Account Code: Account codes group similar expenditures, (i.e. Teaching Faculty Salaries 600005, Supplies 740005, Equipment 800005, etc).
Activity and Sub-Activity Codes: Fund reporting codes are used by the Oklahoma State Regents for Higher Education that conform to the National Association of College and University Business Officers (NACUBO) fund categories. Full list of Activity and Sub-Activity Codes.
Base Budget: An estimate of funding required to continue existing programs at current levels of service.
Bond: See Revenue Bond.
Budget: See Operating Budget and Capital Budget.
Budget Reallocation: The redistribution of funds between vice presidential areas, colleges, departments, budget categories or positions, activities, etc., without increasing or decreasing the total budget.
Budget Revision: The reallocation or transfer of funds between areas, budget units, activities, accounts, positions within departments, or maintenance and operations categories, during the fiscal year due to under- or over-estimation of actual expenditures, realignment of priorities, or unexpected funding emergencies.
Capital Budget: A financial plan for funding new construction, major renovations, and acquisition of physical property for the university, including buildings, land, major equipment, and other items of significant value which have a useful life of several years. Capital revenues for the University of Oklahoma come from five major sources: state appropriations, Section 13/New College Funds, revenue bonds, private donations, and grants.
Clearing Department: An intermediary department that temporarily holds funds that have been received from or will be distributed to various other departments.
Debt Service: Funds committed to paying principal, interest, and related costs of the University's bonded indebtedness according to a predetermined payment schedule.
Deficit: Insufficient budget or revenues to cover expenditures during a given accounting period (i.e., monthly, annually, etc.). Deficits can occur by department, within a budget category or by account code or position within a department.
Department Number: The department number is a nine-digit code that identifies a basic funding unit used by a department for an identifiable activity.
Department Sponsor: The individual responsible for authorization of expenditures and reconciliation of department records.
Depreciation: The decrease in value or service life of fixed assets through wear and tear, deterioration, obsolescence, etc.
Discretionary Funds: A type of unrestricted fund which can be expended for any lawful purpose.
Earnings Distribution: Defines from which department an employee's position will be paid (also see position distribution).
Educational and General (E&G or EDGEN) Funds: Money that supports the basic functions of higher education institutions' instruction, research and public service. E&G funds provide the means for these three functions which include all supporting activities such as academic support, student services, institutional support, and plant operation and maintenance. Revenues for these funds are generated from state appropriations; tuition and fees; gifts, grants, and reimbursements; and other revolving fund sources.
Encumbrance: Funds committed to the purchase of a specific good or service.
Entity: For budget purposes, one or more service unit or auxiliary enterprise accounts with the same mission and performing a single service, such as the set of departments in Housing and Food Services.
Expenditure: The disbursement of funds for services or goods such as salaries and wages, maintenance and operations, and capital items.
Fiscal Year: The twelve month period from July 1 through June 30. Often identified as FY or FY19, which means the fiscal year beginning July 1, 2018, and ending June 30, 2019.
Fixed Asset: Property such as land, buildings, machinery, and similar equipment that is retained and used over an extended period.
Fixed Cost: Charges set and subject to change primarily by external agencies, such as insurance premiums, pension premiums, utility charges, memberships, and other similar service costs.
Full-time-equivalent (FTE): The percentage of full effort given a position; e.g., 1.00 FTE means full-time.
Fund: A set of departments containing a designated sum of money identified for a specific purpose. For more information on funds, see fund listing here.
General University Department: Centrally budgeted funds that provide fiscal support on a university-wide basis, such as fringe benefits, utilities, and institutional memberships.
Grants and Contracts: A type of restricted fund from governmental or private sources for use only as specified by the funding agency.
Hard Money: Funding generated centrally or university-wide. The Oklahoma State Board of Regents designates these funds as "Educational and General Part I". Examples include state appropriations, tuition, and fees.
Income: Revenue associated with auxiliary enterprises or other business operations.
Indirect Cost: Overhead expenses charged against grant agencies, auxiliary enterprises, service units, or instructional and research units as reimbursement for university services such as administrative costs, custodial services, utilities, building and equipment use, etc.
Line-Item: The smallest, most detailed, category identified by a code, such as individual positions, travel, communications, equipment, etc.
Maintenance and Operations (M&O) Budget: Includes consumable goods (i.e., supplies and equipment, services, rental and contractual items, travel, and operating capital).
Norman Campus: The central Norman Campus, the Law Center and the Oklahoma Geological Survey.
Operating Budget: A financial plan of current operations that encompasses both estimated revenues and estimated expenditures for a specified period, normally one fiscal year.
Overhead: See Indirect Cost.
Payroll Expense Transfer: The process of correcting a payroll amount that has been charged to an incorrect department, account code or position number.
Permanent Budget Revision: Annualized changes made to the base budget that serve as the foundation for the next fiscal year operating budget.
Position Distribution: The designation of departments from which payroll expenses for a position are to be charged (see also Earnings Distribution).
Position Number: The five-digit or eight-digit code is automatically assigned to a position in the H.R. system when a position is initiated by a department via the New Position Request Form. A unique number is assigned to each position and has no link to a department, area or account code. No two positions (pool or individual) throughout the campus will share the same position number. Contact Human Resources to establish a new position number.
Reallocation: See Budget Reallocation.
Reimbursement: Repayment to a department or fund for services provided or payments made.
Restricted Funds: Gifts, grants, contracts, and endowments received from local, state, federal, and private sources and used only as specified by the donor.
Revenue Bonds: Funds borrowed against anticipated revenue and most often used for Auxiliary Enterprises. Such bonds may also be used for service unit improvements, as in the utilities system, creating savings in the educational and general budget.
Revenues: Income to cover an institution's expenditures. See State Appropriations and Revolving Fund.
Revolving Fund: A component of the educational and general fund, consisting of revenue from student tuition and fees; gifts, grants, and reimbursements; sales and services of educational departments; and all other revenue available to the institution in support of educational and general activities. The fund is classified as "revolving" because the balance of funds is retained by the university from year to year.
Section 13/New College Funds: Income from the sale and lease of state Section 13 lands which were granted at statehood for the use and benefit of higher education institutions. Under law, institutions may use these funds "for construction and purchase of buildings, for the purchase of equipment, and for other capital additions."
Self-Generated Funds (soft money): Funding generated at the budget unit or departmental level (usually designated for that department or unit) and considered by the Oklahoma State Board of Regents as part of "Educational and General Part I" funding in addition to centrally allocated funds. Examples include course fees, foundation reimbursements, and gifts restricted to a specific department.
Service Unit: An entity that provides a specific service to other institutional departments, rather than to individuals, and charges those departments for services rendered. These units serve as intermediaries for expenditures of other operating departments. They include physical plant, central computing, office systems support and rental, motor pool, the telephone system, public safety, the storeroom, printing services, architectural and engineering services, etc.
Soft Money: See Self-Generated Funds.
State Appropriations: Annual legislative allotment from the state's general revenue fund.
University System: The Norman Campus, Law Center, Tulsa Campus, and Health Sciences Center in Oklahoma City.
Unrestricted Funds: Monetary resources that are not subject to specific external guidelines or regulations and are expendable for any activities that promote the instruction, research, and public service missions of the university.
