Budget Terminology

  • Chart of Accounts
    “M” represents the college. “F” represents the MCC Foundation.
  • Index
    Tied to a specific department. 
  • Fund
    Represents the source of the funds. The fund is five (5) characters in length.
  • Organization
    The organization code identifies the organizational unit that is responsible for the financial activity captured with the code, i.e. English Department, Counseling Services, or Printing Services.
  • Location
    Identifies the physical whereabouts of financial transactions and college assets.
  • Grant
    Grant Identification number. ONLY required when viewing Grant Inception-to-Date information.
  • Fund Type
    Fund type can be used to query budget information for a specific organization using only one hierarchy source of funds.
  • Account
    The account code classifies revenues and expenditures.
  • Program
    The program code identifies the major purpose of the expenditure. The program has two (2) characters.
  • Fiscal Year
    Represents the college’s fiscal year from September 1 to August 31.  Example: “2019” relates to the year starting September 1, 2018 and ending August 31, 2019.
  • Adopted Budget
    Original budget allocation provided at the beginning of the fiscal year. This budget is approved by the Board of Trustees and the County of Monroe.
  • Budget Adjustment
    Any additions or reductions made to the budget since the original allocation. This includes both permanent and temporary adjustments.
  • Adjusted Budget
    This is the current budget which is the “adopted budget” plus or minus any “budget adjustments” and is a total of all budget transactions. 
  • Temporary Budget
    Adjustments done in the current year that are temporary in nature.
  • Year-to-date
    Year-to-date budget activity. Represents actual expenditures posted.
  • Encumbrances
    Generated by purchase orders and salary encumbrances. Funds committed for future payments.
  • Reservation
    Setting aside of budget generated by a purchase requisition.  Requisitions remain in a “reservation” until converted to a purchase order.
  • Commitments
    Equal to the total budget set-aside for future obligations.
  • Available Balance
    Remaining budget left to spend. 
  • Budget Transfer
    This involves a process whereby available dollars are moved within or between departmental budgets.