Accounting Basics at Macalester
In this lesson you will learn:
The basic concepts of the transaction tracking at Macalester including the types of operating budgets and specified funds.
- What is an operating/program budget
- Departments are allocated a budget by Senior Leadership each fiscal year (June 1st – May 31st). This budget must be monitored by department staff with the goal of spending less than the budget.
- What is a TEM budget
- TEM – technology, equipment, maintenance
- TEM funding is for one-time purchases of more than $1,000 and Facilities Services requests of more than $5,000.
- Facilities Services requests under $5,000 should be submitted directly to Facilities using a work order.
- TEM – technology, equipment, maintenance
- Restricted funds, Designated funds, and Endowed Spend funds
- These funds have been created for a variety of circumstances, including, but not limited to donor gifts, special projects, scholarships. These funds have rules on how the funds can be spent. For questions, please contact [email protected].
- Grant Funds
- Specified funds that have been award to Macalester for specific grant work. For questions, please contact [email protected].
- Faculty funds
- Faculty Travel and Research (FTR) is administered by Academic Programs and Advising
- Start up funds for Faculty are administered by Academic Programs and Advising
- Tips for FOAPAL syntax:
- Operating / program budgets are always fund 100000 + ORG
- TEM budgets are always fund 125000 + ORG
- Grant, Endowed Spend, Designated and Restricted funds can start with a 2 or other numbers + ORG
Go to Finance Foundations at Macalester to find additional lessons.