1. Budget Projections Utilizing Banner Information Grant Brown Bag Information Session December 18, 2012

2. BUDGET PROJECTION TOPIC COVERAGE Uses for budget projections Responsibility for budget projections How to create a budget projection file in Excel How to find & export information from Banner How to project that data out to the Fiscal Year End(s) Uses for budget projections Responsibility for budget projections How to create a budget projection file in Excel How to find & export information from Banner How to project that data out to the Fiscal Year End(s) 2

3. Budget Projections are useful! Budget Projection Uses Primary Users Plan spend down of remaining funds State required budget projections Mid year & Year End Budget Modification tool Aids in finding errors or omissions Grant Director Business Office; State of RI Institutional Advancement, Controllers Office, Grant Director, Funding Source Grant Director, Controllers Office, CCRI, Funding Source The list of uses and users goes on extensively! 3

4. Mid-Year Budget Projections Due in Mid-January – heres why we do them: CCRI is required to submit a mid-year review of its budget to the Office of Higher Education (OHE) for review and approval. Mid-year review is an update on all sources of funds, not just state funds and tuition and fees. Opportunity to identify changes occurring since the beginning of the year & identify problems that may exist that require action. Need to know how much you think youll spend by the fiscal year end (June 30 th ) 4

5. Who Owns the Budget Projection? The ultimate responsibility of creating a budget projection lies with the Grant Director Although the Controllers Office & Institutional Advancement are happy to help, the grant director is the only person who can fully create a budget projection Administrative personnel do not know the intricacies of the grant E.g. – staff departures, planned operational spending 5

6. BUDGET PROJECTION CREATION Create the Base Projection file Open Banner; Open FRIGITD; Input Fund# Next block (this may take a while to load) 6 Once data populates go to Help, select Extract Data No Key Hold Ctrl key! This exports to Excel

7. BUDGET PROJECTION ~ BASE FILE The exported file will need titles & formatting Add four lines at the top; Insert Grant Name & Fund # Add titles on columns listed below Add two new columns: Projected Exps. & Projected Balance 7

8. Format columns D thru I with comma style Adjust the column widths of columns B thru I 8 BUDGET PROJECTION ~ BASE FILE

9. BUDGET PROJECTION ~ BASE FILE - continued Create a formula for the Projected Balance This is the Current Available Balance MINUS Projected Expenses In the Proj. Bal. (column I), you type in: =G5-H5 Copy this formula down for all of the lines (drag right corner) 9

10. Enter a SUM formula at the bottom of all columns 10 BUDGET PROJECTION ~ BASE FILE - continued Use AutoSum in the top right corner of excel Put cursor in cell below the column you want to sum. Click AutoSum Copy for all columns

11. Obtain Personnel Projection Data In Banner, determine the last pay period posted to Banner for biweekly & lecturers (monthly) In FRIGITD or FGIBDST, drill down the Payroll lines & take note of the Payroll # in description Click inside the Activity column for the payroll line 11

12. Obtain Personnel Projection Data …continued With the cursor inside the Activity column for the payroll line, go up to Options Select Grant Detail Info if in FRIGITD Select Transaction Detail Info if in FGIBDST 12 The most recent payroll is usually on top. Below is BW24

13. BW Pay Period 24 was paid 11/23/2012 Obtain Personnel Projection Data Biweekly Employees In Banner, go to NHIDIST & query the last paid payrolls posted in Banner (BW24 in example) This screen shows payrolls by the date they were paid. Go to HR site for date listing 1 Enter in the pay date of the last pay period posted in Banner, enter Fund #, then Next Block, Execute Query 13

14. After the data populates, you can either query within the NHIDIST screen, or export to excel. To export, go to Help, then select Extract Data No Key (Hold Ctrl key!) If exporting, then add titles as shown below AFTER titles are added, adjust column widths & then delete columns: Z, Q – T, I - L 14 Obtain Personnel Projection Data Biweekly Employees

15. On the personnel data, sum the total for each account number Can use the Subtotal function in excel for faster results Highlight the entire data field On the Excel Data tab at the top, click Subtotal 15 Obtain Personnel Projection Data Biweekly Employees

16. After clicking the Subtotal icon: 16 Select: Acct; Sum; Check: Dollars; Uncheck: Replace current subtotals Obtain Personnel Projection Data Biweekly Employees

17. Biweekly Personnel Data - After Subtotals 17 Acct totals to use in projection column

18. Go into Banner, NHIDIST screen again, and look up the monthly employees Enter a wide date range to ensure you are capturing all employees Enter the grants Fund #, then click Next Block 18 Obtain Personnel Projection Data Monthly Employees

19. In the lower section, scroll to the right and enter MN in the field to the right of Payroll Event Click Execute Query 19 Obtain Personnel Projection Data Monthly Employees

20. 20 Monthly Personnel Data Shows monthly employees. Use this data to verify employee pay rates, calculate average hrs/mo. worked, & ensure all are included in projection. Can export info to excel – Help dropdown, Extract Data No Key (hold ctrl key)

21. Input Personnel Data in Projection Biweekly Projection Determine # of pay periods between the last payroll posted to Banner & 6/30 (or desired date) Use HR Pay Schedule to count # of Pay Periods between the last payroll per. posted to Banner & 6/30 = 16 Pay Periods (BW24 to BW14) In Budget Projection Base file, enter formula for each biweekly account line based upon the Subtotaled Payroll file For account 611040, the formula would be =705.60*16 For account 612033, the formula would be =3412.58*16 Do this for all biweekly account lines 21 Dollars per Pay Period TIMES # Pay Pers to June 30th Dollars per Pay Period TIMES # Pay Pers to June 30th

22. Determine # of REMAINING monthly payroll periods The # in the MN payroll is the month it is paid. Monthly employees are paid the month AFTER they work, so MN11 is for October Last monthly payroll was MN11 (October) – so 8 months to get to 6/30 The monthly employees formula will be somewhat different than for biweekly people Determine the # hours each monthly employee will work (best to use average estimate), multiply by pay rate, then multiply by remaining months 22 Input Personnel Data in Projection Monthly Projection The # in MN payroll is the month it is paid

23. Monthly employee formula (do for each employee) In our example, assume Natalie Wood works an average of 70 hrs/mo, her pay rate is $20/hr (8 mos left) Formula will read =70*20*8 for Natalie Van Morrison & Charlie Brown also work on that line, too, so well have to include them in the formula, too Assume Van works 60 hrs/mo @ $20/hr, Charlie 15 hr/mo @ 15.54/hr Overall formula will read =70*20*8+60*20*8+15*15.54*8 23 Input Personnel Data in Projection Monthly Projection…continued Avg hrs/mo X Hourly Pay Rate X # months to Year End

24. Most Monthly employees only have FICA as fringe on their pay (FICA Lecturer – 644020) Create a formula based off the monthly employee salary line(s). FICA is always 7.65%. 24 In this case, the formula will be =H7*7.65% With this method, FICA will update if you change the employee pay projection FICA = 7.65% Input Personnel Data in Projection Monthly Projection…continued

25. Incorporate Operating Expenses This part is for the Grant Director! Go through the various Operating Expense lines (i.e. Office Exp, Mileage) and put in your estimates of what you think youll spend by 6/30 It can be helpful to jot down planned trips, classes, etc. Enter the dollars you think youll spend in the projected column – do not enter anything in the Indirect line yet! 25

26. Indirect Cost Expense This can be tough to calculate, so dont hesitate to ask for help on this one! The most accurate way to do this line is via formula (sorry) If done via formula, it will automatically update as you make changes Your formula will be the sum of all expenses applicable to indirect multiplied by your indirect rate (or indirect rate + audit) See next slide for example formula details If the formula is giving you trouble, then once you feel you have all expenses estimated, then multiply the total projected expenses by your indirect rate 26 Help!

27. Indirect Rate formula 27 If the Indirect Cost line isnt the last line, then cut & paste to be the last line – you will probably need to fix your totals at the bottom Assuming an 8% rate applied to all expenses, the formula will read: =SUM(H5:H31)*8% Indirect = Cost Base X Indirect Rate Indirect = Cost Base X Indirect Rate

28. Let the Budget Games Begin! After incorporating all necessary expenditures, take a look at your Projected Balance column If there are negatives, youll need to create a budget modification to cover those negatives You may notice that you have more money to spend! 28 Adjust dollars where necessary & ensure you have enough for the full grant term

29. Summary of Projection Steps Export current budget detail from FRIGITD to excel to create projection base file Add titles to columns & create Projection columns Determine last pay period # posted to Banner – calculate # pay periods to year end Export most recently paid biweekly payroll Subtotal the expenses by account number Determine monthly employees rates & average hours Input payroll formulas into projected column Input projected operating expenses to year end Input Indirect Rate formula (if applicable) Adjust lines as necessary 29

30. 30 Questions & Comments

31. References 1 HR Pay schedules can be found at: http://www.ccri.edu/hr/calendars/ http://www.ccri.edu/hr/calendars/ Banner Screens: FRIGITD – Grant Inception to Date (shows multi- year) FGIBDST – Organization Budget Status (shows current CCRI fiscal yr only) NHIDIST – Labor Distribution Query (shows labor for specified pay ranges) Excel Resources: Ask IT – they hold great training sessions Lynda has online video modules - go to: https://webfor.ccri.edu/lynda/index.cfm URI Prov. Feinstein 1-day course (Prof. Development) 31