Financial Responsibility Exec. Summary Report
The Financial Responsibility Report is the primary budget management report. The purpose of the Financial Responsibility Report is to provide users with a comparison of both current month and year-to-date actual transaction activity with the originaladjusted budget amounts for the corresponding periods. The format aids in analyzing current year operations (both monthly and year-to-date) against budget at each month-end during the year and facilitates the preparation of quarterly current estimate reports to the Board of Directors. This report was designed by the Budget Office to support periodic variance analysis and reporting. It is produced and available on a monthly basis for unrestricted current funds (GCF and UDF) only.
The report has two variations in the level of detail reported:
The Financial Responsibility Report is described on this page. It reports at the individual general ledger account level.
The Financial Responsibility Executive Summary Report is identical to the other report in general format, but summarizes the information into higher level account groupings (i.e., "communications" rather than "phone base service," "long distance," and "pagers.") This report is produced and available on a monthly basis only to the vice president and dean levels.
The numbered descriptions below correspond to the numbers in parentheses on the accompanying sample report:
- The "as of" date of the report. The period covered begins with July 1 of the current fiscal year and goes through this date.
- Organization number and name whose information is presented on the report.
- Account numbers and names - for more information, see the Chart of Account descriptions included on the Controllerís Office web site. The accounts are broken into 5 categories on the report: Revenues and Other Additions, Personnel Expenditures, Non-capital Expenditures, Capital Expenditures and Transfers (not on sample report).
- Original Adjusted budget for the current month, as established during the budget cycle. (Original budget plus or minus any adjustments posted during the fiscal year.)
- Actual transaction activity for the current month.
- Dollar variance of actual to budget for the current month. A negative <bracketed> value indicates actual results are unfavorable to budget, while a positive number indicates results favorable to budget.
- Variance of actual to budget for the current month expressed as a percent of the budget. A negative number indicates actual results unfavorable to budget, while a positive number indicates results favorable to budget.
- Original Adjusted budget for fiscal year-to-date, as established during the budget cycle. (Original budget plus or minus any adjustments posted during the fiscal year.)
- Actual transaction activity for fiscal year-to-date.
- Dollar variance of actual to budget for fiscal year-to-date.
- Variance of actual to budget for fiscal year-to-date expressed as a percent of the budget.
- Adjusted budget for the entire fiscal year. (Original budget plus or minus any adjustments posted during the fiscal year.)
- Represents total revenues less total expenditures and transfers. (A positive number is net revenue, while a negative number is net expense.