What is it?
A budget is a summary of expected revenues and expenditures for a period of time.
- For a department, the budget is an allocation of the University’s operating budget which outlines the allowable expenditures for one year.
- For a research project, the budget represents the awarded amount of a grant or contract for a set period of time. It will often outline the maximum amount allotted to any given expenditure category.
- For the ancillary operations, the budget is a guide defining where the expenses will be charged.
Why is it important?
Once a budget is set, it may be updated throughout the year for known changes, such as salary increases or for adjustments to and from other departments. The budget is monitored by the budget manager or fund holder or fund administrator to ensure actual expenditures do not exceed the allowable amount.
Where do I find more information?
Further information can be found at the Controller’s Office or by contacting the Controller. For questions regarding research budgets please email Research Financial Services.