Key Budgeting Terms

Key Monetary Terms

• Allocable: Allocable Segregated University Fees are fees that provide substantial support for campus student activities and services as outlined in Board of Regents policy F50 Section I.(B)(6)(a).
• Allocation: An amount of money approved to be given to a certain area/organization.
• Audit: An unbiased examination and evaluation of the spending of an organization. Audits are conducted regularly, once every two-to-four years by the university. It is conducted to ensure compliance with Board of Regent policies.
• Budget Hearing: An open forum where the requesting organization explains the submitted budget request to the Segregated University Fee Allocation Committee (SUFAC).
• Carryover: The amount of money not used from the previous year that could be moved to the budget of the current year. The carryover request form should only be completed to carry forward funds when they exceed $100. Any accounts with between $0 and $100 automatically carry over funds into the next year.
• Contingency Fund: A campus fund that may be used to cover unanticipated expenditures and/or to expand programs of currently funded organizations.
• Expenses: An item of business that is chargeable against revenue for a specific period (usually the fiscal year, which at UW-W runs July 1 - June 30).
• Fiscal Year:   A period that a company or government uses for accounting purposes and preparing financial statements. The fiscal year may or may not be the same as a calendar year (University Fiscal Year starts on July 1^st and ends June 30^th).
• Line Item:   A specific category listed on the budget (Example- Student Travel)
• Org Code:   An organization account number to track all information, assigned to any group funded or partially funded through Segregated University Fees.
• Non-allocable: Non-allocable SUF are those SUF that are used to support long-term commitments for fixed financial obligations, ongoing operating cost of university owned or controlled buildings, and similar commitments for student unions, health centers. Board of Regents policy F50 Section I.(B)(6)(b).
• Receipts: Documentation of a purchase (Expense), or any money made during a certain period (Revenue as seen in the budget request)
• Revenues: The total amount of money raised during a specific period (usually the fiscal year, which at UW-W runs July 1 - June 30).
• Review: All SUF funded organizations' expenditures are reviewed on a rotational basis. These reviews are conducted by SUFAC to warrant proper bookkeeping and maintenance of documents, comparing what was budgeted to what was actually spent. Any discrepancies will be noted, and may affect future allocations.
• SUF: Segregated University Fees are charges, in addition to instructional fees, assessed to all students for student services, activities, programs and facilities that support the mission of University of Wisconsin System institutions.
• SUFAC: Segregated University Fee Allocation Committee is comprised of 8 student representatives from the following appointees, with an Advisory/Support team of four individuals.
  
  • College of Arts & Communication,
  • College of Business & Economics,
  • College of Education & Professional Studies,
  • College of Letters & Sciences,
  • School of Graduate Studies,
  • Whitewater Student Government.