QUARTERLY BUDGET REPORT
As of September 30, 1997
and
June 30, 1997
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This report compares, on a quarterly basis, the approved budget with actual revenues and expenditures for the Academic Division. Enclosed is the quarterly report for the first quarter of 1997-98 and the fourth quarter of 1996-97.For the first quarter of the 1997-98 fiscal year, 45.1 percent of budgeted revenue had been collected, and actual expenditures totaled 24.4 percent of budget. It is important to note that revenue collections and expenditures are not distributed evenly throughout the year. For the fourth quarter of the 1996-97 fiscal year, 102.2 percent of budgeted revenue had been collected, while actual expenditures were at 96.2 percent of budget.
A definition of terms is included to explain the sources of revenues and the purposes of expenditures.
SOURCE: Budget Office
DATE: October 7, 1997
ACADEMIC DIVISION
1997-98 REVENUE BUDGET SUMMARY
1997-98
Original
Budget
9/30/97
Actual
Revenues
Uncollected Budget Balance
9/30/97 Percentage Collected
Revenue Projections
Educational & General
Tuition & Fees
$ 133,243,526
$ 36,914,710
$ 96,328,816
27.7%
State Appropriations
126,550,219
123,208,565
3,341,654
97.4%
Endowment Income
24,265,357
3,904,430
20,360,927
16.1%
Gifts
56,762,850
28,743,068
28,019,782
50.6%
Sponsored Programs & Indirect Cost Recoveries
130,650,800
41,071,849
89,578,951
31.4%
Sales, Services & Other
15,031,099
3,504,633
11,526,466
23.3%
Total Educational and General
486,503,851
237,347,255
249,156,596
48.8%
Student Financial Assistance
State Appropriations
5,228,275
151,264
5,077,011
2.9%
Transfer from Tuition
8,076,463
103,936
7,972,527
1.3%
Sponsored Programs & Indirect Cost Recoveries
13,083,200
1,692,827
11,390,373
12.9%
Gifts & Endowment Income
17,999,628
1,273,148
16,726,480
7.1%
Other Income
1,582,112
54,397
1,527,715
3.4%
Total Student Financial Assistance
45,969,678
3,275,572
42,694,106
7.1%
Auxiliary Enterprises
Athletics & Related Activities
18,491,287
6,528,547
11,962,740
35.3%
Dining Services
2,999,000
5,178,436
(2,179,436)
172.7%
Housing
17,560,500
7,953,122
9,607,378
45.3%
Newcomb Hall & Related Activities
3,499,168
1,487,721
2,011,447
42.5%
University Bookstores
17,391,000
6,204,935
11,186,065
35.7%
Parking & Transportation
5,162,200
1,677,854
3,484,346
32.5%
Student Health
5,227,174
2,611,615
2,615,559
50.0%
Other Auxiliary Activities
6,085,443
2,601,464
3,483,979
42.7%
Total Auxiliary Enterprises
76,415,772
34,243,694
42,172,078
44.8%
Total Revenues
$ 608,889,301
$ 274,866,521
$ 334,022,780
45.1%
ACADEMIC DIVISION
1997-98 EXPENDITURE BUDGET SUMMARY
1997-98
Original
Budget
9/30/97
Actual
Expenditures
Unexpended
Budget
Balance
9/30/97
Percentage
Expended
Expenditure Projections
Educational & General
Instruction
$ 183,637,736
$ 34,949,988
$ 148,687,748
19.0%
Research
10,360,907
4,267,797
6,093,110
41.2%
Public Services
13,115,380
4,613,132
8,502,248
35.2%
Academic Support
72,309,831
21,110,585
51,199,246
29.2%
Student Services
11,296,032
4,356,491
6,939,541
38.6%
Institutional Support
42,140,293
10,919,892
31,220,401
25.9%
Operation & Maintenance of Physical Plant
30,726,872
8,402,780
22,324,092
27.3%
Sponsored Programs & Indirect Cost Recoveries
122,916,800
38,879,830
84,036,970
31.6%
Total Educational & General
486,503,851
127,500,495
359,003,356
26.2%
Student Financial Assistance
45,969,678
4,092,501
41,877,177
8.9%
Auxiliary Enterprises
Athletics & Related Activities
18,446,238
5,865,676
12,580,562
31.8%
Dining Services
2,949,000
425,476
2,523,524
14.4%
Housing
17,428,100
3,496,467
13,931,633
20.1%
Newcomb Hall & Related Activities
3,499,168
859,279
2,639,889
24.6%
University Bookstores
17,257,795
5,411,014
11,846,781
31.4%
Parking & Transportation
5,162,200
657,526
4,504,674
12.7%
Student Health
5,227,174
1,306,904
3,920,270
25.0%
Other Auxiliary Activities
5,977,143
(1,000,179)
6,977,322
(16.7%)
Total Auxiliary Enterprises
75,946,818
17,022,163
58,924,655
22.4%
Total Expenditures
$ 608,420,347
$ 148,615,159
$ 459,805,188
24.4%
ACADEMIC DIVISION
1996-97 REVENUE BUDGET SUMMARY
1996-97
Revised Budget
6/30/97
Actual Revenues
Uncollected
Budget Balance
6/30/97
Percentage Collected
Revenue Projections
Educational & General
Tuition & Fees
$ 129,505,235
$ 132,242,288
$ (2,737,053)
102.1%
State Appropriations
117,044,244
117,044,244
-
100.0%
Endowment Income
22,290,181
18,265,123
4,025,058
81.9%
Gifts
49,828,159
59,401,831
(9,573,672)
119.2%
Sponsored Programs & Indirect Cost Recoveries
130,498,000
127,460,636
3,037,364
97.7%
Sales, Services & Other
14,976,741
19,224,002
(4,247,261)
128.4%
Total Educational and General
464,142,560
473,638,124
(9,495,564)
102.0%
Student Financial Assistance
State Appropriations
5,335,564
5,418,490
(82,926)
101.6%
Transfer from Tuition
8,056,593
7,973,185
83,408
99.0%
Sponsored Programs & Indirect Cost Recoveries
12,987,000
11,670,310
1,316,690
89.9%
Gifts & Endowment Income
15,770,678
15,145,635
625,043
96.0%
Other Income
1,552,056
1,603,663
(51,607)
103.3%
Total Student Financial Assistance
43,701,891
41,811,283
1,890,608
95.7%
Auxiliary Enterprises
Athletics & Related Activities
17,173,073
19,527,675
(2,354,602)
113.7%
Dining Services
3,000,000
3,207,600
(207,600)
106.9%
Housing
16,687,400
16,975,539
(288,139)
101.7%
Newcomb Hall & Related Activities
3,267,410
2,969,409
298,001
90.9%
University Bookstores
15,453,000
17,325,741
(1,872,741)
112.1%
Parking & Transportation
4,563,407
4,729,983
(166,576)
103.7%
Student Health
4,118,013
4,695,655
(577,642)
114.0%
Other Auxiliary Activities
5,503,379
5,719,443
(216,064)
103.9%
Total Auxiliary Enterprises
69,765,682
75,151,045
(5,385,363)
107.7%
Total Revenues
$ 577,610,133
$ 590,600,452
$ (12,990,319)
102.2%
ACADEMIC DIVISION
1996-97 EXPENDITURE BUDGET SUMMARY
1996-97
Revised Budget
6/30/97
Actual Expenditures
Unexpended
Budget Balance
6/30/97
Percentage Expended
Expenditure Projections
Educational & General
Instruction
$ 167,879,984
$ 141,473,235
$ 26,406,749
84.3%
Research
8,941,751
11,101,459
(2,159,708)
124.2%
Public Services
13,042,244
17,057,063
(4,014,819)
130.8%
Academic Support
69,499,886
66,153,071
3,346,815
95.2%
Student Services
12,273,569
12,077,036
196,533
98.4%
Institutional Support
39,330,361
45,275,606
(5,945,245)
115.1%
Operation & Maintenance of Physical Plant
31,161,765
33,576,266
(2,414,501)
107.7%
Sponsored Programs & Indirect Cost Recoveries
122,013,000
114,077,836
7,935,164
93.5%
Total Educational & General
464,142,560
440,791,572
23,350,988
95.0%
Student Financial Assistance
43,701,891
40,561,280
3,140,611
92.8%
Auxiliary Enterprises
Athletics & Related Activities
17,139,248
18,107,840
(968,592)
105.7%
Dining Services
3,000,000
2,892,646
107,354
96.4%
Housing
16,592,900
17,079,616
(486,716)
102.9%
Newcomb Hall & Related Activities
3,267,210
2,542,258
724,952
77.8%
University Bookstores
14,901,867
17,601,502
(2,699,635)
118.1%
Parking & Transportation
4,563,407
4,679,064
(115,657)
102.5%
Student Health
4,118,013
3,742,835
375,178
90.9%
Other Auxiliary Activities
5,252,329
6,750,347
(1,498,018)
128.5%
Total Auxiliary Enterprises
68,834,974
73,396,108
(4,561,134)
106.6%
Total Expenditures
$ 576,679,425
$ 554,748,960
$ 21,930,465
96.2%
- DEFINITION OF TERMS
Educational and General - those activities which embrace the three programs directly related to the higher education mission: (1) instruction, (2) research, and (3) public service. These activities also encompass the support programs: academic support, institutional support, and maintenance and operation of physical plant; and sponsored programs associated with instruction, research, and public service.
Student Financial Assistance - those activities which promote student accessibility to the University through scholarships and fellowships. Student loans, student wages, and aid from third parties is not included.
Auxiliary Enterprises - those activities which are supported entirely though fees charged to users, such as housing, athletics, dining services, the telephone system, and the bookstore.
Sponsored Programs and Indirect Cost Recoveries - primarily research projects, but also includes activities restricted to institutional and service programs.
Instruction - expenditures for the primary mission of the University, including teaching faculty, support staff, instructional equipment, and related routine operating costs.
Public Service - includes activities such as the Miller Center of Public Affairs, the Virginia Foundation for the Humanities and Public Policy, and that portion of the medical school's clinical physicians salaries and fringe benefits related to patient care. Academic Support - the program which encompasses the libraries, the activities of the deans of the schools, and other related expenditures.
Student Services - activities whose primary purpose is to contribute to the students' emotional and physical well-being and to their intellectual, cultural, and social development outside the classroom. Institutional Support - primarily includes the financial, administrative, logistical, and development activities of the University.
Operation and Maintenance of Plant - includes expenditures for activities related to the operation and maintenance of the physical plant, net of amounts charged to auxiliary enterprises and the Medical Center.
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