield level within each college/school/divisions.

FY25 Budget Calendar

FY25 MU FIN Basic Guide

FY25 MU Compensation Basic Guide

Workday Planning reference guides & videos

FY25 Assumptions

Name	Rate
General Revenue Allocation	Variable
Benefit rate on compensation Per person (PPB) Pay based (PBB) Leave rate (LBR) FICA Maximum social security to budget Estimated social security max wage	$10,400 16.15% 2.6% 7.65% $10,453 $168,600
Overhead allocation	5.0%
Endowment income	7.0%
Endowment distribution	4.0%
Investment income	0.5%
Gift assessment fee	5.0%

• Major auxiliaries should budget an 863100 (full costing entry) to (0000 C4110004 0) instead of the direct IT expense accounts for ports, Cherwell & Tier 1 staff.
• CSDs will continue to budget for Graduate resident aid expenses using accounts 760300 & 760400
• 10% pullback on fund 0000 balances should be transferred to 0000 C4310106 0 using 862000 in the month of September
• The 20% F&A return will be given as a one‐time transfer during FY25

Workday Planning training sessions and materials

Security requests

• Individual budget security request form
• WP bulk security request form (3 or more employees)

Questions?