Academic
Year
A period of time in a fiscal year beginning in August and ending
in May and containing the academic sessions held during consecutive
Fall and Spring terms. [ Back
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Administrative
Direction and Support Services (ADSS)
A program component which includes the administrative, management
and support services which assists in the delivery of academic
programs of the university. [ Back
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Administrative
Overhead
A 4% fee assessed to auxiliary account actual expenditures in the salary, OPS
and expense categories. The revenues from this fee are used to support positions
in departments such as Controllers Office, Purchasing and other areas in order
to offset the workload generated by auxiliary operations.
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Amount
Required
Funds needed to pay employee salaries and benefits. As an example, if salary
increases are administered on November 1st, the amount required is the sum of
four months of the old salary rate plus benefits and eight months of the new
salary rate (with increases) plus benefits. Benefits include: retirement, Social
Security matching, life insurance matching and health insurance matching.
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Authorized
Position File
A computer file maintained by each university (APF) that provides
employee-related data required by the University and the Board of Regents. Developed
annually as part of the operating budget process, it lists all authorized positions
with certain descriptive information: whether the position is filled or vacant,
the rate and dollars budgeted for the position and if filled, it lists the name
and other related information for the individual filling the position. [ Back
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Auxiliary
Enterprises
An auxiliary enterprise furnishes a service to students, faculty, or staff, and
charges a fee directly related to, but not necessarily equal to the cost of the
service. They are essential elements in support of the educational program, and
conceptually should be regarded as self-supporting. Quasi-auxiliaries are an
exception to this in that they are not totally self-sufficient and require the
addition of some state revenues. [ Back to
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Auxiliary
Steering Committee
A committee comprised of individuals that have fundamental knowledge and expertise
in the financial workings of fee generating activities. The Committee’s
purpose is to provide guidance and options for activities to further pursue their
strategic objectives. [ Back to top ] |
Budget
Entities
Examples of budgetary units include Educational & General, Contracts &Grants,
Auxiliary Enterprise, and the budget entity encompassing Local funds such as
Athletics, Student Activities, Concessions and Financial Aid. Budget entities
may have one or more Trust Funds as is the case in the Auxiliary budget entity
which includes the Parking Trust Fund as well as the General Auxiliary Trust
Fund. Budget entities are listed as an eight character sequence versus six characters
for Trust Funds. For example, the Auxiliary budget entity is 48900800 while the
General Auxiliary Trust Fund is represented by the sequence 330103. The Parking
Trust Fund in the auxiliaries is represented by the sequence 026831. [ Back
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Budget
Authority
Budget authority represents the authority to spend. Within the Auxiliary Trust
Funds, budget authority represents the estimated figures for revenues and expenditures
submitted by each departments respective project leader. Budget authority can
be amended during the fiscal year up or down depending on actual departmental
performance. Due to its use as an estimating tool, Auxiliaries are required to
have both budget authority and cash in order to spend. Please see the definition
for “Cash” for more detail since the two components are complimentary.
Adjustments to budget authority can be accomplished through an amendment increasing
or decreasing total budget authority at the fund level and/or through a budget
transfer if a shift from one category to another is needed at the departmental
level. Any questions or request should be forwarded to the University Business
Office (please see Contact section under website toolbar for names and contact
numbers). [ Back to top ] |
Cash
Cash is the driving force behind auxiliary operations. Departments that are able
to grow their revenue streams beyond estimated figures in the beginning of
the fiscal year are entitled to request additional budget authority if they
wish to spend the funds. Since auxiliaries are self supporting departments,
it is considered prudent financial stewardship to build a cash cushion or emergency
fund to offset financial difficulties due to market condition changes. As noted
in the Budget Authority explanation, cash and budget authority work together,
but cash is the critical factor. An auxiliary operation with $1,000 in budget
authority but only $500 in cash will be limited to $500 in spending. Therefore,
more cash equates to more options for an operation and any auxiliary operation
that generates more cash than estimated can request additional budget authority
from the University Business Office if needed. [ Back
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Cash
Transfers
The process of transferring cash from one fee generating account to another fee
generating account. Request for cash transfers should be submitted to the University
Business Office using the Cash Transfer Form located at the University Business
Office website under "Online Forms”. [ Back
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Concession
Fund
The concession fund is a separate fund which derives its income from revenues
produced by the vending machines and pay telephones on both campuses of the University.
Concession fund dollars are considered to be more "flexible" in their
use than E&G dollars, and they are spent to a great extent on food/entertainment
items. [ Back to top ] |
Encumbrance
A financial transaction which reserves funds for a specifically identified purpose.
For example, a requisition submitted to the Purchasing Department will generate
an encumbrance until the goods or services are actually paid for at which time
the encumbrance will be decreased and the actual expenditure component increased.
Encumbrances are key components from a planning perspective since it allows
managers to quickly determine how much money is actually available for spending
versus monies already committed for future spending such as payroll encumbrances.
The allocation (budget authority and a positive figure) minus encumbrances
and actual expenditures result in the available balance which can be positive
or negative. In summation, encumbrances represent expenditures that are going
to happen and impact cash but have not occurred as of yet. [ Back
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Expenditure
Category
This term refers to an accumulation of like costs into predetermined categories;
for example, Salaries and Benefits, Other Personal Services (OPS), Operating
Expenses, Operating Capital Outlay (OCO) and Educational Data Processing. Funds
are appropriated by these same categories. Examples of operating expenses include
phone services, copying, supplies while OCO expenditures would include items
with unit costs greater than $1,000 or a useful life greater than one year such
as a computer system purchase. [ Back to top ] |
Fiscal
Year
A twelve month period of time running from July 1 of one calendar year through
June 30 of the next calendar year. For example, the 2002-2003 fiscal year begins
on July 1, 2002 and ends on June 30, 2003. [ Back
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Full-time
Equivalent (FTE) Enrollment (Annualized)
A workload measure based on credit hours generated for each term divided by the
appropriate undergraduate or graduate divisor. In Fall or Spring term, one FTE
is equivalent to 15 credit hours at the undergraduate level or to 12 credit hours
at the graduate level. In the Summer term, an FTE is 10 credit hours at the undergraduate
level or 8 credit hours at the graduate level. An undergraduate FTE (1.0) is
therefore 40 student credit hours (15+ 15+10) and a graduate FTE is 32 student
credit hours (12+12+8). [ Back to top ] |
Full-time
Equivalent (FTE)
A 1.0 FTE faculty member employed for a position nine month period; that is,
employed for the academic year and equal to .7471 man-year. A 1.0 FTE University
Support Personnel or Administrative and Professional employee employed for twelve
months and equal to 1.00 man-year. [ Back
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Fund
A cash account which receives monies from designated sources such as the following:
General Revenue Fund (state revenues mainly sales tax), Educational Enhancement
Fund (lottery receipts) and Trust Funds (receipts from designated sources such
as student fees, federal sources, etc). With regards to the Auxiliary Trust
Funds, these are self supporting trust funds which generate revenues by providing
goods and services versus being allocated a lump sum appropriation as is the
case for Education & General. [ Back
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Intercollegiate
Athletics
A budget entity which contains revenues derived from student athletic fees that
each university is authorized by BOR rule to collect as a component of the mandatory
fee schedule and from ticket sales. The UF athletic program is operated by a
not-for-profit corporation rather than as an organizational unit of the university
as are the other universities intercollegiate athletic programs. The corporation
also manages the athletic booster contributions, which is a major reason for
the significant difference in the size of its budget, i.e., booster contributions
at the other universities are collected and expended through an entity certified
by the BOR as a direct support organization (DSO). [ Back
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Investment
Income
Monies generated through the use of cash management methodologies. Idle cash
in the trust funds is invested with the Office of the State Comptroller generating
interest income from the float. The funds generated through this activity are
reinvested in the Auxiliary Trust Fund as strategically needed to support the
mission. [ Back to top ] |
Local
Funds
Local Funds are budget entities which contain operating resources for Student
Activity, Intercollegiate Athletics, Concessions, and Student Financial Aid,
and Self-Insurance Programs. [ Back to top ] |
Man-year
PositionT
This term identifies the part of a twelve month fiscal year for which the person
is employed. A faculty member employed for an academic year would be assigned
0.7471 man-year position; a person employed for a twelve month year would be
assigned 1.00 man-year. [ Back to top ] |
Object
Code
A six-digit number which designates the purpose for which funds are budgeted
and expended within each expenditure category by account number. Object codes
identify very specific transactions such as long distance phone service, in state
versus out of state travel, etc. [ Back to
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Operating
Budget
An expenditure plan developed by a university for each fiscal year. With regards
to Auxiliaries, the plan encompasses estimated budget authority requirements
for the year based on projected cash revenues as well as estimated expenditures
for the year by expenditure category. [ Back
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Operating
Capital Outlay (OCO)
A basic expenditure category represented in the university operating budget and
legislative request budget which details the cost of equipment over $1,000 to
be purchased in a fiscal year and a life expectancy of 1 year or more.
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Operating
Expense
One of the basic expenditure categories which includes the cost of expendable
items such as postage, telephone, office supplies and utilities. [ Back
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Other
Personal Services (OPS)
A basic expenditure category represented in the university operating budget and
legislative request budget which details the cost of temporary employment such
as Student Assistants, Graduate Assistants, Consultants, Faculty Adjuncts. [ Back
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Pay
Plan
The University employees are categorized into three separate pay plans: Administrative
and Professional, Faculty and University Support Personnel. [ Back
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Salaries & Benefits
(SAL)
A basic expenditure category represented in the university operating budget and
legislative request budget which details funds provided by the State to pay employees.
Total funds provided are calculated in the following manner: Salary Rate + Retirement
+ Social Security + Health Insurance + Life insurance - Lapse. [ Back
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Student
Activity
A budget entity which contains resources generated from the activity and service
fee. Each university is authorized by BOR rule to charge its students as a component
of the mandatory fee schedule. The level of the fee varies by university, depending
on the purposes and programs for which it is intended to support. Activities
commonly supported by these revenues are student government, cultural events,
organizations, and intramurals. [ Back to
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Student
Financial Aid
Appropriations by the Legislature for student financial aid are used to support
need and merit based student grants, scholarships, and loans to provide access
and attract high achieving and talented students. Student financial aid is treated
as a budget entity which represents the amount of resources for which each university
is fiscally accountable.
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Trust
Funds
Funds which come from sources other than the General Tax base such as the Auxiliary,
Concession, Student Activity, Athletics, Financial Aid, Educational Enhancement
and Incidental Trust Funds. The Legislature must authorize the level
(amount) of such funds that may be used by the SUS.
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