Budget Basics
Your department has $500 left in its budget. Is that a shopping spree invitation?
No! There's still a budget to follow.
A purchase can be within budget but still violate purchasing procedures.
TRUE
This Bruno Mars song is all about wishing you had enough cash to live the good life.
Billionaire.
What do you call that lovely piece of paper telling us how much money someone wants us to pay them?
Invoice.
What is the only mammal capable of a true flight?
A bat.
What does it mean when you spend more money than you were allocated?
Overspending.
An encumbrance represents money that has already been paid out.
FALSE
The title of this 50 Cent hit refers to obtaining wealth by any means necessary.
Get Rich or Die Tryin'
What is the fancy fiscal word for money coming into an organization?
Revenue.
What food technically never expires when stored properly?
Honey.
What is a fiscal year?
A 12-month accounting period used for budgeting and financial reporting.
You can spend your entire budget in December just because it's almost the end of the year.
FALSE.
When your grant award arrives after six months of waiting, you may want to sing this song by Pink Floyd.
Money
What word describes the feeling of being personally victimized by your alarm clock every morning?
Dread.
This simple one or two page form somehow requires six signatures.
What is a purchase request?
If a department is allocated $25,000 and has spent $18,750, what percentage of is budget remains?
25%.
If an invoice is received, it automatically means the goods or services have been received and approved.
FALSE
You've written your 14th grant report of the month and are channeling Donna Summer with this song title.
She Works Hard for the Money
What does annualization mean in fiscal terms?
The practice of adjusting spending totals to determine the annual costs of programs that were funded for only a portion of the previous year. For example, the annualized cost of a program that cost $500,000 for six months of operation is $1,000,000.
What is the only letter that doesn't appear in any U.S. state name?
Q.
A department has a remaining balance of $5,000, but $3,000 is already committed to approved purchases. What is its uncommitted balance?
$2,000.
A reconciliation can help identify duplicate payments, missing transactions, and recording orders.
TRUE
After spending six months building a budget narrative, only to have the funder cut the request in half, this Cyndi Lauper song suddenly feels very relatable.
Money Changes Everything
The portion of Opioid Settlement Proceeds earmarked for reducing ongoing harm from opioids (included prevention, recovery, and harm reduction services).
Abatement Funds
What animal's fingerprints are so similar to humans' that they can be difficult to tell apart?
A koala.