Budget terms–what they mean

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November 21, 2002

Operating Budget: Money that the college uses for daily expenses (including salaries and utilities)

Endowment: Large gifts to the college that are invested, the principal of which is usually not spent. These gifts are usually earmarked for special purposes (such as endowed chairs, departments, and scholarships)

Quasi Endowment: Funds that are not earmarked for special purposes

Unrestricted Funds: Money that the college can use and the donor has no say in how the funds are spent.

Restricted Funds: Gifts which are designated for a specific purpose

Endowment Payout: The amount of revenue from the college’s endowment which the College is allowed to spend. The percentage of revenue that will be spent is determined by averaging out the endowment income over 12-quarter period and is set each December.


Budget terms–what they mean was published on November 21, 2002 in News

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