Budget Types
- Jennifer Lia
There are a few different types of budgets the Law School and University use for various purposes.
Below are descriptions of each as well as how they can/should be used.
Contact Jennifer Lia (jennifer.lia@yale.edu) with any questions.
Budget Type | Corporation Budget | Department Plan (DP) | Sponsored Award Budget | CY Forecast | Q2 Forecast |
|---|---|---|---|---|---|
Also known as | Management Plan (MP) | Annual Budget | Grant Budget | Current Year Forecast / CYF | 2nd Quarter Forecast / Q2 |
What it is | University’s annual budget | Law School’s annual budget | non-annual grant budget | rolling forecast based on DP budget; YTD actuals overwrite forecasted amounts as the year progresses | annual forecast based on 2nd Quarter results & past years' trends |
Timing | due to University in February |
| when the sponsored award is set up | updates monthly | January |
Lasts | July 1 - June 30 | July 1 - June 30 | for the life of the grant | July 1 - June 30 | January - June 30 |
Set in Stone? | Yes. Once submitted to the University, this budget cannot be changed. | No. This budget can be updated/added to throughout the year. | Yes. (with some flexibility) | No. This budget can be updated/added to throughout the year. | Yes. Once submitted to the University, this budget cannot be changed. |
Who should use? |
| everyone | Grant PIs | everyone |
|
Use for | compare budget to actuals at high level |
| review grant budget to actuals | compare current year actuals and projections at planned level throughout the year | current year actuals and projections at high level mid-year |