• FY23 Financial Statements
• FY23 Narrative

In developing the annual budget and quarterly forecasts, managers should keep the following in mind:

Budget:

Forecasts are done quarterly and represent where the University expects to be at year-end relative to the budget.  They enable the Trustees, President and Vice Presidents to measure the success of the University's financial objectives for the year.

Because the first quarter forecast (Sept) is completed early in the year, only key managers (of large operations) are asked to participate.  Other managers who are aware of major variances at this point should contact the Office of Financial Operations.

Salaries and fringe benefits comprise nearly 60% of total operating expenses.*  To ensure that the University is able to meet its short and long-term goals, it is important that spending in these two areas, in particular, remain within the approved budget.  The current policy regarding staff salaries is as follows:

The annual budget development cycle begins in mid-October and runs through June, though managers should expect to submit their requests by early November.  Managers are notified when the BannerWeb forms have opened, and have approximately 4-6 weeks to complete their requests, though individual VP's may request to review them prior to final submission.

• Sign into MyBentley.
• Select Faculty/Staff Self-Service from the Faculty/Staff Resources menu.
• Select Main Employee Menu.
• Select the Finance tab and then select Departmental Forecast Worksheet.
• From the Department drop-down menu, select your cost center, and click Submit.
• The forecast columns are pre-populated with the current year budget.

After reviewing the prior year and current year-to-date figures provided, project your year-end actuals by changing the numbers in the forecast column as necessary.

The Payroll Office does not provide tax advice

W4 and M4 (Federal and Massachusetts State) withholdings are maintained on Workday Employee Self-Service.

Calendar Year 2010