FY14 Budget due date: May 13, 2013. Note that this is the date that budgets are due to Business Services; your VP may have an earlier due date.
Each budget worksheet feeds into a Divisional Summary spreadsheet. Please complete only the shaded areas of the worksheet and do not make any other changes (i.e. eliminating rows/columns, adding rows/columns, etc.) If you do need to have a change made to your budget worksheet, please contact Susie Fuller or Cathy Richards so that they may make this change for you.
1. Update the amounts in the FY14 Annual Budget column to reflect your departmental budget. The spreadsheet is set up so that the budget for FY14 is equal to your budget for FY13, adjusted (when applicable) for any budget reductions, approved increases and/or one-time items from FY13 - provided we were given the account number(s) to adjust. If we did not know the specific account to adjust, you will see a line that includes the change to your budget. This amount must be allocated to individual budget line items prior to submission.
If your annual budget will not be changing for FY14, or if the only changes are the adjustments that have already been reflected, you may skip to step 2.
- You many reallocate funds between line items, but your total budget must not change, unless you have approval from your VP
- If you need a new account number, please email Susie and Cathy for assistance.
2. Input the monthly amounts for each line item. This step is crucial for proper cash flow and budget projection, so please analyze each line carefully to properly spread expenses/revenues to the months in which the activity will occur. If you have line items that are incurred evenly during the year, type EVEN in the EVEN column for automatic completion.
Monthly expenses for the current and prior years can be accessed via the InsideDavidson report, Expenses By Month, located in the Departmental Budget Reports folder.
3. Compensation items included in the operating budget:
The following accounts are considered "Operating" expenses and must be budgeted for, if applicable. (Note: This item does not apply to Auxiliary Budgets as those departments are required to budget for both compensation and operating expenses.)
- 611016 Supplemenatl pay (*)
- 611023 Temporary administrative employees (*)
- 612023 Temporary bi-weekly employees (*)
- 612100 Overtime (*)
- 613220 Student assistants (**)
- 614000 Casual labor (*)
- 622000 Meals
- 623500 FICA – Temporary workers
- 625000 Moving Expense
- 627000 Rent
- 628020 Workers Compensation
- 631000 Physical Exams
- 632000 Awards for Employees
- 635000 Section 457 Plan
- 636000 Section 457(b) Plan
(*) Item is subject to FICA at a rate of 7.65%. This amount should be budgeted for in account 623500.
(**) Students are exempt from FICA during the school year. Therefore, FICA need only be calculated on Student assistants who work during the summer months.
4. When saving your spreadsheet, a dialog box may pop up asking you if you want to “Save a Copy” or “Overwrite Changes”. You should select “Overwrite Changes.”
5. Verify that no line items are “out of balance” – out of balance indicators are included on both the individual department’s worksheets as well as the divisional worksheet.
6. Once your FY14 budget and monthly spreads are complete, please notify VP/Supervisor who will collect all of your divisional spreadsheets and submit them to Business Services. Your VP will provide you with the date by which your spreadsheet needs to be completed.
If you have any questions, please email Susie and Cathy.