Financial Planning & Analysis

Department Overview

The principal functions of the Financial Planning & Analysis department:

• Annual budget

• Budget-to-Actual performance

• Short and long range forecasts

• Board of Trustees, Finance Committee and Budget Review Team materials

• Budget Amendments

• Salary Control

Budget Development Cycle

Two Phases:

Macro Budget - Fall

Micro Budget - Winter/Spring

Steered by the Budget Review Team

Major Assumptions

• Tuition and Fees

• Enrollment

• Housing

• Financial Aid

• Approval of Incremental Expenses New Spending New Capital Requests - Projects > $25,000

• Mandated Costs

Presented to Board of the Trustees in December to approve and support any rate increases and the overall budget.

Macro Budget

Budget cycle opens to budget administrators to redistribute non-salary budget dollars.

Each division’s budget is based on the prior year budget plus any approved additional dollars such as:

Funding for any new programs and initiatives approved during the fall cycle Funding related to mandated costs Increase in salary and benefits due to merit increases and new positions

Each division is given a base budget with a control total. This represents the maximum amount of dollars that may be spent.

Micro Budget

Budget Application (BAS) Web-based tool used by budget administrators to prepare the budgets for all divisions/departments within the University.

• Only available from early February through late March • Timelines and other communications are sent to users prior to BAS release.• Review non-salary operating budget base• Modify and redistribute non-salary dollars • Budget for Gift, Endowments, Carry Forward and other non-operating accounts.

Micro Budget

All divisions must finalize their budget by the designated deadline.

FP&A reviews and summarizes all the budget data.

Final budget package presented to the Board of Trustees in June for approval.

Once budget is approved, it is uploaded into the Lawson System for use during the new fiscal year starting July 1st.

Final Budget

Budgets can be amended throughout the year

Budget Transfers Temporary Budget Amendments (BAs)

Current Fiscal Year Impacts Budget 1

Permanent Budget Transfers (BFs) Adjustment will permanently alter budget base (transfer between departments) Impacts Budget 200 and 1

Budget Transfers

Permanent Budget Transfer Form

Purpose Monitor and control personnel costs

Procedures Monthly Position Control Reports People Admin Requisition Payroll Action Forms (PAFs, EIFs)

New positions Verify available operating funds prior to posting

Existing positions Update salary AU-Account distribution Reconcile budgeted to actual salary

Position Control

Budgeting Department provides Control Totals

Systems used for Faculty and Staff Salary Planning:

FSP Maintained by Faculty Administration

Lakeside Health Sciences Division

Reconciled by Budgeting

SSP Maintained by HR Reconciled by Budgeting

Faculty and Staff Salary Planning

Financial Planning & Analysis Contact Information

When you need assistance When you have any questions When you have suggestions

Our contact information is:

Name Title Phone E-mail

Joseph Filipiak Department Director x5-7671 jfilipi@luc.edu

Mark Pawlowski Senior Financial Analyst x5-7672 mpawlow@luc.edu

Arlene Rodriguez Senior Financial Analyst x5-7674 arod6@luc.edu

Vivian Xu Senior Financial Analyst x5-8733 hxu4@luc.edu

Catherine Carlson Senior Financial Analyst x5-7835 ccarlson3@luc.edu