Contact: Carlos Baez, Budget Manager
Email: Carlos.Baez
Phone: (407) 823-5151
Updated: September 11, 2019
Downloads: Running the Budget Position Report (pdf); Budget Transaction Detail Report (pdf)
Auxiliary (24xx-03-0x)
Topics:
• Purpose
• Budget vs. Cash
• Getting Started
• PeopleSoft Screens
• Budget Position Report
• Budget Process
• Increase Budget Request
Purpose
Auxiliary accounts are similar to a business. The mission of this “business” has to benefit the state/university in some way. This account is initially set up for one function but can be used for multiple functions or events.
The auxiliary funds are not time limited.
Budget vs. Cash
With an auxiliary account you are allowed to pay the bills (expenditures) before you collect the money (revenue).
In many ways the budget functions in the way a credit card would (with a limit.) Your cash is like the bank account you use to pay your credit card bill. The “bill”, however does not need to be paid every month like with a real credit card.
When you establish an auxiliary account you set up a budget, the amount you plan on spending during the year from this account. You can start spending out of your budget before you have the cash. Throughout the year you must collect revenue to cover your budget. There will be times when your budget exceeds your cash. You will be given notice of this each month on your Auxiliary Monthly Status Report. You need to pay attention if your budget exceeds your cash because…
** Your cash balance must be POSITIVE on June 30th.
Any cash you have left over at the end of the year rolls over to the next year.
Getting Started
• Complete the Request to Operate an Educational Business Activity (F&A Website) at: Request to Operate an Educational Business Activity
• Prepare a Business Plan
o Purpose/Mission
o Target Audience
o Projected Revenue and Expenditures
o Procedures for handling payments (showing separation of duties)
o Other funding sources (if appropriate)
• Submit to COS Administration at cosadmin@ucf.edu
• COS Administration will notify you when it has been reviewed
Guidelines
• Must earn at least $50,000 in revenue
• Activity should be long term
PeopleSoft Screens
To view your Budget Status and Revenue Details use the Budget Position Report (see downloads for instructions)
To view Expenditure Details use the Budget Transaction Detail (see downloads of instructions)
Budget Position Report
• Other Balance Sheet Accounts: July 1st beginning balance (will appear as a negative number)
• Revenue
• Budget Control Total: Your requested budget
• Expenses: This column does not include encumbrances or pre encumbrances
• Encumb: Encumbrance totals
• Pre- Encumb: Pre-encumbrance totals
• Cash
Budget Process
Budget
• established in May
• based on estimated expenditures
Cash
• June 30th (ending) balances roll over to July 1st (beginning balance)
Increase Budget
1) Run the Budget Position Report (instructions can be found under the Download section on the website).
– Maximum budget increase request is limited to YTD TOTALS_CASH – BALANCE AVAILABLE.
2) Send an email request to COS Administration (cosadmin@ucf.edu), request information must include the following:
– Subject line = “Auxiliary Budget Request- Account -”
– Budget increase amount
– Most current Budget Position Report
– Reason for the budget increase request
**Year-end budget request
Because funds in the auxiliary reserve are not unlimited, a transfer of budget may be a better choice (requires analysis of all auxiliary accounts within your department).
The analysis (attached) shows that 24xx-0301 has a budget of $25,000 and $2,506.54 in expenditures (10% of total budget). Unless the department plans to spend the remainder of that budget ($22,493.46) within the next two months, the Budget office will mostly likely recommend a transfer of budget rather than an increase. The cash balance of $57,772.96 for account 24xx-0301 remains the same, the transfer of budget would simply redistribute the total available budget (see example below).
Example: A request to transfer a budget of $2,500 from 24xx-0301 to 24xx-0303.
Before the transfer:
Account Summary: 24xx-0301 24xx-0302 24xx-0303
Budget 25,000.00 – –
Expenditures 2,506.54 – –
Balance 22,493.46 – –
Cash 57,772.96 28,301.69 2,448.00
After the transfer:
Account Summary: 24xx-0301 24xx-0302 24xx-0303
Budget 22,500.00 – 2,500.00
Expenditures 2,506.54 – –
Balance 19,993.46 – 2,500.00
Cash 57,772.96 28,301.69 42,448.00
Please let me know if you have any questions and advise if the transfer of budget option is feasible.
Revenue Collection
Revenue Collection Policy
• Two individuals must handle
• tracking/invoicing
• Deposits are made at the UCF Cashier’s Office
• Revenue: Account begins with a “6”
• Expense: Account begins with a “7”
• Record PeopleSoft journal ID on deposit slip ****