Accounting

A department or fund may have several account numbers. These different lines define types of revenue and types of expenses. The description is identified by the ‘last’ four digits in a budget line. 

For expenses: a negative number is a credit or reduction of expenses.
For revenue: a negative number is a credit or an increase in revenue.

For restricted accounts, funds that carry forward balances into future years, a negative balance indicates funds available to spend.  This occurs when revenues (credits) exceed expenses.

If your department does not have access to the budget transaction reports online, you may request a PDF of your budget. Departments with Apple computers are not able to use the online budget application. Budget PDFs show actual transactions year to date as compared to the full year’s budget.

• CG is an automatic charge generated through the billing process
• FA is financial aid transaction generated through financial aid process
• GF is a gift received through Development
• IV is an invoice payment, a check prepared by accounts payable
• JL is a manual journal entry made by the accounting staff
• LO is a student loan entry, posting to student accounts
• LB is a payroll entry generated through the payroll process
• MA is a recurring journal entry made by the accounting staff
• MS is a miscellaneous charge to student accounts
• RC is a transaction from cashier’s desk; could be deposit or petty cash.
• VD is a voided accounts payable check

You may wish to contribute some of your available funds to a worthwhile project in another department or move transactions within your department. These transfers can be accomplished by notifying Kelly Foster in writing (email is fine). You must supply the dollar amount, both account numbers, purpose of the transfer, your name and signature (if in writing) and date.  Please note: the transfer request must originate from the person receiving the charge.

The President works with both College Council and the Board of Trustees to prepare an acceptable operating budget. The preliminary budget approval is voted by the Trustees at the May meeting.  Departments will be notified after that meeting. The final budget is approved by the Trustees in the fall, after registration information is available. 

Students interested in the budget cycle for Student Government should contact Student Government Executive Board; although the business office is the steward of Student Government funds and can provide reports, the remaining portion of this section on budget cycle pertains to the College’s operating budget.