Budget Terminology

  • Chart of Accounts – “M” represents the college. “F” represents the MCC Foundation
  • Index – Tied to a specific department. 
  • Fund – Represents the source of the funds. The fund is five (5) characters in length.
  • Organization – The organization code identifies the organizational unit that is responsible for the financial activity captures with the code, i.e. English Department, Counseling and Testing Office, and Printing Services.
  • Location – Identifies the physical whereabouts of financial transactions and college assets.
  • Grant – Grant Identification number.  ONLY required when viewing Grant Inception-to-Date information.
  • Fund Type – Fund type can be used to query budget information for a specific organization using only one hierarchy source of funds.
  • Account – The account code classifies revenues and expenditures.
  • Program - The program code identifies the major purpose of the expenditure.  The program has two (2) characters.
  • Fiscal Year – Represents the college’s fiscal year from September 1, to August 31.  Example:  “2010” relates to the year starting September 1, 2009 and ending August 31, 2010.
  • Adopted Budget – Original budget allocation provided at the beginning of the fiscal year.  This budget is approved by the Board of Trustees and the County of Monroe.
  • Budget Adjustment – Any additions or reductions made to the budget since the original allocation.  This includes both permanent and temporary adjustments.
  • Adjusted Budget – This is the Current budget which is the “adopted budget” plus or minus any “budget adjustments” and is a total of all budget transactions. 
  • Temporary Budget – Adjustments done in the current year that are temporary in nature.
  • Year-to-date – Year-to-date budget activity. Represents actual expenditures posted.
  • Encumbrances – Generated by purchase orders, and salary encumbrances.  Funds committed for future payments.
  • Reservation – Setting aside of budget generated by a purchase requisition.  Requisitions remain in a “Reservation” until converted to a purchase order.
  • Commitments – Equal to the total budget set-aside for future obligations.
  • Available Balance – Remaining budget left to spend. 
  • Budget Transfer – This involves a process whereby available dollars are moved within or between departmental budgets.
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