DUE 5/27 (Fri) GFPS - Graduate Aid FY2022-23 Annual Budget process

Dear GFPS Users,

Hope this message finds everyone well and healthy! 

We again look forward to working with each of you during this year’s budgeting process. This year, all Department balanced FY2022-23 budgets will be due to the Dean’s Office by EOD Friday, May 27th.

By the budget due date, please submit:

  • A balanced FY2022-23 Final Annual Budget via GFPS
  • A brief assessment write-up of this budget cycle’s admit yield, environmental changes, and/or new concerns. Please send the executive summary to your Finance Liaison.

Several updates have been made to the system:

  1. To accommodate the change of the university contribution for the Cardinal Care health insurance subsidy from 50% to 100% starting FY22-23, the following changes have been made:
    1. Funding Patterns (Global and Department-specific) – Any funding pattern using the Health Insurance global expense rate has been updated to reflect a 100% University Contribution and 0 for any other funding sources that were entered.
    2. Student Records – All student records budgeted with the global Health Insurance expense rate for FY22-23 and beyond have been updated to reflect a 100% University Contribution and 0 for any other funding sources that were entered.  The current year’s student records have remained unchanged at a 50/50 split.
    3. Macro Adjustments – Any macro expense adjustments using the Health Insurance global expense rate have been updated to reflect a 100% University Contribution and 0 for any other funding sources that were entered.

These changes were made throughout the system so that you would not have to manually update all your funding patterns and student records. Please check your funding patterns, student records, and macro expense adjustments (for health insurance), and let us know if you notice any issues.

  1. The benefit rates for assistantships and stipends have been updated to 12% based on the University Budget Office planning assumptions.  The university has also created a new, separate rate of 5.9% for assistantships funded from sponsored projects or university research funding sources.  We are working on an enhancement to GFPS to add this new benefit rate to GFPS based on funding source and expect it to be available later this summer.
  2. The Dean’s Office Graduate Aid funding allocations for FY22-23 have been updated based on the latest University Budget Office planning assumptions of a weighted graduate aid expense cost rise rate of 6.57%.
  3. Projected endowment payouts for FY22-23 and beyond have also been updated based on the UBO assumptions of payout growth rates:

Please work with your Finance Liaison and Dan to resolve any budget issues and discrepancies. If you need a refresher training on GFPS modules, please explore our online GFPS Training Course in Canvas (click the “SUNet Login” button to access the training). Please let Dan know if you cannot access the Canvas site.

Please feel free to contact us for any questions and concerns.  Questions and requests can also be sent to the GFPS Support Team by submitting a GFPS ServiceNow ticket.

Thanks and we look forward to a very successful budget cycle!

Best, 

Elsie

Elsie Phillips

Senior Financial Analyst

Dean’s Office|School of Humanities and Sciences