The Basics
Geekish Terms
Buzz Words
Show Me the Money
Fun with Funds
100
Something of value that the College owns
What is an asset?
100
Money remaining in a fund at the end of a defined period
What is fund balance?
100
An independent examination of data, statements, records, operations, and performances--financial or procedural
What is an audit?
100
Revenues earned from course registrations and related course fees
What are tuition and fees?
100
Funds that are used for College operations and their use is approved by the Board
What is the General Fund?
200
A financial plan for the upcoming fiscal period
What is a budget?
200
Revenue is recognized before cash is received and expense is recognized before cash is paid out
What are accruals?
200
Occurs when spending exceeds revenues; a shortfall
What is a budget deficit?
200
An educated estimate of the revenue expected to be earned from a specific activity
What is a revenue projection?
200
Monies earned through operations that are ancillary to the College--i.e.: Bookstore and Food Service
What is the Auxiliary Fund?
300
Expenses related to the operation of a business just to maintain its existence
What are operating costs?
300
A management tool used to reflect financial commitments to be charged to specific accounts; an attempt to prevent overspending
What is an encumbrance?
300
Spending money to buy fixed assets with a useful life extending beyond one year
What is a capital expenditure?
300
Money received for services not yet earned; it is considered a liability until delivery is made
What is deferred revenue?
300
Funds subject to restrictions assigned by donors or grantors
What is the Restricted Fund?
400
Policies and procedures designed to provide oversight of expenditures
What are checks and balances?
400
Reversing charges that were accrued in prior periods
What is an accrual reversal?
400
Funding that is directly tied to successful outputs or learning outcomes
What is performance based funding?
400
Revenues from the state awarded to colleges for general operations
What is state aid?
400
Funds set aside for the sole purpose of acquiring buildings and/or major equipment
What is the Capital Fund?
500
A self-balancing set of accounts with a designated purpose...AKA Cookie Jar Accounting
What is fund accounting?
500
A quasi College entity designed for the sole purpose of advancing the College's mission in clearly defined ways by its bylaws
What is the College Foundation?
500
The amount of tax that is assessed per thousand dollars of local property value
What is a mill?
500
A federal grant designed to fund equipment and provide student support services for vocational programs
What is Perkins funding?
500
A fund for large gifts where the principal must remain into perpetuity; usually the interest only can be spent
What is the Endowment Fund?
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