Budget vs. Actual Variance Summary
Overview: Revenues and expenses are presented for the Educational and General Fund (E&G), the Auxiliary Fund and Land Grant and Action Agenda Funds. Budget vs. Actual does not include restricted grants and contracts.
The summary of operations presented below is to assist in understanding the results reflected in the budget vs. actual report as of November 2008.
The state appropriates funds for Land Grant as required by the U.S. Department of Agriculture. Land Grant, Action Agenda and Auxiliary Funds are not available to the University for discretionary spending.
State appropriations are received in installments of 30% (July), 25% (October), 25% (January) and 20% (April) of each year. At November 2008, $14.8 million of appropriations have been received.
Student Tuition and Fees is for Fall 2008 enrollment. Auxiliary revenues represent housing and board for resident students enrolled for Fall 2008. Student tuition and fees, housing and board revenue amounts may decrease due to student withdrawals and/or students moving from residence halls after they have enrolled.
Other revenue includes athletic income, indirect cost recovery, facility rentals, interest income and state funding for Regional Stewardship. As of November 2008, $305,000 has been received for Regional Stewardship.
Salaries and benefits expenses are at 35.7% of budget. This variance is considered normal.
Supplies, Travel, Communications and Services were expended at a level appropriate for the percent of fiscal year expired. These expenses are incurred more heavily during the academic year. Services include utilities and other services used for fall semester preparation. This variance is considered normal.
Interdepartmental and Fixed Costs may reflect reductions in expenses which are due to timing in recording journal entries. Fixed Costs include maintenance agreements that require payment in full at the beginning of the service agreement; therefore, these expenses are not incurred evenly over the fiscal year. This variance is considered normal.
Student Aid should be recorded consistent with Tuition and Fees. Student Aid is typically recorded in September as students complete the registration process and accepts aid awards. This variance is considered normal.
Transfers include debt service obligations and internal reallocations. Transfers are typically recorded at the beginning of the fiscal year. This variance is considered normal.
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