The IIT Budget Office coordinates all budget functions, including the annual budget cycle, budget transfers, and the reporting that units need in order to manage their budget funds. It is a sub-unit of the Vice President Finance and Administration office.
The Budget Office is continually seeking to strengthen and streamline budget related workflow, including position control management, forms, budget and planning tools, and reporting. We welcome and encourage suggestions from individual units on how to make the budget process more efficient and user-friendly.
Budget Change Form (for budget changes and transfers)
Annual Budget Process
Annual budget targets are developed in collaboration with unit heads and are guided by the strategic priorities outlined in the strategic plan adopted by IIT. For example, enrollment targets, discount rates, and financial performance are but a few of the metrics used to measure progress against our strategic goals.
The annual budget process begins in the Fall preceding the June 1 start of the next fiscal year. While general estimates are used in establishing budget assumptions, the budget is built from the bottom-up according to these assumptions. The overall annual budget is presented for Board approval in February preceding the start of the fiscal year. Granular, unit level finishing adjustments are made during the Spring so that units may enter the new fiscal year with a settled budget.
Capital Budget Process and Project Proposals
Annual capital investment is funded through a combination of internal and external funding sources (such as gifts, grants, or borrowings). Currently internal allocations are funded by a portion of annual operating budget surpluses. In the future, a working capital reserve fund may be the source of internal funding of capital activity.
The process of tracking allocations to capital infrastructure was reviewed and overhauled during FY13 and beginning with FY14, a new process of capturing and reporting against the capital budget activity was introduced. A series of Program codes in Banner were established to assist in classifying capital budget and specific project allocations. A description of the Capital Budget Tracking system can be found here
Departments wishing to submit capital project proposals for review, approval, and fund allocations should use this Capital Project Proposal Form. The form is intended to be completed electronically and routed via email to the various approval levels. Units are encouraged to refrain from printing and circulating a hard copy of the proposal form. The Budget Office, in conjunction with the Accounting Office, will make final coding determinations. Once projects have been approved and funded in Banner, FOAPs and other data will be confirmed to the proposing unit by the Budget Office.
For questions, please contact Henri Miller (312.567.3824, firstname.lastname@example.org)