- Complete a separate schedule for each school and major administrative department under each Vice President's area.
- Enter Vice President, school, or department name depending on the level that is being reported.
- The first column contains the current year’s Original Annual Budget as approved by the Board of Directors. This column should remain the same for all future reporting periods. (Estimated results will be compared to original budget NOT to adjusted budget.)
- Enter the current year Estimated Annual Results. This can be developed by using the year-to-date actual column from your Banner reports, in combination with a realistic "best estimate" of the remainder of the year. If the combination of actual and estimate on any single line of revenue or expense is different from budget, turn in this new amount as your current estimate.
You may use "Budget" as your current estimate if the combination of year-to-date actual and remaining month's estimate is NOT materially different from budget.
- Your current estimate should reflect where you think your year-end results will be. Do not understate or adjust your current estimate to be conservative and to “play it safe.” Submit your best estimate. If there is the potential that the current estimate will be significantly higher or lower than what you have submitted, provide a statement on Schedule M which explains this. Let us know the reason, a dollar range of potential change and, if possible, the probability or likelihood of this occurring. This gives us a feel for what is really going on and enables us to qualify the current estimate, where necessary, to the Board. This should also help prevent big surprises and swings in the current estimate from quarter to quarter.
- Spreadsheet will calculate Estimated Favorable (Unfavorable) $ Variance from Budget.
- Spreadsheet will calculate the "% Change" of estimated results from budget.
- Provide an explanation of Major Variances. In the final column, briefly explain all material variances. Generally the space provided should be enough to explain the variances, but feel free to add an additional page if needed.
- All school and administrative department information should be consolidated at the Vice President's level. Each Vice President's area should submit to the Budget Office a copy of the school and administrative department schedules along with a Vice President's area roll up.
- NOTE: For the Schools, Residence Life and Athletics: Schools will report only direct scholarships and remissions on the “Tuition and Room & Board Discount” line shown in the revenue section. Residence Life will include both internal and allocated scholarships and remissions (Show the breakout of the two types on the Schedule M.) Athletics does not use that line, but should show on the Schedule M their current estimate of scholarship costs for (1) tuition, (2) room & board, and (3) bottom line expense.