Budgets and Financial Management in Higher Education, 3rd Edition

Glossary of Terms

Accrual

method of accounting that recognizes revenues at the time they are earned and expenses at the time they are committed, regardless of whether or not cash has actually been received or disbursed

All‐funds budgets

budgeting system that takes into account all forms of revenue and expense, thereby offering a holistic view of the institutional budget

Appropriated funds

funds provided by states to support either operating expenses or capital projects

Auxiliary

unit that is expected to stand on its own with regard to budget, receiving very little financial support from the central institutional budget

Bonds

financial instrument that an institution can issue for sale (subject to policy and statutory limitations ...