The fiscal year runs from July 1 to June 30. The institution closes the annual accounting cycle in June.
Notices regarding year end close will be e-mailed around the 2nd week in May. You will receive a link to the closing guidelines as well as the closing schedule.
The School of Medicine (SOM) budget system is called BudgetPro (often shortened to BudPro). All final budget information including revenue, salary expense, and other expenses is ultimately loaded into this system for submission to the School of Medicine. The Department has three main sources of revenue: clinical practice revenue from professional billings, restricted income from grants, gifts and contracts, and contract revenue for clinical or professional services. The revenue and salary portions of the budget will be calculated by the Clinical Administrators and the Research Administrators. The Administrative Assistant calculates the non-salary expense portion of the budget for submission to the Clinical and Research Administrators.
- The fiscal year runs from July 1 to June 30. Ex. July 1, 2009 - June 30, 2010 is fiscal year 10, FY10
- There is typically an instructional budget kick off meeting approx. the 2nd week of January and instructions will be distributed for completing expense spreadsheets.
- The spreadsheets list the division's relevant center numbers and account codes. Typically the account codes used include 60000 to 81063.
- The spreadsheets also list CME allocation guidelines.
- Travel related to research activities should generally be supported by restricted funds, or allocated to the unfunded research center.
- If a faculty member is a researcher or physician-scientist that is predominantly research, then all related costs for that faculty member should typically go to the Unfunded Research Center.
- If a faculty member is predominantly a clinician, their expenses are typically in Cost of Practice or Operations.
- Supply expenses should be calculated to include increases for inflation and the addition of new faculty, staff or projects (computers, lab coats, pagers, telephones). See New Faculty/Staff Checklists for expenses for budgeting.
- Professional Liability Insurance rates are not typically finalized in time for the budget process. Your Administrator will provide the appropriate insurance rate.
- If your Division uses temporary help, i.e. seasonally, notify your Administrator for inclusion in the budget.