Budget

NYU’s Fiscal Year is September 1st – August 31st. The reporting provided by our office is typically based on this time frame. Once budgets are adopted in June by the Board of Trustees, school level budgets are loaded into FAME/UDW+.

NYU follows the accounting methodology known as Fund accounting. This accounting process records resources into categories based on the revenue source. The accountabilities toward donors, grant authorizes and other organizations vary. Thus each revenue type is recorded in a different “fund” to emphasize the type of accountabilities required. Below is a brief list of the funds and descriptions:

• Unrestricted Funds (Operating Funds)
  • Operating (Fund 10) 
  • Auxiliary (Fund 16) 

These funds are budgeted on an annual basis. The budgets are arrived at through an annual planning process instituted by the Budget & Financial Operations office. 

• Designated Funds 
  • Management Designated (Fund 20) 
  • Endowment (Fund 21) 
  • Gifts (Fund 22) 

The designated funds carry fund balance from one year to the next. Unspent net income (revenue minus expenses) can be expensed in the following year if budgeted. Our office compiles the budgets for designated funds by reviewing historical activity and plans submitted by central WSQ. 

• Grant Funds 
  • Non-Government (Fund 24)
  • Government (Fund 25) 

NYU’s primary reporting system for running financial reports is the University Data Warehouse (UDW+). Below are a few of the key reports utilized from that system:

S01. Budget and Balance Summary – This is primary report used utilized to review budget vs. actual activity for the entire University. Below are a few key definitions describing each column in the budget report:

We recommend that administrators with expense authority review their budget summary reports at least monthly. In the event that you receive a budget error on your chartfield, please consult the following tipsheet before reaching out the Budget & Financial Operations office. 

S14. Salary Expense Report – This report is used to review detailed salary information for each chartfield. Access to these reports are limited and provided on an as needed basis.

To gain chartfield access in UDW+, a few items need to be addressed.

• Visit the NYU Home page and type, “Chartfield Access Authorization Form”. 
• Once submitted requests are routed to the Fiscal Officer for approval.
• Complete the required training in i-Learn
  • FIN 800: UDW+ Finance Dashboards Online Training
• Upon completion, access will be granted to the Standard Financial Dashboards & Reports in UDW+ within three business days.

To submit a budget modification request enter the appropriate information in the Service Intake form. Once the appropriate fields are updated a budget modification will be processed by our team. In general, these requests are processed within 1-2 business days.