FY23 budgets are finalized and loaded
The budget adopted by the Board of Trustees for the Fiscal Year 2023 has been loaded into GP and is viewable by unit managers via the portal and Management Viewer reporting tools. This “Original Budget” incorporates any funding changes or requests that were granted in the annual budget process. All units were notified of the status of their requests for FY23 in May.
Managers should review the financial performance of their unit(s) on a monthly basis. Please contact the Business Office if there are errant charges or questions. Please contact David Ulaszek, AVP Finance (dulaszek@smumn.edu) if there are questions specifically regarding budget allocations.
Fringe Benefits
Saint Mary’s follows a common fringe benefit pool method to allocate benefit and payroll tax expenses to units across the university which have salary budgets. Under this method, fringe benefits (including payroll taxes) are budgeted as a percentage of salary budgets and expensed as a percentage of actual salary or wage costs. The two fringe benefit rates update annually based on multiple factors including the anticipated costs of benefits and payroll taxes, as well as the aggregated salary budgets of the university.
The FY23 fringe benefit rate for all full-time, benefits eligible positions is 30.5%.
The FY23 fringe benefit rate for part-time, non-benefits-eligible positions remains at 7.65% (the FICA payroll taxes for Social Security and Medicare).
Unit budgets have been automatically updated according to these rates during the budget finalization process. To be clear, while the effective fringe benefit rate has increased for FY23, units _do not_ need to reallocate funds or make any further adjustments to cover any increased fringe benefits budget, as applicable.
