Budget Basics

1. Budget Basics Provided by: The Office of Budget & Planning University of Colorado Colorado Springs Created 4/2014

2. Training Plan • Financial & Budgeting Facts • Budget Journal Entries • Creating BJEs • Looking up BJEs • BJE Faux-Pas • Budget-Related Reports • PeopleSoft Reports • Cognos Reports • Contacts & Resources

3. Budget Facts and Tidbits

4. Budget FactsDefinitions • Budget = A financial plan that sets forth the resources necessary to meet a set of goals (departmental, college, campus) for a certain period of time. • Fiscal Year = a 12-month period used by a government, business, or organization to calculate how much money is being earned, spent, etc. The State of Colorado operates on a Fiscal Year basis starting July 1st of every year and ending June 30th of the following year.

5. Budget FactsDefinitions • FOPPS = Numeric codes for Fund, Organization, Program (or Project), and sometimes SubClass. In a Speedtype, we only see the Organization and Fund. • SBF/EPC = State Budget Format/Expense Purpose Code is a way to categorize sources and uses. Each Speedtype is assigned to an SBF, and the university uses this categorization to report back to the state and system offices.

6. Budget FactsDefinitions • Initial Continuing/Base Budget = the original amount recorded for a Fund Org Program (FOPPS) in the General Ledger at the beginning of the fiscal year, which “continues” from year to year. This funding must be reviewed and approved by the Board of Regents. • Budget Ledgers = INI_CONT • INI_TEMP•CUR_CONT•CUR_TEMP • Use of the INITIAL budget ledgers is restricted to campus Budget Office staff, who use it to record initial budgets at the beginning of the fiscal year. The CURRENT ledgers are used throughout the FY for making continuing and temporary budget adjustments.

7. Budget FactsDefinitions • Budget Journal Entry (BJE) = The transaction that records a budget in the General Ledger, via the Finance System. • Rollforward= The process in which continuing budgets are re-established in the new fiscal year. For the general funds, any continuing budget in June becomes “base budget” in July by the rollforward process which is completed by the Budget Office staff. Auxiliary funds are not rolled forward each fiscal year but rather submitted to the Budget Office and established into the budget ledgers each fiscal year. • Carry Forward=The temporary budget balance remaining at the end of the fiscal year which is forwarded to the next FY. This is completed by the Budget Office, and a new policy with detailed regulations is being drafted.

8. Budget FactsThere are two parts to every budget…. • Sources • Student Tuition, academic fees, student fees (we oversee these) • Reimbursements & miscellaneous • Self-generated revenue in auxiliary units • Cash transfer IN • Uses • Salaries and Benefits • This is the largest “use” for the University! • Operating Expenses • Travel • Utilities

9. Budget FactsTypes of Funding • Fund 10 – Unrestricted General Fund Accounts for UCCS’ missions of instruction, research, public service, and related academic and support services / Budget = Spending Authority • Funds 20, 26, 28, 29 – Auxiliary & Self-Funded Activities / Budget = Plan • Funds 30, 31, 34, 36 – Restricted Funds for sponsored project awards and gifts given to the University (Budgets required for 30, 31, 36) • Funds 71, 72 – Unexpended Plant Funds (No budget required)

10. Budget Journal Entries

11. BJE Specifics • Balancing BJEs – In Fund 10, Budget Journal Entries must balance (debits = credits). Non-General Fund BJEs do not have to balance. • Incorrect Uses of BJEs • Do not enter budgets for balance sheet accounts such as cash(100000) through fund balance (199900). • Do not transfer cash (accounts 99xxxx) between FOPPS. All cash transfers must be completed through accounting.

12. How to create a BJE-Preparations • What is the specific purpose of the budget modification? • What are the speedtypes? • What account is the funding coming from and what account is the funding going to? • What are the amounts? • Are they general funds or auxiliary? • Will the adjustment be done on a temporary or continuing basis? • Is a position number or FTE amount needed?

13. How to create a BJENavigation • Enter the UCCS Portal • Click on CU Resources • Business Applications • Finance • General Ledger • Budget Journal Entries (Within Journals)

14. How to create a BJEJournal ID & Date • Add a New Value • Enter a Journal ID • Either use the standard generated ID or create your own • Change the date if needed • In special cases, you can change the date • If the General Ledger has not closed (ie Nov 2nd), then you can back date the journal to the end of the previous month Click when finished

15. How to create a BJE- Overview Tabs

16. How to create a BJEBudget Journal Header • Choose the Ledger Group by clicking on the magnifying glass • Choose between Current Continuing & Current Temporary • Business Purpose • Enter a detailed description including: ledger group, dollar amount, ST, account, position, & reason. You have up to 254 characters! • Go to the “Lines” Tab State the reason

17. How to create a BJE-Lines Always complete the 4 circled fields….. Automatic Only used for HR position info

18. How to create a BJE-Lines HR Position # Where is it going TO? Where did it come FROM? Must match for Gen Funds • Journal Line Description – Think opposite! A detailed description is beneficial for future reference or auditing purposes. • Reference Field is only for position numbers(00123456) • Stat & Stat Amt used only when changing Budget related Full-Time Equivalency(FTE)

19. How to create a BJE-Processing • Save often! If the system times out, your work will be erased if you have not saved. • You can leave your BJE unfinished for several days, but make sure to validate & save it in incomplete status. Complete it prior to the next general ledger closing! • Select “Validate Journal” and then click “Process” when you are finished. • A member of the budget office will review your BJE (normally the following business day) and approve the request if applicable.

20. How to look up a BJE • Go to Budget Journal Entries and select “Find an Existing Value.” Fill in the pertinent information: Choose the current header status – “Posted to Ledger” “Edits Complete”, or “Journal Entry Incomplete” Auto-filled with your ID C = All of UCCS

21. How to look up a BJE • After clicking “Search,” the results will be listed at the bottom of the screen. You will be able to see all of your BJEs. • Select the BJE of your choice • Option = Modify*, Delete*, Copy * The BJE can only be modified or deleted if the status is still “valid journal – edits complete” or “incomplete.”

22. BJE Faux-Pas – What’s wrong? What, Why, Where, How? Need more info! “Initial” funding is only allocated at the beginning of year and by the budget office.

23. BJE Faux-Pas – What’s wrong? • Debits & Credits must be equal in Fund 10 • Only dollars! • No cents! Debits & credits do not need to be equal when creating BJEs for non-general funds.

24. BJE Faux-Pas – What’s wrong? TO: Chappell #333789 Don’t forget the zeros! • Check FTE amounts with personnel changes • Writing the name in the description is a good added precaution when changing funding for personnel • Remember to give details whenever possible! FM: Pos #222999 Acct400000 Only position numbers in the reference field!

25. BJE Faux-Pas – What’s wrong? Need more detail, i.e. speedtypes/accounts • Except with fund 20s, all other funds require a cash transfer to reallocate across funds • If funding is moved from a GF non-salary account into a GF salary account, benefits must be allocated. With initial continuing funding, the benefits are allocated by our office at set-up. Cannot perform a BJE with mixed funds* Funding FM Operating TO Salary requires that benefits are paid

26. BJE Faux-Pas – Additional Info • Budget Control & Salary Savings • No actuals should appear in budget control or salary savings speedtypes. These are holding areas only. • Multiple Ledger Groups • It is not possible to do one BJE containing both CONT & TEMP funding. • Reconciliation • If possible, please adjust budgets prior to the end of each month to eliminate deficits and for-go having an email sent to you from the budget office. We thank you for your diligence!

27. BJE Faux-Pas – Additional Info • Cash Transfers Step 1 – For Fund 10, ensure the budget is placed in the out-going account line prior to requesting the cash transfer – For all other funds, verify that there is ample cash available prior to requesting the transfer Step 2 – Request the cash transfer be performed from accounting (Mary Lile) Step 3 – Adjust the budget for the cash transfer-in account line after the cash transfer has been processed and is visible

28. Budget Related Reports

29. Reports – P.S. Summary • Enter the UCCS Portal • Click on CU Resources • Business Applications • Finance • Reports- Finance Reports • Summary of Financial Trans • Enter your initials for the Control ID and click “Search”

30. Reports – P.S. Summary • 3. Click Run when ready 2. Check the FY & Period! 1. Enter the Speedtype here

31. Reports – P.S. Summary 4. Just click OK 5. You return to the Summary tab, and then click on Report Manager • 6. Click Refresh until the link turns bright blue. Then click the link to open the report.

32. Reports – P.S. Summary Report End Date • Encumbrances NOT included in “Budget Bal” • *Summary does not differentiate between cont & temp budget • Caution! Negative! • Scroll to the very bottom to see balance for entire ST

33. Reports – P.S. Detailed • Enter the UCCS Portal • Click on CU Resources • Business Applications • Finance • Reports- Finance Reports • Detail of Financial Trans • Enter your initials for the Control ID and click “Search”

34. Reports – P.S. Detailed • 3. Click Run • 2. Check Dates • 1. Enter Speedtype

35. Reports – P.S. Detailed 4. Just click OK 5. You return to the Summary tab, and then click on Report Manager • 6. Click Refresh until the link turns bright blue. Then click the link to open the report.

36. Reports – P.S. Detailed Report Period • No Total • Jrnl Ln Description from Budget Jrnl Entry is in this column • Budget Pool for Operating • Ledger Group • Actuals for Operating

37. Reports – P.S. Personnel Roster • Enter the UCCS Portal • Click on CU Resources • Business Applications • Finance • Reports–“GL N-Z” • Personnel Roster • Enter your initials for the Control ID and click “Search”

38. Reports – P.S. Personnel Roster • 3. Click Run • 1. Enter Speedtype • 2. Check Period

39. Reports – P.S. Personnel Roster 4. Just click OK 5. You return to the Summary tab, and then click on Report Manager • 6. Click Refresh until the link turns bright blue. Then click the link to open the report.

40. Reports – P.S. Personnel Roster • No Actuals Only Budget! Report Period • SBF/EPC • Continuing Budget will roll into next FY • Full-Time Equivalent

41. Reports – Cognos Reports • Enter the UCCS Portal • Click on CU Resources • Reporting • Public Folders • Finance • SpeedtypeSummary OR • Financial Detail OR • Position Budget

42. Reports – Cognos ST Summary • 1. Check Period • 2. Enter Speedtype • 3. Click Search, then Insert • 4. Repeat #2 & #3 in order to add multiple speedtypes • 5. Click Finish at the bottom of the page

43. Reports – Cognos ST Summary • Pay attention if you see a stop sign!

44. Reports – Cognos Detail • 1. Check Period • 2. Enter Speedtype • 3. Click Search, then Insert • 4. Repeat #2 & #3 in order to add multiple speedtypes • 5. Check any that are applicable • 6. Click Next at the bottom of the page

45. Reports – Cognos Detail • 1. Typically, leave these selected • Optional • Optional • 2. Click Finish at the bottom of the page

46. Reports – Cognos Detail • Available includes Encumb • Click on the Journal ID to take you to Journal Entry

47. Reports – Cognos Position Budget • 1. Check Period • 2. Enter Speedtype • 3. Click Search, then Insert • 4. Repeat #2 & #3 in order to add multiple speedtypes • 5. Check any that are applicable

48. Reports – Cognos Position Budget • HR Salary & Budg should usually match • Includes Name & Position # • HR FTE & Budg FTE do not always match

49. Budget Related Resources &Contacts

50. UCCS Budget Office-Our Function Our mission is to ensure budgetary accountability to the various units, departments, and administrations related to the University of Colorado Colorado Springs and to provide the services needed to do so in the most efficient manner possible while maintaining high fiduciary standards. SO, what do we actually do?! Daily or Monthly Recurring Events • BJE Review and Approval • Salary Sweeps • Benefits Analysis • Position Budget Approval • Campus Commitments • VCAF Reconciliation • GF & Aux. Budget to Actuals Analysis • Fiscal Notes/Legislative Process (Jan - June) • Base Budget Model Update (Oct - June) See next slide for more!