Overview of Annual Lump Sum Core Recurring Resource Allocations
The Core Recurring Budget is the recurring approved annualized plan of operations for the university. The Campus Budget Office (CBO) manages the distribution of Core Recurring Resources across campus. With the university’s transition to Oracle Financials Cloud (OFC) in July 2020, CBO implemented a new resource allocation methodology to distribute Core Recurring Resources out to units on a 1/12th or monthly basis. Through a survey that was sent out in May 2022, a majority of campus users indicated a preference for annual lump sum allocations in lieu of 1/12th allocations.
Beginning in FY23, the Campus Budget Office is re-implementing the former method of distributing Core Recurring Resources as an annual lump sum allocation. Therefore, instead of units receiving allocations in monthly (1/12th) increments, units will receive their full approved Core Recurring Resources as a single allocation within the 1st quarter of the fiscal year.
- During the 1st quarter (July-September) of each fiscal year, the Core Recurring Resource allocations will be distributed to campus ‘Financial Unit-Fund-Function-Project’ chart strings from Financial Transfer Account 774900-CBO Recurring Allocation
- A unit’s full Core Recurring Resources will be available for use over the course of the fiscal year
- By receiving funding at the beginning of the fiscal year, the intent is to provide units with the resources needed to plan their spending accordingly based on their business needs and to decrease the amount of associated administrative work
- The following funding components are NOT included in the annual lump sum allocation:
- Compensation-related funding increments allocated on account 774905-Recurring Compensation Support
- These funding increments are often finalized several months into the fiscal year, and if additional allocations are applicable, they are typically distributed during mid-year
- Funding allocations for new FTEs
- Resources for new FTEs are funded at approved levels, prorated to the month of hire when the position is filled
- Budget data in campus financial reports will be reflected as an annual budget. Core recurring lump sum allocations can be isolated in the actuals under account 774900-CBO Recurring Allocation