How to Read and Understand Your Electronic Budget

How to Read and Understand Your Electronic Budget Statements March 29, 2005 Presented By: Tucson Smith, CAHNRS-BFO Esther Tate, CAHNRS-BFO

• Budget Statements are delivered via email as a. pdf file through an automatic electronic scheduler called Infoburst • Adobe Acrobat is required to open the. pdf file • Budget Statements are sent around the 10 th of each month • The budget statement shows the balance as of the end of the last month Example: 3/31/05 Detail covers one month of activity Example: March 1, 2005 -March 31, 2005

Sample Email From: burst@conveyor 2. it. wsu. edu [mailto: burst@conveyor 2. it. wsu. edu] Sent: Friday, March 11, 2005 4: 04 PM To: etate@wsu. edu Subject: Budget Statement 12 D-4168 -2927 Attached : Infoburst Budget Statement. pdf Document Description: Budget Statement Notes: Attached is your monthly budget statement for the above referenced account. If you have any questions about this budget statement please contact Esther Tate at 509/335 -6885 or etate@wsu. edu

Navigating through the Electronic Budget Statement

Five Budget Statement Reports • Expense by Object Subobject • Expense Detail • Revenue by Source Subsource • Revenue Detail

Review Examples of Budget Statements • Grants (11 A-14 Z) • State Funds (09 A) • Development Accounts (17 A) • Service Centers (15 T)

Expense by Object

Date report was generated Account Number Expenditures through:

Title of Project Period Percentage Spent to Date Percentage of Project Period Elapsed

Cumulative Expenditures Amount of Funding. Approved Budget Amounts obligated but not yet disbursed Allocation is not amount of cash received-see revenue reports

Allocation – Expense – Encumbrance = Balance This is how much you have left to spend in each category (Expense + Encumbrance) / Allocation = % Spent Not all commitments encumber

Time Slip Benefits Also called Overhead or Indirect Costs

Expense by Object Subobject This is a cumulative report which provides more detail for each budget category The first part of the subobject describes the basic category Wages: 01 The second part describes the specific expense Meals Taxable: MT

Total for the category is the same as the line item category on the Expense by Object Report

Only the subobject will appear on the Detail report

No expenditures to date for this budget category Totals the same as Expense by Object Report

Expense Detail Provides Detail for the Current Month-not a cumulative report Date expense posted to the account Fiscal Year Expense Category Time period for these expenses Description can be found on Expense by Object Subobject Report

The first 5 digits are the position number. The last alpha character is the employment type code. E=Admin/Prof C=Classified F=Faculty Employee name The document which directly initiated the transaction. The alpha prefix identifies the type of document. S=Salary & Benefit Encumbrance V=Payroll Batch Number Indicates the month worked Indicates the end date of the salary encumbrance

Position number + employment type code H=nonstudent temporary U= student temporary V=Payroll Batch Number Indicates the month worked

K=Purchase Order PC=Purchase Card P=Payment Request # Vendor Name Vendor ID # B=Budget journal voucher BA=Blanket purchase order K=Purchase Order

Employee ID# B=budget journal voucher Travel Authority (TA) # P=payment request # Travel Authority (TA) #

Vendor ID # Payroll Period S=Salary & Benefit Encumbrance V=Payroll Batch Number

F&A is calculated on the total of each day’s expenditures on the account

Revenue by Source Subsource This is a cumulative report of revenue. Revenue is cash actually received Amount Awarded Source of Revenue received to date Est. Revenue – Revenue Received = Variance

Revenue Detail Provides Detail for the Current Month-not a cumulative report No revenue was received during the time period of the budget statement

Revenue Detail Example of revenue received on a grant account that is periodically invoiced Vendor ID # Invoice # Billing Receivables System batch sequence #

Revenue Detail Example of revenue received from a letter of credit grant account Revenue (cash) is drawn down daily from the letter of credit revenue pool equal to the total daily expenditures on the grant

Example of State Account Amount of funding-Normally in operations can be allocated between objects Salaries (00) are encumbered to the end-date of the fiscal year, assignment, position or appointment; whichever comes first Carry forward Encumbrances are charged to new fiscal year dollars

Allocation Adjustment Report truncated for presentation purposes

Benefits on state funds automatically allocate Report truncated for presentation purposes

Example of Development Account Discretionary accounts (scholarship and development) supported by donations

Revenue deposited

Detail for revenue deposited Report truncated for presentation purposes

Example of Service Center Account Amount of funding to operations object 03

Revenue by Interdepartmental Requisition Invoice (IRI) Automatically charged on revenue

Source descriptionfunds received for

Cash register transaction # Cash register # references what register deposited funds Income Journal Voucher-transfer of funds

Reconciling Budget Statements Keep a pending file for expenditures: Purchase orders, travel expense vouchers, etc. Monthly review and compare pending file documents with the budget statement When the expense posts to the account verify that the amounts are correct and reasonable Watch for incorrect charges and the proper posting of expenditures

Reconciling Budget Statements When corrections are needed please contact BFO or your department finance/budget manager 90 -Day Rule for Grants (B. P. P. M. 30. 25) Corrections must be initiated within 90 days of the date the expenditure posted on the account End of Fiscal Year In general, expenditures incurred in a given fiscal year cannot be transferred after the July cutoff date following year-end

Filing Budget Statements Save as an electronic file or Print out only the pages needed Expense by Object Expense Detail

Resources Business Policies and Procedures Manual B. P. P. M. 30. 07 Budget Statement http: //www. wsu. edu: 8080/%7 Eforms/manuals. html To access the BPPM through non-wsu. edu domains go to: http: //www. wsu. edu/forms 2/index. cgi

Contact Us • Tucson Smith • Esther Tate Fiscal Specialist Supervisor 509/335 -2826 smitht@wsu. edu Grant & Contract Specialist 509/335 -6885 etate@wsu. edu CAHNRS-Business & Finance Office 405 Hulbert Hall PO Box 646241 Pullman WA 99164 -6241 Fax: 509/335 -2926