When budgeting for an auxiliary enterprise, base your budget on your entity’s projected revenues and expenses for the upcoming year. These revenues and expenses do not have to match the actual revenues and expenses of the previous fiscal year.
Use the FY24 Guidance for Budget Preparation materials to understand the overall structure of the Institute’s budget.
Salaries for MIT’s auxiliary enterprises are not subject to the automatic adjustments that non-auxiliary entities receive after submission. You must budget your salaries at expected levels for the coming fiscal year. These salaries may or may not match the actual salaries of the previous fiscal year.
By definition, your auxiliary enterprise should always break even. If you anticipate a net profit, your budget should include a transfer-out equal to the amount of the projected net profit. If you anticipate a net deficit, your budget should include a transfer-in equal to the amount of the projected net deficit.
The Details
When budgeting for an auxiliary enterprise, base your budget on your entity’s projected revenues and expenses for the upcoming year. These revenues and expenses do not have to match the actual revenues and expenses of the previous fiscal year.
Use the FY24 Guidance for Budget Preparation materials to understand the overall structure of the Institute’s budget.
Salaries for MIT’s auxiliary enterprises are not subject to the automatic adjustments that non-auxiliary entities receive after submission. You must budget your salaries at expected levels for the coming fiscal year. These salaries may or may not match the actual salaries of the previous fiscal year.
By definition, your auxiliary enterprise should always break even. If you anticipate a net profit, your budget should include a transfer-out equal to the amount of the projected net profit. If you anticipate a net deficit, your budget should include a transfer-in equal to the amount of the projected net deficit.
