Budgeting
Budget
a budget is an estimate of revenue and expenses for a period of time. Budgets are to be used as a guideline for bringing in revenue and spending during a year.
Net Revenue
total revenue that UTEC expects to receive during the year, minus the restricted revenues that are designated for future years. We remove this from the revenue figure so that when we calculate the net loss or profit for the year, we are not including revenue that is to be used for future expenses.
Restricted Funds
restricted funds are funds that have specific uses or specific time restrictions. UTEC’s restricted funds include contract revenue, some grant revenue and some major gifts. A contract is restricted by use, there are specific expenses that are considered allowable. Grants and some major gifts can come with use restrictions, but most times if they are awarded with restrictions it is based on time. We can receive multi year awards, so the portion of the award that is for a future year is recorded on a separate Restricted Revenue line.
Depreciation
method used to allocate the cost of an asset over its useful life. The process allows the expense of the asset to spread over the periods in which it is used providing a more accurate view of asset value. Asset examples include vehicles, construction costs, large equipment.
Fringe Benefits
additional perks provided by employers to enhance compensation beyond regular wages. UTEC’s fringe benefits include: parking subsidy, cell phone stipend, benepass, counseling copays, retirement, medial, dental, vision, life insurance.
Unrestricted Funds
unrestricted funds are considered general operating. These funds can be used for expenses not already tied to contracts or other restricted funds.
Gross Revenue
total revenue that UTEC is reporting, to include any restricted revenue forecast to be received. This restricted revenue is for future fiscal years.