In some way, every aspect of the Princeton’s day-to-day activity is reflected in the University budget. That means we all play a role in employing our collective fiscal resources to their greatest effect. From understanding the rates that underlie employee benefits to establishing sound financial-management processes, the information in this section contextualizes the work of your department as part of the broader whole.
Understand the mechanics of the operating budget and budget cycle, and then do your part to steward the University’s resources with helpful budget-setting and tracking tools, calendars, and best practices for both academic and administrative departments.
Find the current academic and administrative Employee Benefits Rate, and review the federally approved Facilities & Administration (F&A) rate that governs the recovery of indirect costs charged to sponsored research.
Review best practices in financial management, including the creation of departmental financial controls, regular budget and spendable balance monitoring, strategic fund management, and overall fiscal review.
Set up a University recharge center, which enables your group to charge other departments for the provision of goods and services, from computing facilities and clean rooms to special-purpose equipment.
Manage month-end close activities on a regular cycle throughout the year and then prepare for an efficient year-end close process, starting with a review of our calendar of important dates and deadlines.
Assess the University’s preferred methods of receiving funds from outside sources, including electronic funds transfers (EFT) and the use of merchant accounts to accept credit card payments.