Glossary_2

Earnings Distribution: Defines from which department an employee's position will be paid (also see position distribution). 

Educational and General (E&G) 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. See also the names of specific funds in this listing.

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.