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Faculty Accountants | ||||||
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Transparency Review | ||||||
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New Course Costing | ||||||
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Monthly Budget Reports | ||||||
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Corporate Outturn Reports | ||||||
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Faculty Financial Statements | ||||||
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Budgetary Process | ||||||
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Depreciation Policy | ||||||
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Impromptu | ||||||
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Terminology | ||||||
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Faqs | ||||||
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Finance Home Page | ||||||
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Management Accounts
Terminology
Faculty Financial Statement (FFS) – quarterly produced FEC reports used by Senior Management to measure the financial performance of Faculties and Schools.
Full Economic Cost (FEC) – the total cost of an activity to the University ensuring its activities are fully funded in a sustainable manner.
Transparency Review (TR) – takes the total costs for the University (as reported by Faculty and Department) and presents them showing costs for each of Teaching, Research and Other.
Cost Centre – first nine characters of a cost code that determines “who” is spending the money or receiving the income (e.g. 1-381-U-0000 “Finance”)
Analysis Code – last five digits of a cost code that determines “what” is being spent or “what” income is being received (e.g. 22000 “Postage”) – click here to access a list of analysis codes.
Recurrent Expenditure – non-payroll running costs.
Capital Expenditure – expenditure in excess of £10,000 either to buy a fixed asset or to add to the value of a fixed asset.
Actuals – the “actual” expenditure or income that has been processed through the finance system to date.
Outturn – the “actual” expenditure and income at the financial year-end (31st July).
Forecast– a prediction of the outturn.
Commitment – expenditure that has been ordered through the Purchase Order system, but has not yet been processed through to “actual” expenditure.
Unexpended balance – unspent balances on recurrent budget, net of any balances on completed self-financing and research grant activities, that Faculties can carry forward from one financial year to the next.