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.

Workday Planning training sessions and materials

FY24 MU FIN basic guide

FY24 Compensation Basic Guide

Security requests

Individual budget security request form

WP bulk security request form

FY24 Assumptions

Name	Rate
General Revenue Allocation	Variable
Benefit rate on compensation Per Person Benefit Pay Based Benefit         FICA	$10,200 16.15% 7.65%
Institutional support rate	TBD
Endowment income	7.3%
Endowment distribution	4.0%
Investment income	0.5%

• 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 account 760300
• 10% pullback on fund 0000 balances should be transferred to 0000 C4310106 0 using 862000
• The 20% F&A return will be given as a one‐time transfer during FY24

FY24 Budget calendar

 

Questions?