The Budget Office is always available to answer your questions. Our aim is to provide periodic formal training for all interested parties. We encourage the attendance of Administrative Coordinators and other Banner Finance users.
When budgeting for faculty, staff, and other types of employment at The Citadel, it is important to remember the cost of fringe benefits. The fringe rate is a percentage required above the base salary or payment for services. For example, to fund a classified staff (12 month) position in FY 19, you must budget for 38.5% of the base salary as an added cost. Stated differently, if you plan to recruit for a position at $35,000, you must actually budget $48,475 (35,000 x 1.385). The additional $13,475 is reserved for the cost of employee benefits (such as health insurance and pension/retirement).
What if you have only have $43,000 in the budget? For the same employee classification (classified/12 month/38.5%), divide $43,000 by 1.385. The quotient $31,047 is the maximum base salary that you can pay.
Fringe rates are subject to change each fiscal year. Key drivers of this include changes in insurance premiums and pension funding requirements. For additional information about fringe rates, see the FY 2023 Fringe Rate Chart. Remember to always consult a HR professional regarding questions about employee classification.
Standard Lab Fee vs. Special Lab Fee: What’s the difference?
Effective Academic Year 2020-2021, all lab fees are coordinated through the Registrar’s Office. Special Lab Fees no longer exist.
The Department of Financial Services Training Materials:
For trainings related to finical services, The Department of Financial Services has their own training materials that are available here