The University’s fiscal year runs from July 1st through June 30th of the following year.

On July 21, 2022, the Board of Trustees adopted a FY23 annual budget consisting of a $412.96 million unrestricted budget and $157.45 million in restricted program budgets, and $28.75 million in NJII operations. This provides a total FY23 annual operating budget of $599.16 million.

Unrestricted funds are supported by the university’s general operating revenues, such as: student tuition and fees, state appropriation, investments, residence halls/auxiliaries, rentals, etc. These funds expire on June 30th, and do not roll into the next fiscal year.
Restricted funds have been designated by external agencies or donors to be used for specific purposes, programs, departments, or schools. Examples include Title IV student assistance, or donor supported student aid or program support. The balances will roll into the next fiscal year and/or until the grant is terminated.
Grant and Contract Restricted funds have been designated by external agencies to be used for specific purposes including Federal and State grants. These funds may roll into the next fiscal year based on the agreement given by the external agency or until the grant is terminated. Please see the Grant and Contract website for more information.
Unrestricted Designated funds have been designated by management with internal restrictions to be used for specific purposes, programs, departments, or schools. Examples include Startup funds, ICR Return, or Fixed Fee Balances. The balances will roll into the next fiscal year.

Budgets can be viewed by completing a budget query in Self-Service Banner (SSB). Training Videos are available on the Finance Training Canvas Page.

An encumbrance is budget set aside to cover fully approved purchase orders, any unpaid balances for full-time salaried positions, and balances remaining on open purchase orders.

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 University Budgeting website.

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.

Visit the Annual Budget Development webpage for more information.

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.

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.