Library Budget 101

This document is intended to provide a big-picture overview of the library’s budget processes. Assistant Directors are responsible for managing assigned items and accounts within the budget. 

Library Budget Concepts: 

• The library’s cost center number is 2070.  The fund for our operating budget is 100000.  And classification is 40 (Academic Affairs).  Our expense report should read 100000 2070 40 and then the appropriate account number.   

• Each assistant director is responsible for managing assigned items and accounts within the library budget. 

• The college’s fiscal year (FY) runs July 1 – June 30 annually and is named after the year in which the FY ends. 

• For our purposes at the library, we independently manage the operating budget for our cost center 2070. This includes operating expenses and student labor.  

• The library’s total operating and materials budget is $1.59M. This does not include professional labor, that is managed by the VPAA.  

Operating Funds:  

• FUND 100000 (operating fund) is used for routine operational expenses (i.e. accounts such as professional development, supplies, and technology purchases) and student labor. 

• Throughout the year, we may move funds between account buckets as needed. At the end of the FY, the bottom line must balance. 

• Operating balances reset to ZERO at the end of every fiscal year. These funds do not carry forward. Balances left at the end of the FY are put back into the larger college budget pool. 

Restricted Funds: 

• FUND 210001 (restricted fund) are endowed earnings used to increase our materials budget. We receive an endowed earnings budget each year used as materials for the collection.    

• The materials budget makes up 90% of our operating budget. The materials budget is managed by the Assistant Director of Collections & Discovery.  

• We have 244 endowed funds. On average, these funds earn 420K a year, used for materials expenditures. Business Services manages the investment funds and provides the library with the percentage based on a five-year rolling average.  

Managing Budgets 

• P-Card is used for Professional development.  If supplies or other items are purchased with your p card, please have this expense approved by your supervisor before the purchase is made.   

• ONLY USE APPROVED ACCOUNT NUMBERS THAT ARE PROVIDED TO YOU BY THE ASSISTANT DIRECTOR OF OPERATIONS & FINANCE. If you use other accounts, it messes us up on the backend.

• Assistant Directors are responsible for staying up to date on recurring purchases and fees and anticipating fee increases so that we can plan accordingly. Team leads are responsible for checking those accounts and updating planned spending for those accounts. 

• Assistant Directors steward assigned account items to make sure we are getting the best pricing, still require that item and evaluate feasible alternatives regularly. Proactive engagement with vendors to request quotes and negotiate pricing on contracts coming to an end in 90 days or less is imperative.