Yes, non-personal budgeted funds may be moved to Personal Services lines to support salary increases, fringe benefit increases, increasing the wage budget and/or to cover deficits. Excluding salary and fringe benefit increases, the budget modification should be categorized as a Temporary Transaction rather than a Permanent Transaction.
Verify the funds you would like to transfer are available and appropriate to transfer. Fill out the budget modification form completely and submit for approval to the appropriate individuals. After this step has been completed, forward the document as an attachment to the email@example.com mailbox for processing.
Fringe benefits include both fixed and variable amounts. Variable costs include retirement contributions, Medicare, Social Security, long-term disability, retiree medical insurance, and group life insurance. Fixed costs include health insurance and deferred compensation cash match. Variable fringe benefits average 30% of the base salary.
Fill out the Cost Center/Account Creation Request form and submit for the appropriate signatures of approval. Please ensure you have discussed the reason, need, and funding source with the Budget Office team prior to submitting the form to Lavetta Blick, Finance, for processing.
The rates cited are for use on grants, contracts and other agreements with the Federal Government as a percentage of modified total direct cost consisting of all salaries and wages, applicable fringe benefits, materials and supplies, travel, and up to the first $25,000.00 of each sub award regardless to the period of performance.
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The FY 20-21 total University budget as approved by the Board of Visitors in September 2020 is $167,030,298. The breakdown by Revenue Source is:
|E&G Agency 212||
|E&G Agency 234||$11,076,279|
|CARES Stimulus Funds - Institution||$9,803,132|
|CARES Stimulus Funds - MSI||$156,871|
|State Student Financial Assistance General Funds||$9,506,879|
Call the Budget Office to request training one-on-one or in a group setting. Contact information for the Budget Office Team is:
Cynthia Pegram, 524-5198, firstname.lastname@example.org
Adrian Petway, 524-5197, email@example.com
Mary Weaver 524-6772, firstname.lastname@example.org
You may use Banner to produce the reports you need or you may contact the Budget Office to request specific reports. The Budget Team will work with you to identify the parameters of the report required and provide you with the most current information available.
The University has systematically swept the E&G budgets in April of each year. There are several factors that influence this decision. Timing of purchases and receipt of goods, early deadlines impacting purchasing activities by both the University and Department of General Services, and providing the University a Carry Forward of General Fund into the next fiscal year to fund new initiatives.
Administrators and account managers are responsible for reviewing information in Banner Finance for accuracy and ensuring that sufficient revenue budget and expenditure budget is available to support the fiscal year activities. In the event that a Banner org/index goes into a deficit, the deficit must be resolved as soon as possible but no later than the next month-end.
To provide funding to clear a deficit, submit a Budget Modification form to the Budget Office.
BudgetBudget Office Policies FAQ VP of Finance Forms FY 2023 Budget FY 2024 Budget Glossary Reports
Helpful LinksDepartment of Budget Planning State Council of Higher Education for Virginia Virginia General Assembly House Appropriations Committee Senate Finance Committee Organization Chart
Executive Budget Director
(804) 504-7037 FAX
1 Hayden Drive
Virginia Hall, Rm 224
Virginia State University, VA