Budgeting & Financial Management

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.