FAQs

What is the total University operating budget?
When is NJIT’s fiscal year?
Where should I go to check the Status of my budget or view available budget balances?
What’s the difference between an encumbrance, reservation and commitments in SSB?
Is there an easy way to view my entire department or division operating budget in Banner?
How can I request additional funds to support new initiatives for my area?
What’s the difference between a 1 time budget transfer and a base budget transfer?
What is the difference between a budget transfer and a journal voucher?

 

Q. What is the total University operating budget?
A. The University operating budget for fiscal year 2018 is $518.8M and is comprised of $357.0M of unrestricted funds and $161.8M of restricted funds.

 

Q. When is NJIT’s fiscal year?
A. The University’s fiscal year runs from July 1st through June 30thof the following year.

 

Q. Where should I go to check the Status of my budget or view available budget balances?
A. Budgets can be viewed by completing a budget query in Self-Service Banner (SSB).  Training Videos are available at:  https://www5.njit.edu/finance/ssb-banner-finance/

 

Q. What’s the difference between an encumbrance, reservation and commitments in SSB?
A. An encumbrance is budget set aside to cover requisitions that have been converted to purchase orders, any unpaid balances for full-time salaried positions, and balances remaining on open purchase orders. A reservation is budget that is set aside for requisitions that have not yet been converted to purchase orders. Commitments in SSB are the sum of encumbrances and reservations.

 

Q. Is there an easy way to view my entire department or division operating budget in Banner?
A. SSB does not offer a concise way of viewing budgets as a high level. The budget office offers an online system called the Executive Budget Management System which can be accessed through the NJIT website.

 

Q. How can I request additional funds to support new initiatives for my area?
A. Annually, as part of the upcoming fiscal year budget development, requests for new funding are submitted to each area’s Vice President for consideration. If the request is deemed a priority it is then brought before all the VPs to determine if the request, pending available funding, will be included in the proposed budget for the upcoming fiscal year. The timing of the budget request process is included in the Operating and Capital Budget Development Calendar.

 

Q. What’s the difference between a 1 time budget transfer and a base budget transfer?
A. A 1-time budget transfer is a movement of budget for one-time purchases and will go back to the original index/account in subsequent fiscal years. A base budget transfer is a permanent movement of budget that will remain in the new index/account for future fiscal years.

 

Q. What is the difference between a budget transfer and a journal voucher?
A. A budget transfer is a Banner transaction that moves budget from one Index or account code to another. Budget transfers can be recurring (base budget transfers) or non-recurring (one-time transfers). A journal voucher (JV) does not move budget, rather, it moves expenses. For example, if an expense was posted to the incorrect index, a JV could be entered to move that expense to the correct index.