Frequently Asked Questions (FAQs) - Budgeting Process

What is the timeline for updating budget records for the new fiscal year?

Schools and divisions must update budget records for the new fiscal year (FY26) following the guidelines provided by the Budget Office. The updates should ensure a balanced budget, aligning projected revenues with expenses and adhering to budget guidelines.

What budget updates are required?

Budget updates include:

• Salary updates for pay raises, promotions, and funding changes
• Non-salary reallocations between organizational units
• Revenue updates to match projected expenses

How should unrestricted general operating, auxiliary, and endowed funds be budgeted?

Budgeting for these funds must follow guidelines issued by the Budget Office. Schools and divisions must reconcile their unrestricted general operating fund budgets with the provided guideline totals.

What expenses are included in the budgeting guidelines?

The budgeting guidelines include:

• Faculty and staff salaries
• Graduate RAs, TAs, student assistants, and stipends
• Fringe benefits
• Supplies and expenses
• Restricted endowment distributions
• Department revenues, transfers, and internal charge

What is the Budget Transformation Initiative (BTI), and how does it affect budget planning?

BTI allocates centrally received revenues to schools. These allocations are pre-entered in the working budget on Accounts 6738 to 6749. Support units will see their central allocations reflected in Account 6740.

How are endowment funds incorporated into the budget?

Endowment distributions must match the new fiscal year's approved amounts, which will be released in late March. The Budget office will update endowment records accordingly, and reports will be available in EPBCS. Schools and divisions will receive a list of new endowment activations.

How should designated, service center, and gift funds be budgeted?

Schools and divisions must incorporate these funds into their budget plans while adhering to fund restrictions. Payroll expenses funded by these sources must have corresponding revenue or fund balance records to ensure financial accuracy.

Are research grants included in the budgeting process?

No, research grants are handled separately by Research and Cost Accounting. However, if an employee's salary is split between a research fund and another non-research fund, the non-research portion must be budgeted accordingly.

What if an organization needs to reallocate expenses between categories?

Consult with the Budget Office before making reallocations between expense categories to ensure compliance with budget policies.

Who should be contacted for assistance with the budget process?

Schools and divisions should contact the Budget Office via email at budget@rice.edu for guidance and support for any budget-related inquiries.