BASIC BUDGET INFORMATION for UMASS BOSTON
Revenues
UMass Boston has a total funds budget in Fiscal Year 2007 of approximately $243 million. There are eleven sources that make up the revenues of the total funds budget. In descending order as a percentage of the total funds budget, they include:
1. The Commonwealth’s maintenance appropriation (37.5%).
2. Tuition and Student Fees.
A. Tuition received by UMass Boston is remitted to the Commonwealth. The campus is authorized, however,
to waive certain amounts of tuition as need-based financial aid, and provides “categorical waivers” to students
who qualify (state employees, veterans, etc.) The value of these waivers is considered both tuition revenue and
expense (financial aid).
B. Student Fees (Mandatory) are paid by all students (unless waived), on a per-credit basis, based on published charges.
The Board of Trustees determines the parameters within which the campus can implement increases.
C. Student Fees (Non-Mandatory) are paid by students based on published charges. Non-mandatory fees are specific for certain groups of students or activities. There are many non-mandatory fees, charged for various purposes, including Lab Fees, the Transcript Fee, ID fee, Continuing Education, etc
In total, the value of tuition waivers and student fees accounted for 35.2% of the FY07 total funds budget.
3. Grants & Contracts (including Facilities and Administrative Cost Recovery).
Revenue from direct sponsored funding. These grants and contracts are usually awarded on a competitive basis for basic research and training activities. These monies are restricted for the purpose for which the awards were made, and are subject to the various rules and regulations of the grantors. UMass Boston receives awards from federal, state, local and private sources.
Generally speaking, UMass Boston will incur an expense and then obtain reimbursement from the grantor. The grantor reimbursement includes a component for recovery of direct cost incurred, as well as an indirect cost component, known as Facilities and Administrative cost recovery which allows the campus to recover allowable costs associated with the operation of facilities and general administrative offices that support sponsored program activities.
Typically, F&A cost reimbursement is recognized, but not spent, the year it is earned. It is made available to the campus
in the following and subsequent years to support research and scholarly activities.
For fiscal year 2007, sponsored grants and contract activity, excluding federal and state financial aid, but including
overhead cost recovery, approximated 14.2% of UMass Boston’s total funds budget.
4. Federal Financial Aid. These are Title IV monies from campus-based federal financial aid programs such as the Pell Grant Program, Perkins Loan Program, Supplemental Education Opportunity Grant, and College Work-Study. This aid is distributed to the students by the campus.
In FY 2007, federal financial aid made up 4.0% of UMass Boston’s total funds budget.
5. Auxiliary Services. Auxiliary enterprises exist to furnish goods or services to students, faculty or staff and typically charge a fee(s) directly related to, although not necessarily equal to, the cost of the goods or services. The distinguishing characteristic of an auxiliary enterprise is that it is managed as an essentially self-supporting activity. At UMass Boston, these include the parking and shuttle bus operation, health services, the Early Learning Center (child care), the campus center conference operation, Central Reprographics, and various others.
In FY 2007, auxiliary services comprised 3.7% of UMass Boston’s total funds budget.
6. Investment Income. This is interest income earned from investing trust fund balances managed by the Treasurer’s Office, escrowed bond proceeds invested by the University of Massachusetts Building Authority, and other invested cash balances.
In FY 2007, budgeted investment income comprised 1.7% of UMass Boston’s total funds budget.
7. Gifts. This represents gifts made to the university, primarily private monies raised for financial aid.
In FY 2007, budgeted gifts represented 1.2% of UMass Boston’s total funds budget.
8.State Financial Aid. This represents financial assistance to students from state sources and includes student scholarships in the form of Matching student aid, the Cash Grant and financial aid to disadvantaged students.
In FY 2007, state financial aid made up 0.9% of UMass Boston’s total funds budget.
9. Educational Sales and Service (ESS) Activities. Primarily revenue from sales and services from activities of educational departments.
In FY 2007, ESS revenue made up 0.7% of UMass Boston’s total funds budget.
10. Endowment Earnings. Represents revenue earned from endowed balances and available to support annual campus activities, restricted to specific purposes.
In FY 2007, endowment earnings comprised 0.4% of UMass Boston’s total funds budget.
11.State Specials & Other. Approximately 0.5% of the total FY07 all-funds budget is made up of Commonwealth support for the Massachusetts Office of Dispute Resolution, the Black Men’s Health Program, the Ronald McNair program, established to increase access for disadvantaged students to public and independent institutions of higher education, and other miscellaneous revenue.